All about Form 1099

Form 1099 is an essential tax document utilized in the United States to record different forms of income acquired by non-employee individuals from the company or organization they served. The paying entity must provide the form to the recipient and the IRS. There are several types of Form 1099; each form reports different kinds of […]

How to contact the IRS?

The Internal Revenue Service (IRS) is the United States government agency responsible for administering and enforcing the country’s tax laws. If you have a tax-related question or concern and want to contact the IRS, here are various ways to reach them and get the help you need. By Phone One of the most common ways […]

Standard Deduction vs. Itemized Deduction

Deductions on your US tax return refer to eligible expenses or contributions that you can claim to reduce your taxable income, thereby lowering the amount of tax you owe. Tax filers can take either standard or itemized deductions on their US tax return. The standard deduction is a fixed amount tax filers can deduct from […]

Child Tax Credit for Americans Living Abroad

The Child Tax Credit (CTC) is a tax credit available to tax filers with dependent children under 17 years old.  The purpose of the credit is to provide financial assistance to families with children and to help reduce the tax liability of those families. The credit is worth up to $2,000 per child, subject to […]

Foreign Tax Credit

The Foreign Tax Credit (FTC) is a tax provision available to US tax filers who have paid foreign taxes on income earned outside the United States. The FTC allows tax filers to offset the amount of foreign taxes paid against their US tax liability which helps to avoid double taxation on the same income. Qualifying […]

2022 IRS Exchange Rates

The IRS exchange rates for 2022 are now available, and they may have an impact on your taxes if you have income or assets in foreign currency. This blog post will discuss the IRS exchange rates for 2022 and how they may affect your tax situation. The exchange rates are used to determine the value […]

2022 FBAR Exchange Rates

FBAR, or the Foreign Bank Account Report, is a financial document that must be filed annually with the Financial Crimes Enforcement Network (FinCEN) by U.S. citizens and residents who have financial interests in or signature authority over foreign financial accounts that exceed certain thresholds. The FBAR is used by the U.S. government to detect and […]

Taxes for Travel Nurses

Being a travel nurse is such a wonderful opportunity. It allows you to do what you love while exploring different cities. However, travel nursing comes with a different tax implication that could be quite a challenge when preparing for US tax returns. Typically, travel nurses are required to file for a resident state tax return […]

5 Things to know about FBARs

Aside from the annual income tax return filing, US expats must also be aware of the FBAR filing requirement, especially if they have non-US financial accounts. Failure to file for this form could lead to serious penalties so it is important to know what needs to be done if you need to file one. We […]

Tax Extensions for Americans Living Abroad

It’s important for US expats living abroad to know that many of the tax filing deadlines and available extensions differ considerably compared to filing within the US.  The following is a chronological listing of the filing deadlines and extensions applicable to US expats over the course of the tax year. April 15th – Federal Income […]