Maximize Savings with the Foreign Earned Income Exclusion
The Foreign Earned Income Exclusion (FEIE) allows you as a U.S. citizen working abroad to exclude up to $126,500 of your foreign-earned income from U.S. taxes in 2024. Understanding how to qualify and make the most of this exclusion can significantly reduce your tax burden. In this article, we’ll break down the eligibility criteria, benefits, […]
Maximize Earnings with Augusta Rule for Tax-Free Rental Income
The Augusta Rule Tax lets homeowners rent their properties for up to 14 days a year without reporting the income. This article will explain how it works and how you can use it to earn tax-free income. Key Takeaways The Augusta Tax Rule allows homeowners to rent their properties for up to 14 days per […]
Ultimate Guide to Tax Write Offs for Vehicles Over 6000 lbs in 2024
If you’re a business owner, understanding the tax code related to the tax write off for vehicles over 6000 lbs is crucial. This guide explains how you can leverage Section 179 to deduct the cost of qualifying vehicles, potentially saving thousands on your taxes. Read on to learn about eligibility criteria, the types of vehicles […]
In-Kind Donation: A Comprehensive Guide for Nonprofits
An in-kind donation is a non-cash gift of goods or services to a nonprofit, reducing expenses and providing vital resources. In this article, we’ll explore the different types of these donations, their benefits, challenges, and how to effectively manage them. Key Takeaways In-kind donations, which include goods and services, provide nonprofits with critical support, allowing […]
How to Access Your Tax Return Transcript
An IRS tax return transcript is a summary of key details from your tax return. Whether you need it for loan applications, financial aid, or resolving tax issues, knowing how to access it is important. In this article, we will explain what a tax return transcript includes, why you might need one, and the steps […]
Leasehold Improvements: Tax Implications for Landlords & Tenants
Leasehold improvements are changes made to rental properties to meet tenant needs. These can include new partitions, flooring, and fixtures. This article explores the benefits, tax implications, and who typically covers the costs of leasehold improvements. Key Takeaways Leasehold improvements are custom modifications made to enhance leased spaces, tailored to tenant specifications, significantly impacting property […]
How to Handle a CP14 Notice from the IRS
An IRS CP14 notice means you owe taxes to the IRS. This guide will explain why you got the notice and what you need to do next. Key Takeaways A CP14 notice from the IRS indicates outstanding tax debts and includes details such as the amount owed, reasons for the balance, and instructions for payment. […]
Understanding What Is a Single Member LLC: A Quick Guide
What is a Single Member LLC? A Single Member LLC, or limited liability company, is a business structure that provides one owner with liability protection and tax benefits, merging the simplicity of a sole proprietorship with the advantages of a corporation. This article will examine its definition, operation, tax treatment, comparisons with other structures, and […]
Do Venmo and Other Cash Apps Report to IRS for Personal Use?
Curious if Venmo, Zelle, Cash App, PayPal and other payment apps must report your personal transactions to the IRS? The short answer is no, payment apps on phones do not report personal payments. However, the scenario for payment apps changes when it comes to business payments. Venmo and Your Tax Return Handling tax reporting for […]
Can You Go to Jail for Not Paying Taxes? Here’s What to Know
Yes, you can go to jail for not paying taxes or not filing a tax return, particularly in cases of tax evasion or fraud. The possibility of jail time exists if the failure to pay tax or the failure to file a tax return is intentional and aimed at evading tax obligations. In this article, […]