Tips for U.S. Taxpayers with Foreign Income
Did you live or work abroad or receive income from foreign sources in 2013? If you are a U.S. citizen or resident, you must report income from all sources within and outside of the U.S. The rules for filing income tax returns are generally the same whether you’re living in the U.S. or abroad. Here […]
Tax Rules for Children with Investment Income
Normally, you must pay income tax on your investment income. While this is also true for a child who must file a federal tax return, if a child can’t file his or her own return, their parent or guardian is normally responsible for filing their tax return. Special tax rules apply to certain children with investment […]
Itemized vs. Standard Deduction
When we finish preparing a client’s tax return, sometimes he or she is confused about whether the medical expenses were deducted or if their charitable deductions applied. When preparing your tax return, you have a choice whether to itemize deductions or take the standard deduction. Before you choose, it’s a good idea to figure your deductions using both […]
Early Retirement Plan Withdrawals and Your Taxes
Taking money out early from your retirement plan may trigger an additional tax. Here are seven things from the IRS that you should know about early withdrawals from retirement plans: 1. An early withdrawal normally means taking money from your plan before you reach age 59½. 2. If you made a withdrawal from a plan last year, […]
