If you’ve paid income taxes to a foreign country, the IRS lets you reduce your U.S. tax bill through the Foreign Tax Credit. This credit, which is claimed using Form 1116, prevents you from paying tax twice on the same income. Many taxpayers qualify without realizing it, especially those earning foreign wages, dividends, interest, or …

How to Fill Out IRS Tax Form 1116 and Claim the Foreign Tax Credit Read More »

Running a business means paying close attention to the numbers. While revenue shows how much money comes in, it doesn’t tell the whole story. You also want to stay on top of how much stays after you cover the costs of producing your goods or services. Gross margin fills that knowledge gap by showing what …

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If you live and work outside the United States, you may not have to pay U.S. taxes on all of your income. The IRS allows you to exclude a portion of your foreign wages or self-employment income by filing Form 2555. This document, which you use to claim the Foreign Earned Income Exclusion (FEIE), can …

How To Fill Out IRS Form 2555 For The Foreign Earned Income Exclusion Read More »

Shopify is an e-commerce platform that makes it easier for individuals and businesses to create and manage their own online stores. It offers a range of services, including website creation, payment processing, inventory management, and customer engagement tools, all of which cater to both online and in-person sales channels. As of 2025, Shopify powers approximately …

The Complete Sales Tax Guide for Shopify Sellers Read More »

As a real estate agent, you’re constantly working to grow your business and serve your clients. However, many agents miss out on valuable tax deductions that could save them thousands of dollars each year. For example, you might be surprised to learn that the IRS permits deductions for everything from your car expenses to your …

The Top 78 Tax Deductions For Real Estate Agents Read More »

Every dollar counts when you run a small business. Revenue, expenses, and margins are all tracked closely. However, one area that often surprises business owners is how much they end up paying in taxes. When you’re self-employed, managing a small team, or operating across multiple states, understanding your tax obligation is key to protecting your …

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Expanding your business is a major milestone that’s worth celebrating. But to make the most of this opportunity, you’ll want to choose the right structure, which can impact your tax obligations, legal liability, financial reporting, and operational control.  Whether you’re a U.S. company expanding internationally or a foreign business entering the American market, you’ll need …

Branch vs. Subsidiary: Which Is Right For Your Company?  Read More »

Millions of Americans prepare their own tax returns, but there are times when getting professional tax help makes sense. Perhaps you invested in stocks, started your own contracting business, or made a bundle with cryptocurrency. When you have multiple income sources or complex holdings, a CPA can help you make sure your taxes are accurate …

What Is the Average Cost of Tax Preparation by a CPA? Read More »

If you’re a business owner, freelancer, or self-employed professional, you know how important it is to keep your finances in order. But between managing sales, serving clients, and growing your business, it can be hard to find time for bookkeeping. If you do manage to steal a spare hour or two away from your daily …

How Much Does A Bookkeeper Cost? Read More »

Schedule E (Form 1040) is essential for individuals reporting income from rental properties. It covers income and expenses from rental real estate, royalties, partnerships, S corporations, estates, trusts, and REMICs.