According to the IRS, nearly 5,000 Americans renounced their U.S. citizenship in 2024. If you’re thinking about making a similar move, you’ll want to be aware of the exit tax and its implications before you schedule your embassy appointment. This tax applies only to “covered expatriates” who meet at least one of three tests: While …
If you earn income outside a traditional W-2 paycheck, the IRS requires you to pay taxes throughout the year, not only when you file your annual return. These payments are called quarterly estimated taxes, and failing to make them correctly (and on time!) can result in penalties and interest charges. This tax payment schedule applies …
Quarterly Estimated Tax Guide: How & When To Make Payments Read More »
Capital gains tax hits when you sell real estate for more than the original purchase price plus improvements. The IRS taxes short-term gains at ordinary income rates (up to 37%) for properties held under one year, while long-term gains (on properties held over a year) get taxed at 0%, 15%, or 20% based on your …
How To Avoid or Reduce The Capital Gains Tax On Real Estate Read More »
Delaware has long been the preferred state for those looking to incorporate. Not only are Delaware’s policies conducive to business growth, but the state also houses a court (the Delaware Court of Chancery) that exclusively handles business and corporate disputes. Incorporating in Delaware affects how your company is taxed, governed, and perceived by potential partners. …
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 …
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 …
