Keep up to date with the latest developments and trends in the field of taxes and accounting in the United States.
The Health Insurance Marketplace in 2026: Changes to Subsidies, Tax Rules, and Medical Spending.
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When starting a business in the U.S., choosing between self-employment or a formal entity (LLC/Corporation) is critical. This decision defines your taxes, personal asset protection, and future growth potential.
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Major tax changes under OBBBA from 2025: deductions, benefits, credits for tips, overtime, vehicles, children, and SALT—everything to help you save.
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A detailed guide to Estimated Tax: when, how, and who is required to pay quarterly advance tax payments in the U.S. Useful for freelancers, business owners, and anyone earning income without withholdings.
Read onThis guide covers the U.S. Self-Employment Tax (SE Tax). It explains who must pay, how to calculate it using Schedule SE, key IRS forms to file, and deductions to lower your tax burden.
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This article explains the differences between Forms 1095-A, B, and C, which verify health coverage. Each form is issued by a different entity (marketplace, insurer, employer). They remain important for residents of states with their own insurance mandates.
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This article explains the types of 1099 forms, their issuance deadlines, and important exceptions. Learn which forms you need and when to expect them.
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This article explains the "wash sale" rule, which can disallow a tax loss. Learn why it matters, how to avoid it, and its impact on your taxes. Tips include waiting periods and note the exception for cryptocurrency.
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This article explains how businesses and self-employed individuals can deduct vehicle expenses. It describes the two deduction methods: the Standard Mileage Rate and the Actual Expenses method, covering their key conditions and limitations.
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Both offer tax credits for education costs. However, the AOTC has a refundable portion and a four-year limit, while the LLC is non-refundable but available indefinitely.
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A 1031 Exchange lets investors defer capital gains tax by reinvesting proceeds into another property, following strict deadlines and using a Qualified Intermediary to manage funds securely.
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U.S. tax residents must report worldwide income, except when exclusions under Form 2555 or credits under Form 1116 apply, reducing or eliminating double taxation through specific IRS provisions.
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529 plans provide tax‑free growth, withdrawals, and gift benefits, except when funds are used for non‑qualified expenses, which trigger income taxes and possible penalties from the IRS.
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IRS transcripts provide confirmation of tax filing and payment, except when returns are too recent, since transcripts usually become available starting in May after processing is complete.
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All cryptocurrency transactions must be reported for U.S. tax purposes, except those involving amounts below disclosure thresholds, which do not trigger mandatory IRS forms or additional reporting requirements.
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Everyone who is self‑employed or wants asset protection should open a company, except those unwilling to handle compliance, reporting, and administrative responsibilities required under U.S. business law.
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All U.S. residents with foreign accounts must comply with FATCA reporting rules, except those whose balances remain below disclosure thresholds, which exempts them from filing additional IRS forms.
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All company structures provide liability protection and tax options, except sole proprietorships, which expose owners to unlimited personal liability and require reporting all profits directly on individual tax returns.
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Truck drivers can deduct many expenses, except personal costs like family vacations, private groceries, home rent, entertainment, or clothing unrelated to work, which remain nondeductible under tax law.
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Business deductions include advertising, rent, insurance, software, materials, training, and professional services, though some expenses require depreciation or special rules to qualify as reasonable and necessary.
Read onTax credits include refundable options like Child Tax Credit, EITC, and AOTC, and non-refundable credits such as Dependent Care, Lifetime Learning, energy, and clean vehicle incentives.
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Self-employed individuals need no IRS registration, but face personal liability risks. They pay federal, self-employment, and state taxes, unlike LLCs which enjoy flexible taxation options.
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Employees on W‑2 follow employer schedules, receive benefits, and have taxes withheld, while independent contractors on 1099‑NEC enjoy flexibility, cover expenses, and handle taxes themselves.
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Self-employed individuals may deduct home office expenses if the space is used exclusively, regularly, and as the primary place of business, using simplified or proportional calculation methods.
Read onThe article explains what Form 8300 is and what changes take effect on January 1, 2024. Any business is required to file this form with FinCEN within 15 days after receiving cash payments over $10,000 or cryptocurrency payments from U.S. individuals or entities. The form must be filed online.
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