U.S. citizens and resident aliens are taxed on their worldwide income, whether they live inside or outside of the U.S. However, qualifying U.S. citizens and resident aliens who live and work abroad may be able to exclude all (or part) of their foreign salary or wages, or amounts received as compensation for their personal services …
Tax Blog
How To Write Off Worthless Stock
If you are like most investors, eventually you will pick a loser stock that goes down in value. Sometimes, a security can even become worthless when the issuing company goes out of business. Gains and losses for securities, including stock, stock rights, bonds, debentures, and similar debt instruments, are not recognized for tax purposes until …
Minimizing Tax On Social Security Benefits
Whether your Social Security benefits are taxable (and, if so, the amount that is taxed) depends on a number of issues. The following facts will help you understand the taxability of your Social Security benefits. For this discussion, the term “Social Security benefits” refers to the gross amount of benefits you receive (i.e., the amount …
What Are My Chances Of Being Audited And How Can I Reduce Them?
Despite having a pretty low chance of ever being audited, it’s helpful to know what COULD trigger an audit. Here are what actions and circumstances are most likely to trigger an audit:
What Are My Chances Of Being Audited And How Can I Reduce Them?Read More