- Seek Tax Advisor Recommendations Before Selling an Investment Property
- There are a variety of investment property tax-planning strategies that will provide you with significant benefits. These include:
- Working Abroad Has Huge U.S. Tax Benefits
- U.S. citizens and resident aliens are taxed on their worldwide income, whether they live in the U.S. or in another country. However, qualifying U.S. citizens and resident aliens who live and work abroad may be able to exclude from their income all or part of their foreign salary or wages, or amounts received as compensation for their personal services. In addition, they may also qualify to exclude or deduct certain foreign housing costs.
- Video Tips: Tax Deadline Is Here - Do You Need An Extension?
- If a taxpayer cannot file their tax return by the April due date, they can file for an extension of time.
- Are Damage Awards Taxable?
- Frequent questions that arise are: Are amounts received from settlement of lawsuits and other legal remedies taxable? Are the legal fees paid in connection with these payments tax deductible? The tax code specifies that all income is taxable from whatever source derived, unless exempted by the Internal Revenue Code. The tax code does provide an exclusion from income for certain damage awards but not for others. The companion issue to damage awards is the deductibility of the legal fees associated with the damage awards and settlements. This article looks at a variety of situations and the tax ramifications.
- Foreign Income and Tax Reporting Issues
- We have a worldwide economy and with that comes a variety of tax issues. Some of these may be relevant to you. The following issues, some of which you may not be aware of, apply to individuals. In addition, some are subject to severe penalties when not complied with.
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