Taxes

If you’re scrambling to compile tax documents as the filing deadline approaches, you’re not alone. A tax extension can offer welcome breathing room, but it also comes with rules and potential pitfalls that many taxpayers misunderstand. Knowing how long an extension lasts, what it does and doesn’t cover and what…

If the IRS notifies you of an audit, and you expected a tax return, you probably have a lot of questions. Will you ever get your tax refund? Does the audit automatically stop it? The answer depends on the IRS’s review and whether the items under audit affect the refund…

Whether you can claim an adult child as a dependent on your taxes depends on their age, income and living situation, as well as the level of financial support you provide to them. The IRS allows parents to claim certain adult children if they meet the criteria for either a…

The IRS generally treats unemployment compensation as taxable income. If you don’t plan for this, or don’t withhold money from your weekly payments, you may owe money when you file your tax return. State tax rules vary, too, which can further impact your final tax bill. Knowing how to report…

Whether you owe taxes or receive a refund comes down to how much tax was withheld from your paychecks, how your income changed over the year, and whether you still qualify for the credits and deductions you may have relied on in the past. If too little tax is withheld…

Selling real estate can result in a significant profit, but it may also trigger capital gains taxes depending on whether the property qualifies for IRS exclusions, how much was earned and how long you owned the property. In most cases, capital gains taxes are owed for the tax year in…

Cross-border tax planning involves structuring your finances to account for tax laws in more than one country. Whether you are an expatriate, a business owner with international operations or an investor earning income abroad, differing tax rules can shape how income, gains and assets are taxed. Factors such as tax…

Knowing your taxable income helps you make smarter choices about deductions, retirement contributions and how much tax to withhold. It can also prevent surprises at tax time. If your finances are more complex—like having multiple income sources or major life changes—a financial advisor can help you lower your taxes while…

U.K.-U.S. tax planning involves understanding how income, residency and asset ownership are taxed under both British and American law. Dual residents, expatriates and cross-border investors often face parallel filing obligations, with each country maintaining its own system for taxing worldwide income. While a bilateral tax treaty exists to help reduce…

Cross-border tax planning between Canada and the U.S. will require you to manage income, assets and residency to avoid double taxation and meet rules in both countries. Key differences in retirement accounts, capital gains and estate taxes can create issues without careful planning. Tax treaties help, but dual filers and…