Taxes

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…

If you earn income from rental properties, royalties, partnerships, S corporations, estates or trusts, you’ll likely need to submit Schedule E with your tax return. This supplemental federal income tax form, officially titled “Supplemental Income and Loss,” is where you report income beyond your regular wages or salary. Because of…

The earned income tax credit (EITC) offers support to low- and moderate-income workers, but certain conditions can make you ineligible. You may be disqualified if your income is too high, if you have significant investment income, or if you are married but filing separately. You also cannot claim the credit…

When you score that great mail-in offer or discount, you might wonder: Do you have to pay taxes on rebates? The answer isn’t always straightforward. Generally, the IRS doesn’t consider most consumer rebates as taxable income. When a manufacturer’s rebate reduces the purchase price, that’s typically not a taxable event.…

Under the One Big Beautiful Bill Act interest paid on certain car loans would become tax-deductible. If you purchased a personal-use vehicle after December 31, 2024, and financed it with a qualified loan, you may be able to deduct up to $10,000 in interest per year through 2028, even if…

Health savings accounts (HSAs), flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs) offer tax benefits. But each has its own rules about who can contribute, how funds are used, who owns the account and whether unused money can carry over to the next year. Some accounts are only offered…