Taxes

In New York City, property taxes are back in the headlines. Mayor Zohran Mamdani has floated the idea of raising them—by 9.5%—as part of this year’s budget. Mamdani says it’s a last resort, claiming that if Albany won’t raise taxes on millionaires, the city may have to raise them on…

Dealing with IRS penalties and incorrect tax assessments can be frustrating. This is especially true when you believe the charges are unfair or that they resulted from circumstances beyond your control. In these scenarios, Form 843 is the IRS mechanism for requesting relief from penalties, interest and certain tax overcharges. A…

Tax planning is complicated enough in one country. Add a second, and things get more complex in a hurry. Overlapping tax obligations, foreign reporting requirements, and the risk of being taxed on the same income twice all come into play. Whether you’re a U.S. resident earning income abroad, a business…

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…

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…

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…

Dentists tend to face a distinct set of tax considerations. Most earn high incomes, own practices that generate business deductions, and regularly purchase equipment — all of which can significantly affect their tax liability. Dental practices are also classified as specified service trades or businesses (SSTBs) under federal tax rules,…

Physicians tend to start earning later than most professionals after years of training, and many carry significant student debt by the time they begin practicing. Once they reach attending-level income, however, they often move into higher tax brackets quickly. Whether a doctor works as a hospital employee or runs a…

The tax code offers meaningful incentives for charitable giving, but many donors don’t fully benefit from them. Without a deliberate strategy, charitable contributions often provide little to no tax advantage. With the right approach, however, charitable giving can reduce income tax through deductions, capital gains tax through donations of appreciated…

Missing a tax filing deadline can feel like a minor slip, but the financial consequences can snowball quickly. The IRS imposes strict penalties on taxpayers who fail to file on time, and those penalties grow with every month that passes without action. Knowing how these penalties work, whether you owe…