Taxes

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.…

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…

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…

Most of us have a hidden talent that we trot out from time to time. Maybe you bake amazing cupcakes or you play the piano—but chances are, those are things you do on the weekends or at family parties. Most of us don’t have the opportunity to share those talents…

When it comes to taxes and financial planning, you need to know the IRS has different rules for different types of income. Earned income, the money you make from working, affects everything from how much taxes you pay to whether you qualify for certain deductions or credits. Whether you’re earning…

Tax credits reduce the amount you owe to the IRS, but not all tax credits work the same way. A refundable tax credit can reduce your tax liability below zero. This means you could receive a refund even if you owe nothing in taxes. For eligible taxpayers, this can result…

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…

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…

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…