The Foreign Earned Income Exclusion (FEIE) is a provision in the U.S. tax code that allows eligible taxpayers to exclude a portion of their income earned abroad from U.S. taxation. This exclusion is particularly beneficial for Americans working and living overseas, as it helps reduce the potential burden of double taxation. Below, we explore how […]
What is a Section 179 Deduction?
When it comes to running a business, one of the key goals is to minimize expenses and maximize profits. One often overlooked avenue for achieving this is by taking advantage of tax deductions. Section 179 of the Internal Revenue Code offers a powerful tool for business owners to significantly reduce their tax liability while investing […]
IRS Revenue Officer vs Revenue Agent: What’s the Difference?
The IRS plays a critical role in ensuring that taxpayers comply with U.S. tax laws. Within the IRS, various professionals are tasked with different responsibilities, including revenue officers and revenue agents. While these roles may sound similar, they have distinct functions and purposes within the IRS. Understanding the difference between an IRS revenue officer and […]
Someone Filed a Fraudulent Tax Return in My Name. Now What?
Discovering that someone has filed a fraudulent tax return in your name can be alarming and overwhelming. Tax identity theft affects thousands of Americans each year, with criminals using stolen Social Security numbers and personal information to claim refunds. The consequences can ripple across your finances, credit, and future tax filings. Taking immediate, informed action is critical to mitigate […]
Can the IRS Take My 401(k)?
Owing back taxes is a stressful situation for many Americans. With it comes fear over what the IRS can do to collect. One common concern is whether your hard-earned retirement savings, specifically your 401(k), are at risk. The short answer: yes, the IRS can take your 401(k) under certain conditions. But it’s not their first […]