Tax Dives - Let’s go together!

Wondering who qualifies as a dependent on your tax return? In this episode, we break down the rules and requirements to help you determine who you can claim. Whether it’s a qualifying child, relative, or other dependent, claiming the right people can open up opportunities for valuable tax credits and deductions. We’ll also discuss the key exceptions, such as filing status, citizenship requirements, and how the latest tax reforms impact dependent claims. Tune in for a clear and practical guide to maximizing your tax benefits by understanding dependents! Article here.

Thinking about selling your primary home or already sold it? You might be able to avoid paying taxes on the sale! In this episode, we’ll explain how you can exclude up to $250,000 (or $500,000 if married filing jointly) of the profit from your income by meeting two simple tests—the ownership test and the use test. We’ll also cover key exceptions, disqualifications, and how using your home for business or rental could affect your exclusion. Tune in to learn how to maximize your tax savings when selling your home, and avoid surprises!

In this episode, we dive into the IRS reporting requirements for foreign financial assets. If you had over $50,000 USD at the end of the year or more than $75,000 at any time in foreign accounts, you may need to file Form 8938 with your tax return. We’ll discuss how this differs from the FinCEN Form 114 (FBAR) and the critical details you need to know to stay compliant. Tune in to learn the filing thresholds, how to value your foreign assets, common exceptions, and the hefty penalties for non-compliance. Don’t let confusion around foreign account reporting cost you—get informed today!

If you’ve held more than $10,000 USD in foreign bank accounts at any time during the year, you may need to file the FBAR (Report 114) with FinCEN. In this episode, we’ll break down who needs to file, what counts as a foreign account, and key exceptions to this rule. Learn how the combined value of your foreign accounts triggers the requirement, the penalties for non-compliance, and how the FBAR differs from IRS Form 8938. Don’t miss out on these critical details that could save you from hefty fines! Tune in now to get the full scoop on staying compliant with your foreign accounts.