Mel Whitney
Articles
Tax Credits for Education Expenses - The Lifetime Learning Credit (LTC)
This article will explain the Lifetime Learning Credit, rules for who is eligible for the credit, what expenses qualify, the value of the credit, limitations on claiming the credit, and how the credit is claimed on your Form 1040 (including related tax schedules). Eligibility For the Lifetime Learning Credit ...
Which Financial Fees Are Tax Deductible?
Legal and financial fees are expenses we don’t choose to pay. Those payments are necessary expenses; therefore it seems logical to deduct them on your tax return. However, only certain types of financial and legal fees are deductible. 1. Legal fees related to producing or collecting taxable income or getting tax ...
How US Expats Living in Low-Tax Countries Can Reduce Their US Tax Bill
Americans who live and work in low-tax countries and earn over the Foreign Earned Income Exclusion are likely to owe tax due because their US tax obligations exceed the taxes they pay locally. There are, however, strategies that you can take to reduce or even eliminated the US tax bill under such circumstances. Below you will find 10 di...
How to Fix Common FBAR Mistakes
There are currently four ways the IRS allows FBAR mistakes to be corrected. It is only permitted to participate in the disclosure programs if the assets in the account(s) came from a source that is legal (not from illegal activities), and assuming the Internal Revenue Service is not currently aware of the violation. 1. Amend the FBAR a...
Top 10 Reasons Why US Expats May Owe Tax to the IRS and What You Can Do About It
Having to pay tax to the IRS after you already pay a high tax rate in your resident country is unpleasant. We get it. While we fight tooth and nail to ensure your tax position is optimized, sometimes there is no way to avoid paying tax. This may happen due to one of the following 10 reasons. You would owe tax if you have the most commo...
Federal Estate Tax Considerations for Foreigners Investing in the United States
As a foreigner holding assets in the United States, you may actually be able to benefit from the investment atmosphere in the US. Leaving income-producing assets in the US may be advantageous for foreigners. If you are a foreigner who owns financial assets in the United States, you are not subject to the ca...