Reid Kopald
Articles
What is Alternative Minimum Tax and strategies how to minimize AMT
The Alternative Minimum Tax (AMT) is a tax system that ensures wealthy individuals pay their fair share of taxes. This system operates alongside the regular income tax system and requires taxpayers to calculate their tax liability twice – once under the regular system and again under the AMT system. In t...
Form 8615: Tax for Certain Children Who Have Unearned Income
Filing taxes can be a complicated and confusing process, especially when it comes to certain forms. One of the forms that may be required for families with minor children is Form 8615, also known as "Tax for Certain Children Who Have Unearned Income." This form is used to report and calculate the tax...
Understanding Form 4137: Social Security and Medicare Tax on Unreported Tip Income
IRS Form 4137 stands out as a critical document for many workers in the service industry. This Form, titled "Social Security and Medicare Tax on Unreported Tip Income," plays a vital role in ensuring that income from tips is accurately reported and taxed. Being a CPA since living memory, I've seen many clients ov...
Cryptocurrency Tax Reporting for American Expats 101
Cryptocurrency transactions have become very popular nowadays and every American citizens, including expats, have to file a US tax return every year, should know how the IRS is treating each transaction like buying, investing, and trading of Cryptocurrencies. If you've invested in Bitcoin or another form of cryptoc...
Are Royalties as a Retiree Subject to Self-Employment Tax?
What Is Royalty Income? A royalty Income is a legally binding payment made to an individual or company for the ongoing use of their assets, including copyrighted works, franchises, and natural resources. An example of royalties would be payments received by musicians when their original songs are played on the r...
Social Security Benefits as an American Living Abroad: Everything You Need to Know
Social Security Benefits for expats Knowing the details of your Social Security status is a vital part of planning your retirement. You’ve been contributing to your Social Security for the entire time you’ve been working and now you decide that you’re going to retire in a foreign country. A typical question in...