Ines Zemelman
Articles
Qualified education expenses: What you can (and can’t) claim on your taxes
Higher education is expensive – but the IRS offers tax breaks to help offset the cost. The key to maximizing your tax savings? – Understanding qualified education expenses (QEE). Not all education expenses qualify for tax benefits, and using them incorrectly could lead to missed savings or ...
Form 8959 Explained: Additional Medicare Tax made simple
The US tax code is complicated enough without extra forms, but if you’re a high earner or self-employed, you’ve probably encountered Form 8959. This form is essential for reporting the Additional Medicare Tax, a tax that applies once your income crosses certain thresholds. If you&r...
What is Modified Adjusted Gross Income (MAGI) and how to calculate it?
Disclaimer This article is for informational purposes only and does not constitute legal or tax advice. Always consult with a tax professional for your specific circumstances. ...
Is alimony taxable: Tax pain & alimony payments for US expats
When you go through a divorce, you and your ex-spouse will need to come up with an agreement to fairly divide your assets. Since marriage is really a financial partnership, the divorce should ideally split everything in half. A big part of this process could be to decide on alimony payments. If you’ve agreed ...
What Is Form 1099-A, Acquisition or Abandonment of Secured Property
Form 1099-A is a tax form that is used to report the acquisition or abandonment of secured property. This form is typically used by lenders to report when they have foreclosed on a property or when a property has been repossessed. The information provided on Form 1099-A is used by the IRS to determine if the borrower has any t...
Schedule A demystified: A guide to itemized deductions for US expats
When it comes to taxes, US citizens, including expatriates, often find themselves asking: “Should I itemize my deductions or stick with the standard deduction?” Enter Schedule A (Form 1040) – a valuable tool for taxpayers who want to maximize their deductions by listing specific eligible expenses. Her...