Reviews 4,000+ verified REVIEWS
About us
Read more articles
Overview
Featured reads
10 Sep 2024

Digital nomad taxes: Tackling US and international tax obligations for remote workers

Read more
05 Sep 2024

Market-based sourcing for individual filers

Read more
04 Sep 2024

SECURE 2.0 Act changes impact Form W-2 reporting for businesses

Read more
Services
Join live webinar
Overview
Pricing plans
Compare all plans
Pricing
Tax guide
Join live webinar
Contact
WhatsApp
Search
About Us
Featured reads
10 Sep 2024

Digital nomad taxes: Tackling US and international tax obligations for remote workers

Read more
05 Sep 2024

Market-based sourcing for individual filers

Read more
04 Sep 2024

SECURE 2.0 Act changes impact Form W-2 reporting for businesses

Read more
Read more articles
Services
Pricing plans
Compare all plans
Pricing
Tax Guide
Articles
Digital nomad taxes: Tackling US and international tax obligations for remote workers

Disclaimer ...
Sep 10, 2024

Market-based sourcing for individual filers

Market-based sourcing has become a significant tax issue for individual filers, particularly those...
Sep 05, 2024

SECURE 2.0 Act changes impact Form W-2 reporting for businesses

The IRS has issued a reminder that changes under the SECURE 2.0 Act, effective from tax year 2023,...
Sep 04, 2024

Qualifying Advanced Energy Project Tax Credit program opens full applications for Round 2

The U.S. Department of Treasur...
Sep 04, 2024

Kamala Harris’s tax proposals: Unpacking the potential impact on American taxpayers

Vice President Kamala Harris has endorsed a series of tax proposals included in ...
Aug 29, 2024

IRS announces tax relief for victims of natural disasters in Puerto Rico and South Dakota

The IRS has announced tax relief measures for individuals and businesses affected by recent severe...
Aug 27, 2024

Do churches pay taxes? [Understanding the nuances of church tax exemption]

Disclaimer ...
Aug 26, 2024

IRS provides tax relief to Minnesota storm victims

The IRS has announced tax relief measures for individuals and businesses in 25 Minnesota counties ...
Aug 20, 2024

IRS provides tax relief to Hurricane Debby victims in South Carolina, Florida, North Carolina, and Georgia

The IRS has announced significant tax relief for individuals and businesses affected by Hurricane ...
Aug 14, 2024

IRS accelerates employee retention credit claims processing

The IRS has taken significant steps to expedite the processing of ...
Aug 13, 2024

Taxes in retirement: a CPA's guide to keeping Uncle Sam at bay

Disclaimer ...
Aug 05, 2024

IRS extends tax deadlines for Hurricane Beryl victims in Texas

The IRS has announced tax relief for individuals and businesses affected by Hurricane Beryl, which...
Jul 31, 2024

All articles
IRS 101
How to obtain a copy of past returns

Prior year transcripts - who to call, which forms to fill out, etc.
How IRS can find you abroad

A common misunderstanding is that US citizens abroad do not have to file tax returns
Expatriate tax audits

Audits are no fun, especially when the documents are not standard US tax forms; TFX can help
Tax penalties & interest

How the IRS computes tax, interest, and other penalties & what you can do to avoid them
Received IRS notice?

Scary IRS letters? We will help you debunk them and form an action plan to fix any issues
Can you e-file US tax return from abroad

TFX is an authorized e-file firm and e-files tax returns for taxpayers globally
How to pay IRS electronically from abroad

If you do have a tax bill, what are the ways you can pay the IRS?
How to file an amended return

We can amend prior filed returns to ensure you get the deductions & credits you are eligible for
IRS mailing addresses

In cases where E-filing is not permitted (IRS rules), we outline where and how to snail mail the returns
Can overseas Americans get an IRS refund?

Short answer: Yes. Long answer: Certainly, but your tax return needs to be optimized.
IRS statute of limitations

The IRS can’t chase you forever; we break down the rules behind the IRS statute of limitations
ITIN Q&A

What are ITINs, who needs one, how to get one, and when they expire
All IRS 101
Tax musings
Financial planning

Expat tax rules

FBAR/FATCA

News

Investments

Non-US citizens

Retirement

Real estate

Foreign business

Immigration

Expatriation

Family matters

Tax saving strategies

Recently published

Recently Published Articles
Foreign nationals

All tax musings
Tax concepts
Glossary of tax terms

Expatriate tax glossary. Commonly used terms explained
Definition of US tax terson

More complicated than it sounds. How ‘US Person’ is defined by the IRS and what it means to you
Resident & non-resident aliens

“Resident” can have many different meanings for the IRS.
Foreign bank account report: FBAR

FinCEN Form 114 and filing requirements explained. Who needs to file, when, and why?
Form 8938 (FATCA)

Filing requirements, penalties, and other considerations
FBAR vs form 8938

Financial reporting requirements explained
Foreign retirement accounts

How is your nest egg treated by the IRS? It depends on the country and the plan
Foreign income exclusion (FEIE)

Save over $100,000 on your US tax return with this nifty exlcusion. But, it’s complicated
Foreign tax credit (FTC)

How to avoid double taxation
Physical presence test

One of two ways to meet the Foreign earned income exclusion (FEIE)
Bona fide residence test

Second method to meet the Foreign earned income exclusion (FEIE)
Partial year exclusion

Moving overseas (inbound or outbound) midyear is not uncommon
All tax concepts
Expat tax 101
Why file

It’s the law. But, outside of legal reasons, many taxpayers may also benefit from refunds
Expat tax deadlines & due dates

There are many different deadlines & possible extensions - TFX can keep you abreast.
Minimum filing requirements

What are the minimum thresholds that trigger tax filing requirements?
Tax documents required

Which documents you may require in getting caught up to date on your tax returns
Do expats file state taxes?

It depends. State taxes are one of the most misunderstood aspects of expat tax.
Common tax forms

Thousands of tax forms exist, but which select few you really need to understand
Dependents & exemptions

How to understand these two terms & use them to your advantage to obtain tax refunds
Foreign spouse tax implications

How to understand these two terms & use them to your advantage to obtain tax refunds
Totalization agreements

Why these complex terms can mean a lot to self-employed individuals & digital nomads
Green Card holders

US tax filing requirements & credits specific to permanent residents
Surrendering citizenship or Green Card

Big life choice that also carries hidden tax implications & filing requirements
Social security survivor benefits

Will your non-US spouse be sble to receive survivor, dependent, or spousal benefits?
All expat tax 101
Who we help
Americans working abroad

US citizens & Green Card holders who are living and working outside the US
American educators abroad

TFX has partnerships with many international schools to assist their staff with tax filings
American contractors overseas

Contractor taxes contain many nuances, especially for potential state tax filing requirements
Employees of international organizations

Aid workers (& other staff) of the UN, EC, WHO or WB have many tax advantages and tax complexities
Pilots

Thx for keeping us safe in the sky! International pilot taxes are *almost* as complex as flying a jet
Military

Working in war zones or stationed abroad, TFX can help understand filing requirements
Digital nomads

Global citizens who earn a living without a permanent establishment
Retirees abroad

TFX files returns for American retirees globally & ensures their nest eggs are protected
Small business owners

We support entrepreneurs globally & explain how to make the most of your hard-earned earnings
Green Card holders

Permanent residency has tax implications - we explain what you need to know
Accidental Americans

Born with a U.S. citizenship but never filed tax returns? TFX can help.
Dual citizens with US passports

Multiple citizenship is in vogue! TFX explains your U.S. tax filing requirements
All who we help
Tax guides
Form 1040NR - non-resident alien tax return

Non-US citizens and Green Card holders who have U.S income and require filing tax returns.
Form 5471

Non-US corporations owned by US citizens and Green Card holders. Complex form debunked.
U.S tax guide for retirees

Retirees abroad enjoy sunshine & tax advantages. Our guide explains how to plan accordingly.
US tax guide for digital nomads

Remote work is booming and so is the nomad lifestyle; understanding tax implications is a must
U.S. contractor abroad tax guide

Contractors (especially military) have different tax treatment than normal employed expats
PFIC - form 8621

Non-US mutual fund investments may carry onerous tax implications
FBAR (FinCEN 114) & 8938 (FATCA) comparison

Financial reporting forms - similarities, differences, due dates, and more
U.S. missionary tax guide

Missionary tax treatment will vary based on country & presence of social security agreements
Tax reform 2017

Tax reform that reshaped much of the tax code: winners, losers, and business implications
IRS estimated payments guide

The IRS expects certain taxpayers to make payments before the deadline - learn how and why
All tax guides
Country guides
Canada
United Kingdom
Switzerland
Germany
Sweden
Australia
Costa Rica
Norway
Singapore
France
Ireland
Italy
Spain
Japan
Mexico
Portugal
Bahamas
Netherlands
Dominican Republic
Iceland
India
All country guides
IRS forms
Form 8832
Form 720
Form 5471
Form 3520
Form 709
Form 1116
Form 2555
FinCEN Form 114
Form 56
Form 8865
Form 8621
Form 1118
Form 8833
Form 3520-A
Forms 8805
Form 1040-B
Contact

TFX Mobile app

TFX app on App Store TFX app on Google play

Phone

Contacts

Message us on WhatsApp
Join live webinar

20 million Americans overpay taxes by incorrectly valuing non-cash donations

Omaha, NE - According to IRS statistics, each year over 20 million people who itemize on their income taxes report giving donations of clothing, furniture, household goods and other non-cash items to charity. Unfortunately, many of these taxpayers underestimate the value of their contributions by $1,600-$1,700 per year or more because they do not know the correct fair market value of their donation. As a result, the average person pays $526 more in income taxes than required if they simply tracked and valued their donations properly.

Valuing donations is difficult because charities do not set values. Donors are supposed to do that, but most people have no idea what the fair market value of their gift is worth. Its Deductible (patent pending) is an easy to use software program that determines and tracks the proper fair market value of donations, while maximizing taxpayer savings.

Assuming "good" condition, following are some surprising valuations by Its Deductible of commonly donated items (2000 values):

Donated item Price
Woman's dress $35
Men's suit $95
Boy's jeans $10
Girl's sneakers $8
Can opener $7
Stuffed animal $6

These same items are often seen at garage sales for a fraction of their fair market value. Therefore, in most cases, selling items at a garage sale is a far worse financial decision than donating the item at the proper fair market value.

"Many people give to charities regularly but think that their donations are not of enough value to warrant keeping records for tax purposes," explains Carey Rademacher, co-creator of Its Deductible. "Even if they do know how to calculate an item's fair market value, no one has time to go from thrift store to thrift store comparing prices as recommended by the IRS. Its Deductible compiles annual surveys of consignment and thrift stores to help people continue to make needed donations to charity without overpaying taxes or wasting time. We even guarantee that our software will save you an additional $100 on your taxes."

PRESS RELEASE
It's Deductible (October, 2001)