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How Buying a Home Impacts Tax Preparation

Owning a home comes with many responsibilities, from regular maintenance to insurance and tax implications. Every year, millions of homeowners face the challenge of properly reporting all their deductions, credits, and taxable income from their properties when filing their returns. From mortgage interest to property taxes, capital gains, and more, the tax ramifications of homeownership […]

Written by prositesfinancialJun 7 • 3 minute read

Understanding the Difference Between FBAR and FATCA

When it comes to international tax reporting, you’ll undoubtedly come across these two acronyms: FATCA and FBAR. While both FATCA (Foreign Account Tax Compliance Act) and FBAR (Foreign Bank and Financial Account Reporting) are forms related to reporting foreign assets, investments, accounts, and income to the U.S. government, they have several notable differences. Depending on […]

Written by prositesfinancialMay 17 • 3 minute read

What to Do if You Missed the Tax Filing Deadline

Nobody wants to get in trouble with the IRS and other tax authorities by missing the year’s tax filing deadlines. Not filing your tax return has dire consequences, and the tax agency may levy some nasty penalties against you for this. It’s important that you act fast to prevent your problem from becoming bigger. Continue […]

Written by prositesfinancialApr 26 • 3 minute read

What Is Tax Planning, and Why Is It Important?

Everyone living and working in the United States must pay taxes. For most people, taxes can be a source of stress; however, they don’t have to be. Implementing proper tax planning strategies can help to lower your tax burden or help you get a larger refund at the end of the year. Tax planning is […]

Written by prositesfinancialApr 12 • 3 minute read

Understanding the Earned Income Tax Credit

The Earned Income Tax Credit (EITC) is one of the most beneficial tax credits for families with low or moderate combined incomes. It puts an average of $2,043 back in the hands of eligible workers and families. About 31 million people applied for and received the credit in 2022, according to the IRS. But many […]

Written by prositesfinancialApr 5 • 3 minute read

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