You may have considered a custodial account if you want more flexibility regarding how your child's education funds are allocated. That way, the money doesn't have to be used...
Tax exemption has risen to over $5 million in the past years. The rise has reduced the need for life insurance for families struggling to pay estate taxes. But you can still enjoy...
What is a foreign tax credit?A foreign tax credit is a United States tax credit that is used to offset income tax paid abroad. United States citizens and resident aliens who pay income...
Almost everyone wants to send the smallest amount possible to the IRS, and there is nothing wrong with that. However, your method of reducing your tax bill might get you into trouble....
Are you wondering if there is a hard rule on taxable income and non-taxable income? The answer is simple: all income is taxable unless it is expressly excluded by law. But, as you've...