The IRS expects overseas U.S. citizens to file tax returns every year, even if they don’t earn any money from the United States! That’s right, just being a citizen of the US means that you’re still subject to filing taxes on your worldwide income. Not only is it important for Americans living abroad to understand their obligations before an audit comes knocking on their door,… Read More »Do US Citizens Living Abroad Need to File Tax Returns?
One of the best things you can do for your children is to teach them to handle money responsibly. Any child past the age of seven can begin learning a few core lessons about ways to earn (via a weekly allowance or part-time job), save, spend, and manage money. Of course, you need to calibrate lessons based on what’s age-appropriate. For example, young children aren’t… Read More »Learn How to Teach Your Kids to Be Money Smart
Most everyone knows their official tax bracket, or the percentage they must pay on ordinary, earned income when filing time arrives each April. But, what about some of the non-ordinary kinds of money that come into your life? This category can include things like Social Security payments, proceeds from selling a life insurance policy, bartering proceeds, book royalties, or cash you find in the street.… Read More »Do You Know How These Income Sources are Taxed?