Taxation

Filling out tax forms can seem like a daunting task, especially if you’re not familiar with the process. But don’t worry, if you’ve recently had debt forgiven, Form 982 might be a key document for you, and I’m here to walk you through it. If you’re asking yourself how to fill out Form 982, this…

Real estate agents juggle multiple expenses in the course of their work, from marketing properties to maintaining a home office. Luckily, the IRS allows agents to claim a variety of tax deductions, reducing their taxable income and keeping more money in their pockets. Understanding real estate agent tax deductions is crucial for maximizing savings and…

Taxes, Ugh! Let’s make it easy! Ah, tax season. That magical time of year when Amazon sellers everywhere collectively sigh and scramble to gather receipts, crunch numbers, and pray they didn’t miss any deductions. But don’t worry—we’ve got your back! Whether you’re a seasoned pro or a newbie just trying to figure out where to…

Ah, tax season – everyone’s favorite time of the year (said no one ever) Let’s face it, taxes aren’t exactly the most exciting topic. But whether you’re a seasoned filer or tackling your first return, it’s something we all have to deal with. And knowing the key dates for tax season 2025 can make the…

Starting a small business is an exciting journey, but it comes with many decisions, including how to structure your business legally. Among the most common options, entrepreneurs consider a DBA (“Doing Business As”) and an LLC (Limited Liability Company). These choices are pivotal as they affect everything from liability to branding. But how do you…

When it comes to managing finances, especially taxes, hiring a professional can save you significant time, money, and stress. A tax strategist offers specialized advice to help individuals and businesses minimize their tax liability, maximize deductions, and plan effectively for the future. However, one of the most common questions prospective clients ask is, how much…

Understanding and attempting to work out US expat taxes can feel overwhelming for Americans living abroad. Between breaking down foreign tax systems and understanding U.S. tax obligations, it’s easy to feel lost. Fear not! Monily’s experts have worked on preparing a guide for you that will simplify the process, explain the benefits, and highlight key…

Running a business comes with a variety of responsibilities, and one of the most important is filing taxes. However, whether due to oversight, financial struggles, or misunderstanding, many business owners may fail to meet their tax obligations. While it might seem like a small delay, failing to file taxes on your business can lead to…

Over the last two decades, cryptocurrencies have evolved beyond what any investor would have dreamed back in the early 2000s. Digital currencies have experienced an exponential growth in popularity. Parallel to that, most investors have started to wonder: What happens if you don’t report cryptocurrency on taxes? Everyone wants a piece of the crypto cake….

For business owners looking to maximize their financial efficiency and business gains, their understanding of the tax system and its particulars is vital. One element that tends to stand. Out for business owners is the Qualified Business Income (QBI) deduction which can reduce taxable income by a huge margin. This deduction can be availed through…