Traditional IRA vs. Roth IRA — What’s the Difference?
Traditional IRA vs. Roth IRA — tax treatment, contribution limits, RMD rules, and income phase-outs explained by an Enrolled Agent.
Tax Basics
Tax Basics
AOTC vs. LLC — Education Credits Explained
Learn how the AOTC and Lifetime Learning Credit work, who qualifies, and how to choose the right education tax credit.
Tax Basics
What Is a Trump Account?
A Trump Account (IRC §530A) is a tax-deferred investment account for children under 18 created by the OBBBA, with a $1,000 federal seed and $5,000 annual limit.
Tax Basics
What Is the Kiddie Tax?
The kiddie tax applies the parent’s tax rate to a child’s unearned income above $2,700. Learn who it affects, how it works, and how to file.
Tax Basics
What Is Unearned Income?
Learn what unearned income is, how the IRS taxes it, and how it differs from earned income — including NIIT, Kiddie Tax, and key rules.
Tax Basics
Standard Deduction vs. Itemized Deductions — What’s the Difference?
Learn the difference between standard and itemized deductions, when each option saves more, and key OBBB changes for your tax return.
Tax Basics
What Is a Tax Refund?
Learn what a tax refund is, how it works, how to check your status, and why a big refund may not always be a good thing.
Tax Basics
What Is a 529 Plan?
Learn what a 529 plan is, how its tax benefits work, OBBBA changes for K-12, and SECURE 2.0 Roth IRA rollover rules.
Tax Basics
What Is FBAR?
What Is FBAR? FBAR (Foreign Bank Account Report) is an annual disclosure filed with the U.S. Treasury Department — not the IRS — by U.S. persons who hold foreign financial accounts. If the combined maximum value of all your foreign accounts exceeded $10,000 at any point during the year, you are required to file FinCEN
Tax Basics
What Is a W-9?
Learn what IRS Form W-9 is, who fills it out, how it connects to 1099 reporting, and how to avoid 24% backup withholding.