Key Takeaways 1 You can own a US LLC even if you live outside the US. 2 Living in the US is not required to own an LLC. 3 Foreign-owned LLCs can have additional IRS filing requirements. 4 A nonresident alien cannot be an S corporation shareholder. 5 Owning an LLC does not give you […]
Key Takeaways 1 9 states have no broad individual income tax in 2026. 2 No income tax does not mean no taxes. 3 Washington has a capital gains tax and a new tax planned for 2028. 4 New Hampshire ended its Interest and Dividends Tax in 2025. 5 Property, sales, business, and local taxes still […]
Key Takeaways 1 An EIN is used for business tax purposes. 2 An ITIN is for eligible individuals who need to file U.S. taxes but cannot get an SSN. 3 An SSN is linked to a person’s earnings and Social Security benefits. 4 Each number serves a different purpose and cannot replace the others. 5 […]
A freelancer can earn $80,000 from clients during 2026 and still be unsure how much should be reserved for federal income tax, self-employment tax, state tax, and estimated payments. An LLC owner can face a similar problem. Forming an LLC creates a legal business structure, but an LLC does not automatically receive its own federal […]
Key Takeaways 1 The 2026 federal tax rates range from 10% to 37%. 2 The standard deduction is $16,100 for single filers and $32,200 for joint filers. 3 The 401(k) contribution limit is $24,500 for 2026. 4 The traditional and Roth IRA contribution limit is $7,500 combined. 5 Eligible participants aged 50 and older can […]
Key Takeaways 1 You can use Form 1040-X to correct a tax return you have already filed. 2 Where’s My Amended Return? lets you check the status after the return has been in the IRS system for about 3 weeks. 3 Received, Adjusted, and Completed are the three status updates you may see. 4 Form […]
Key Takeaways 1 A US LLC is not necessary for every freelancer. 2 US clients do not mean you need a US LLC. 3 Tax and filing rules depend on your situation. 4 State fees and compliance add to the cost. 5 Check your local tax rules before forming an LLC. A freelancer living outside […]
Key Takeaways 1 Check your refund through Where’s My Refund? or the IRS app. 2 Keep your SSN/ITIN, filing status, tax year, and refund amount ready. 3 Most refunds are issued within 21 days, but some take longer. 4 “Refund Sent” means the IRS has issued the payment, not that you have received it. 5 […]
Key Takeaways 1 A TIN number is used for different types of tax ID numbers. 2 All SSN, EIN, ITIN, ATIN, or PTIN are under TIN. 3 The TIN you need depends on your tax situation. 4 Eligibility and application requirements vary by TIN type. 5 More than one TIN can apply to you for […]
Key Takeaways 1 Online EIN applications are the fastest option for eligible applicants. 2 Fax applications take about 4 business days; mail applications take around 4 weeks. 3 Eligible international applicants can apply by phone and may get their EIN during the call. 4 Check Form SS-4 for errors before sending it. 5 If your […]
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