Running a business comes with no shortage of decisions, but few carry as much long-term financial weight as choosing the right entity structure. If your LLC is generating $40,000 or more in net profit annually, it may be time to consider converting to an S Corporation — and the tax savings could be significant. Learn when it makes sense to make the switch and what you need to know before you do.

US citizens and expats with foreign bank accounts face strict IRS and FinCEN reporting requirements. From FBAR to FATCA, learn the most common mistakes — and how to stay compliant.

If you have a foreign pension or investment account abroad, you've probably never heard of a PFIC. That's a problem — because the IRS has, and the tax rules around them are brutal.   What's a PFIC? PFIC stands for Passive Foreign Investment Company. In plain English: almost any foreign fund. Foreign mutual funds, foreign ETFs, foreign pension funds that invest in pooled vehicles — they almost all qualify. If your foreign pension invests in foreign funds (which virtually all d

If you live or work abroad, there's a good chance you have a foreign retirement account — and the U.S. has its own rules for it that don't always match your host country's. From employer contributions being taxed before you retire, to reporting requirements that exist even when you owe zero tax, the gaps between systems catch a lot of expats off guard. Here's what you need to know.

If you own rental property, have a stake in a partnership, or receive income from an estate or trust — Schedule E is where it all lives on your return. It's also one of the most consistently mishandled forms I see. The mistakes aren't always obvious. Wrong depreciation lives, misclassified losses, unreported foreign rental income — they compound quietly, year after year. Let's fix that.

Should you amend a tax return — or wait? In domestic filings, corrections are often straightforward. But when foreign income or international reporting is involved, the decision becomes more strategic. Missed foreign income, FBAR filings, and forms like 8938, 5471, or 3520 can carry penalties even if no tax is owed. This article explains when amending reduces risk, when waiting makes sense, and why international corrections require careful evaluation before taking action.

If you're a freelancer, sole proprietor, or small business owner, filing Schedule C with your tax return is part of your routine. But it’s important to know that some entries on that form can raise questions with the IRS. While most small businesses won’t face an audit, certain red flags can increase your chances of receiving IRS correspondence, a notice, or a closer look at your return.

If you’re an artist, influencer, entertainer, or musician, chances are your income doesn’t come in neat, predictable paychecks. Brand deals, gig income, royalties, sponsorships, digital sales, tips, and platform payouts can make tax compliance confusing—and costly—if handled incorrectly. That’s why I’m hosting a complimentary Lunch & Learn webinar designed specifically for creatives who want clarity, not tax jargon. Webinar Details (Taxes for Artists) Title: Tax Tips for Arti

FSA and HSA can be used for medical bills. As the year comes to a close, many taxpayers focus on filing deadlines and overlook one of the simplest ways to reduce their tax bill: properly funding their Health Savings Account (HSA) or Flexible Spending Account (FSA). These accounts offer powerful tax advantages, but only when eligibility rules and deadlines are clearly understood. Health Savings Accounts are available to individuals enrolled in a qualifying high deductible heal

This webinar recap breaks down the essentials of U.S. taxes for expats, including worldwide income rules, FEIE vs. FTC, PFIC reporting, FBAR/FATCA requirements, foreign business filings, and state residency issues. Watch the full video and learn how to stay compliant while living abroad.

When you support a cause you care about—whether it’s disaster relief abroad, an overseas animal rescue, or a global education nonprofit—it’s natural to assume your generosity will also help at tax time.

Join me for a clear, practical webinar designed for U.S. expats and anyone with foreign assets. We’ll cover who must file, what income is taxable, key foreign asset reporting rules, and common mistakes to avoid. Perfect for Americans abroad, dual citizens, and global families who want to stay compliant with confidence.

Many taxpayers are surprised to learn this: if you never filed a tax return, the IRS can legally go back forever. There is no statute of limitations on unfiled returns. The clock only starts once a return is filed. So why does the IRS talk about a 6-year rule? Because while the IRS can  demand every unfiled year, they generally don’t. The 6-year rule is an IRS administrative policy, not a legal limit—but it matters when you’re trying to get back into compliance. No Statute of

Getting a big tax refund isn’t a win—it’s a sign you gave the IRS an interest-free loan all year. Learn why refunds drain your cash flow and how smarter withholding keeps more money in your pocket.

Every Veterans Day, we take a moment to honor those who’ve served — and at MKHS Tax Group, we also want to help them make the most of the tax benefits they’ve earned. Whether you’re retired, transitioning out of active duty, or still serving, there are important federal and state tax provisions designed to support veterans and their families.

Learn the tax implications of selling your home, both in the U.S. and abroad. Understand how the home sale exclusion, depreciation recapture, and foreign tax credits work for U.S. taxpayers.

Learn how timing income and deductions across borders can optimize U.S. and foreign tax outcomes for expats, remote workers, and global entrepreneurs.

If you’ve ever received money from abroad — whether it’s from freelance work, consulting, or royalties — the IRS wants to know. U.S. taxpayers may need to report those payments using Form 1099 (for U.S. payees) or Form 1042-S (for foreign payees).

The year’s winding down — but before you celebrate, make sure your fourth-quarter estimated tax strategy is solid. Planning now can help you avoid penalties, reduce surprises in April, and keep more of your hard-earned money where it belongs. Know Your Final Payment Deadline The last estimated tax payment for 2025 is due January 15, 2026. You can pay using EFTPS, IRS Direct Pay, or your state’s online payment system (like CA WebPay for California residents). If you file your

When Congress fails to pass a budget or temporary funding bill, the federal government enters what’s known as a shutdown.