One of the most important but often overlooked issues for businesses operating across state lines is nexus—the legal connection that determines whether a state has the right to impose its income tax on your business.

When it comes to filing your taxes, two common terms often cause confusion: deductions and credits.

For U.S. taxpayers living abroad, two of the most common (and costly) reporting traps are FBAR (Foreign Bank Account Report, FinCEN Form 114) and FATCA (Foreign Account Tax Compliance Act, reported on IRS Form 8938).