Taxes

Ready to tackle your taxes with confidence? Our platform simplifies the complexities of tax preparation, offering expert guidance, valuable tips, and essential resources to help you navigate the filing process smoothly. From deductions to deadlines, empower yourself to make informed decisions and optimize your tax situation with Stilt.

Tax Guides

Taxes for Immigrants

At a Glance Job search expenses were previously deductible, but the Tax Cuts and Jobs Act (TCJA) changed the rules. Miscellaneous job search expenses are no longer deductible on federal tax returns. Self-employed individuals may still be able to deduct job search expenses related to their business. …

At a Glance Investment interest expenses may be tax deductible under specific IRS conditions. IRS Form 4952 is used to handle the deduction and limit it to net investment income. Net investment income includes various sources of income and deducts expenses related to producing taxable investment inc…

At a Glance Investment expenses were suspended from 2018 through 2025 under the TCJA Most direct investment expenses cannot be deducted on personal tax returns However, interest expenses, business and rental expenses, and retirement account expenses may still be deductible in certain circumstances I…

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At a Glance Owning a home does not make homeowners association (HOA) fees tax-deductible. Homeowners may still be eligible for deductions such as mortgage interest and property taxes. Some energy-efficient home improvements may qualify for tax credits. Owning a home often comes with additional expen…

At a Glance Home office expenses may be tax deductible depending on certain criteria. IRS sets strict criteria for home office deductions, including exclusive and regular use. Two methods for calculating the deduction: Simplified Option and Regular Method. Employees generally cannot claim home offic…

At a Glance Mortgage interest is generally tax-deductible for primary or secondary homes. Deductibility applies to mortgages, home equity loans, and refinanced loans. New limits are set for mortgage interest deduction under the Tax Cuts and Jobs Act (TCJA). Homeowners need to itemize deductions and …

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At a Glance Home equity loan interest may or may not be tax-deductible. Tax deductibility depends on the loan’s purpose and IRS regulations. Interest is deductible if the loan is used to buy, build, or improve the home. Documentation and record-keeping are essential to support the deduction cl…

At a Glance Health Savings Accounts (HSAs) offer tax-deductible contributions, tax-deferred growth, and tax-free withdrawals for qualified medical expenses. Contributions to HSAs are subject to annual limits and eligibility requirements. Reporting HSA contributions on your tax return requires filing…

At a Glance Gambling losses can be tax deductible, but there are limitations. Losses cannot exceed total gambling winnings. Documentation of gambling activities is crucial for deduction. Gambling losses are reported as an itemized deduction on Schedule A (Form 1040). For the casual hobbyist or the s…

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At a Glance Foreign tax credits directly reduce U.S. tax liability on a dollar-for-dollar basis. Foreign tax deductions allow you to deduct foreign taxes as an itemized deduction on Schedule A. Form 1116 is used to claim the foreign tax credit on Form 1040 or 1040-SR. It’s important to underst…

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