HB Tax Services

07/17/2025

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05/06/2025

Can You Contribute to an IRA While Working Abroad?

You might be surprised by the answer...

Swipe to learn why how you report your income matters more than where you earn it!

What’s the FEIE?
✈️ Foreign Earned Income Exclusion lets you skip U.S. taxes on ~$130K of foreign income in 2025.

But—using it could block your IRA contributions.

Why It Matters?
🛑 IRA contributions require earned income.
If you exclude your income with FEIE, the IRS doesn’t count it as “earned” for IRA purposes.

So can you still contribute?
✅ Yes—if you have other eligible earned income:

U.S. wages
Side gigs not excluded
Spouse’s U.S. income (via spousal IRA)
🚫 No IRA contribution allowed

Example scenarion:

Earned $100K abroad and excluded it all with FEIE?

👉 That means $0 eligible income for IRA purposes.

No contribution allowed.

Still want to contribute?

Earn some U.S.-sourced side income
Use a Spousal IRA
Consider Roth IRA via “non-earned” methods like backdoor Roth (if strategy fits!)

Always check with a tax pro!

04/29/2025

Ever heard of a “Subject-To” real estate deal?
Swipe to see how it works—and what it means for your taxes!

What is a Subject-To Deal?

🏠 You buy the house, but the seller’s loan stays in their name.

✅ You get control of the property
✅ You make the mortgage payments
✅ The loan stays legally under the seller

Why Buyers love it?

🚀 Big perks for Buyers:

✔️ Little (or no) money down
✔️ Skip the bank loan process
✔️ Close faster
✔️ Buy homes others might pass up

What’s in it for Sellers?

✔️ Avoid foreclosure
✔️ Sell fast
✔️ Leave behind a tough financial situation

🧾 Buying subject-to is buying real estate

✔️ Report income like any rental or flip
✔️ Deduct mortgage interest, taxes & expenses
✔️ Track your total purchase cost for taxes

🚨 Risks for Buyers:

❗ Miss a payment? The seller’s credit takes the hit
❗ Bank might demand full payoff due to the “due-on-sale” clause

Always get a real estate attorney involved!

Example:
🏠 Price: $300,000
💳 Seller owes: $250,000
You take over the $250K loan = part of your cost basis for taxes.

01/12/2025

California Wildfire Victims: Tax Deadlines Extended to October 15, 2025!

https://www.irs.gov/newsroom/irs-california-wildfire-victims-qualify-for-tax-relief-various-deadlines-postponed-to-oct-15

01/07/2025

💰 Don’t leave money on the table! Here are 3 MUST-KNOW deductions for real estate investors:
1️⃣ Mortgage Interest
2️⃣ Property Depreciation
3️⃣ Property Taxes

These deductions could save you thousands. Ready to optimize your taxes? DM me today! 🏠💼

12/17/2024

Parents have special tax situations and benefits. Tax breaks for parenting expenses can result in a lower tax bill and a higher refund.

12/17/2024

Received an IRS letter? Learn common reasons for notices, how to act quickly to avoid penalties, and why partnering with a tax professional can simplify the process. Contact us for expert help today!

Got an IRS letter? Learn why, act fast to avoid penalties, and see how a tax pro can simplify the process.

12/16/2024

If you want to prepay college tuition for next year to get the most out of 2024 college tuition tax credit, make sure to do it before December 31.

12/12/2024

The Mega Backdoor Roth IRA is an advanced retirement savings strategy that allows high-income earners to contribute significantly more to their Roth IRA than the standard limits permit.

The Mega Backdoor Roth IRA lets high earners contribute more to their Roth IRA than standard limits, boosting retirement savings.

12/10/2024

Properly naming beneficiaries ensures that your assets are transferred smoothly and according to your wishes, bypassing the often lengthy and costly probate process.

Properly naming beneficiaries ensures that your assets are transferred smoothly and according to your wishes, bypassing the lengthy and costly probate process.

12/09/2024

Boost your retirement savings in your 40s and 50s with smart tax strategies. Discover how to use tax-advantaged tools and proactive planning to secure your financial future. Start catching up today!

Learn key strategies for boosting retirement savings in your 40s and 50s, including catch-up contributions, HSAs, and Roth IRA conversions to secure your future

12/09/2024

When it comes to income taxes, the IRS has specific rules about employee gifts. Watch this video for an overview.