Do you have a Foreign Corporation? You should be thinking about GILTI tax! In this article, I explain all that you need to know. 2018 was the year for Guilty tax, a tax that hits U.S. owners of foreign corporations. In order to understand what GILTI tax is, let’s begin by looking the history behind …

Taxation for Expats with Foreign Corporations: All You Need to Know about GUILTI Tax Read More »

Domestic tax requirements can be confusing enough on their own.  For members of the US Armed Forces who are deployed overseas, IRS rules and regulations can be even more challenging to navigate. Are military members required to file a federal income tax return by the normal deadline?  What about FICA, or Social Security tax?  Do …

Taxation of US Military Personnel Living Abroad Read More »

Paying for childcare and dependent care can be very expensive! Fortunately, there is a tax credit to help defray the costs. If you had to pay someone to care for your child, dependent, or spouse so you could work, look for work, go to school, or because of a disability, then the Child and Dependent …

Child and Dependent Care – Tax Credit Deduction Read More »

To receive the child tax credit, you must determine if your child is eligible. There are seven qualifying tests to consider: age, relationship, support, dependent status, citizenship, length of residency, and family income. You and/or your child must pass all seven to claim this tax credit. How to determine who qualifies for the tax credit Here’s how to determine …

Breaking Down the Child Tax Credit for those filing taxes in the USA Read More »

Do you own a foreign company or trust Have you given or received money or property to or from a foreign company, trust or person? The IRS wants to know about it! Requirements for filing an informational return on foreign entities in which you have a stake The IRS requires every “US person” (I.e., US …

Tax Advice for Expats from the USA: International Information Returns for Foreign Entities Read More »

Here’s what you need to know about taxation in the USA if you are a government civilian living abroad. (Updated: January 30, 2019) U.S. Government Civilian Employees Working Overseas If you are a U. S. citizen working for the US Government, including the Foreign Service, and you are stationed abroad, your income tax filing requirements …

Taxation of US Government Civilian Personnel Living Abroad Read More »

2018: More Relief from U.S. Worldwide Taxation An exclusion for paying income taxes on foreign earned income U.S. citizens and resident aliens (“green card” holders) must pay taxes on worldwide income.  This means that, even if they do not live and only earn income outside the U.S., they must (1) file an annual tax return …

Foreign Earned Income Exclusion Read More »

ACT NOW- 2018 TAX TIME IS NEAR! The 2018 deadline for your U.S. income taxes is April 15, 2019 The truth is a bit more complex. There are different rules that apply to those who live in the U.S. and those that live abroad. Also, you need to distinguish between paying your taxes and filing your tax …

2018 TAX TIME IS NEAR! Read More »

Do you have assets overseas? Bank or savings accounts, brokerage accounts, real estate, companies, gold or other commodities overseas? Can you sign on an overseas account (even if it is not yours)? YOU MAY HAVE A REPORTING OBLIGATION. The U.S. government requires US persons to report their foreign assets and foreign financial assets over which …

If You Have Assets Outside the U.S – You Probably Need to Report them Annually – FBAR, FinCEN and FATCA Read More »

Favorable or not The tax reform brings new changes that are important for every entrepreneur to be aware of when filing their 2018 taxes. Deadlines, deductions, fees and enough acronyms to confuse even the most experienced cruciverbalist. It’s no wonder that smart business owners, big or small, work alongside tax advisors to help them sort …

New Tax Law: Four Questions Every Business Owner Should Be Asking Read More »