Frequently Asked Questions
Expat Tax Payers
Yes, all citizens need to file, no matter where they are living.
It depends on what state you came from, and the intent you have to return to that state.
Yes, if you can claim that you are a bona fide resident of the foreign country.
There are many new tax implications, please contact us to know more.
You will need to file under streamlined procedures in order to get caught up if you unwilling did not file.
If you have more than $10,000 in one or more foreign accounts you need to report them.
You need to have more than $50,000.
U.S. Tax Payers
That really depends on what deductions you may have, If you have mortgage interest, pay state taxes and contribute donations it may be better to itemize deductions.
Child care expenses are 50% of all qualifying expenses up to a maximum credit of $8,000 for one child or $16,000 for two or more children. Yes, you can qualify if you qualify for the following:
-Earn more than $4,300 in income.
-Filed a joint return
-If you have a 1099 you can deduct expenses associated with the worked performed, you are also responsible for paying self employment taxes.
-If you file your return electronically it normally takes up to 3 weeks to get your refund. If you file a paper return it can take up to 6 weeks.
-Personal Liability Protection. The main advantage of LLCs is that they provide members with personal liability protection. …
-Tax Options. LLCs are subject to “ pass-through taxation ” by default,which means the LLC’s profits and losses pass through to each member’s individual tax return and are …
-Inexpensive and easy to form