100% Accurate Personal and Business Tax Returns

• Income from foreign investments must be reported on your U.S. tax return. We can help ensure accurate reporting and compliance

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• The substantial presence test determines if you are considered a U.S. resident for tax purposes based on your physical presence. We can help you understand and apply this test.

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• You may be able to claim a foreign tax credit or deduction for taxes paid to a foreign country. We can help you claim these credits.

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Failure to report foreign accounts exceeding $10,000 can result in severe penalties under the Foreign Bank Account Report (FBAR) and FATCA regulations. The penalties can include:

1. Civil Penalties:
   • Non-willful violations can result in penalties up to $10,000 per violation.
   • Willful violations can result in penalties up to the greater of $100,000 or 50% of the account balance.
2. Criminal Penalties:
   • In severe cases, criminal charges can be filed, leading to fines and potential imprisonment.

Additionally, not reporting can lead to increased scrutiny and audits by the IRS. It’s crucial to comply with these reporting requirements to avoid these serious consequences. We can guide you through your tax obligations.

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• Failure to report foreign income can result in penalties and legal issues. We can help ensure you comply with all reporting requirements.

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• FATCA (Foreign Account Tax Compliance Act) requires reporting of foreign financial accounts. We can help ensure you meet FATCA requirements.

• It depends on the state. Some states require filing if you maintain residency. We can help you determine your state tax obligations.

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• You may be able to exclude a certain amount of foreign earned income from your U.S. taxes. We can help you qualify and apply for this exclusion.

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• Large gifts from foreign persons must be reported to the IRS. We can guide you through the reporting requirements.

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• Foreign pensions and retirement accounts must be reported on your U.S. tax return. We can help ensure accurate reporting and compliance.

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• Residents are taxed on worldwide income, while non-residents are taxed only on U.S.-sourced income. We can help determine your tax status and obligations.

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• Yes, non-residents can file a joint tax return with their U.S. spouse under certain conditions. We can assist you with the process.

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• You may be eligible for a foreign tax credit to avoid double taxation on foreign income. We can help you determine your eligibility and apply for the credit.

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• Income from foreign property must be reported on your U.S. tax return. We can guide you through the specifics to ensure compliance.

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• If you have foreign accounts with a total value exceeding $10,000 at any point during the year, you must file an FBAR. We can help you meet this requirement.

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• If you are a non-resident required to file a U.S. tax return.
• If you are a U.S. resident (based on days present in the U.S.) filing a U.S. tax return.
• If you are a dependent or spouse of a U.S. citizen or resident.
• If you are a dependent or spouse of a non-resident visa holder.

An ITIN helps ensure compliance with U.S. tax laws, allowing individuals to file tax returns and receive tax benefits where applicable.

An ITIN (Individual Taxpayer Identification Number) is a tax processing number issued by the IRS to individuals who need a U.S. taxpayer identification number but are not eligible for a Social Security Number (SSN). ITINs are used for tax purposes only.

• As a U.S. Tax Resident: Yes, U.S. tax residents are required to report all worldwide income on their U.S. tax return. This includes income from foreign sources such as wages, interest, dividends, rental income, and business profits. You may be eligible for foreign tax credits or deductions to avoid double taxation.
  
  
• As a Non-Resident: Non-residents are generally required to report only U.S.-sourced income on their U.S. tax return. However, if you have specific types of income that are effectively connected with a U.S. trade or business, those must also be reported.

If you're an individual taxpayer, you can use this tool to view:

• Your payoff amount, updated for the current calendar day
• The balance for each tax year for which you owe
• Up to 24 months of your payment history
• Key information from your current tax year return as originally filed.

Once you have viewed your information, you can:

• Select an electronic payment option
• Go directly to Get Transcript without having to log in again

Please note:

• Your balance will update no more than once every 24 hours, usually overnight.
• Allow 1 to 3 weeks for payments to appear in the payment history.

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VIEW YOUR ACCOUNT

If you can’t afford to pay your taxes, it’s imperative you still file tax a return and make arrangements to pay what you owe. Failing to file and/or pay your taxes on time will result in interest and penalties.

If you can’t afford to pay the full amount you owe by the deadline, the IRS has multiple payment options that could help, including installment agreements. Keep in mind that you’ll still owe interest, and possibly penalties, even if you enter into a payment arrangement.

Costs and fees of payment plans vary depending upon the duration of your plan and whether you apply by mail or online.

According to the IRS, most refunds are issued within 21 days for taxpayers who e-filed and who are having their refund directly deposited. Refunds take up to six weeks if you submitted paper returns. Claiming certain credits or deductions might delay your refund. You can check the status of your refund on the IRS “Where’s My Refund” website.

The deductions and credits you’re eligible to claim vary depending upon your situation. Here are some deductions that you can claim even if you don’t itemize.

• Contributions to individual retirement arrangements, including IRAs, SEP-IRAs, Simple IRAs and solo 401(k)s (these phase out at higher incomes)
• 50% of self-employment taxes
• Student loan interest up to $2,500
• Tuition and fees for higher education up to $4,000 if you fall within income limits (it’s not yet clear if this deduction will be available for the 2018 tax year)
• Health savings account contributions made with personal funds

Deductions you may be eligible to claim only if you itemize:

• $10,000 maximum for the aggregate of state and local taxes paid (SALT taxes)
• Interest on up to $1 million of eligible home mortgage debt for loans taken out before Dec. 15, 2017, and up to $750,000 of eligible home mortgage debt for loans taken out after that
• A deduction for medical expenses, but only if they cost at least 7.5% of your income (a threshold applicable for tax years 2017 and 2018)
• A deduction for charitable contributions that don’t exceed a set percentage of income

Both tax credits and tax deductions can reduce the amount of tax you must pay. Deductions reduce the amount of income you pay taxes on, which in turn can reduce your tax. Credits are a dollar-for-dollar reduction in the amount of tax you owe.

If you had an income of $30,000 and took a $1,000 deduction, you don’t have to pay tax on that $1,000 of income. The deduction could save you $200 (assuming a 20% tax rate on that $1,000).

By contrast, a $1,000 credit would reduce the actual amount of tax you owe by that $1,000. So if you owed $3,000 in taxes, you’d now owe $2,000 and save $1,000.

Deductions reduce taxable income. You have a choice between taking a standard deduction or itemizing your deductions. When you itemize, you reduce taxable income by the value of certain expenses deductible under U.S. tax law. For example, if you pay mortgage interest, you can deduct the interest paid — but only if you itemize.

To decide which deductions to take, compare the value of the standard deduction versus the total value of your itemized deductions. The standard deduction was raised for tax years 2018 to 2025.

• $12,000 if you file as single or married filing separately
• $18,000 if you file as head of household
• $24,000 if you file as married filing jointly

Because tax reform virtually doubled the standard deduction from 2017 to 2018, you may find your itemized deductions don’t exceed the standard deduction amount for your filing status.

Beginning with the 2018 tax year, a single Form 1040 has replaced the previous three versions — Forms 1040, 1040EZ and 1040A.

The simplified 1040 form is half the size of recent forms and uses a “building block” approach to simplify the filing process. Taxpayers with more-complex tax situations may need to submit additional forms (called “schedules”), but all 150 million individual U.S. taxpayers start with the same basic form.

The U.S. has a progressive tax system, so not all your income is necessarily taxed at the same rate.
Tax brackets refer to the range of incomes taxed at specific rates, while your marginal tax rate is the highest tax bracket applicable to your income.

There are seven tax brackets under current tax law. To find out which one you fall into — and what your tax rate is — you’ll need to know your income. You can then use IRS Tax Rate Schedules for the taxable year to determine your bracket, what your marginal tax rate is, and how much tax you might owe.

A dependent is a person you’re responsible for supporting. If you can claim a dependent, you can become eligible for certain tax breaks, including the child tax credit. You may also qualify for head-of-household status.

You may have a dependent if …

• You have a qualifying child younger than 19, or under 24 if they’re attending school full time. Your child must either live with you for more than half the year — or qualify for an exception — and must not provide more than half their own support. Your child also can’t file a joint tax return, except to claim a refund.
• You have a qualifying relative. Your qualifying relative either has to share a specific family relationship with you or must live with you all year long. You must provide more than half their support, they must earn very little, and they can’t be claimed as a dependent by anyone else.

The IRS provides an Interactive Tax Assistant Tool to help you determine if you have a dependent.

Tax filers are treated differently based on household status. To inform the IRS of which rules apply to you, you’ll have to choose a filing status. There are five: single, married filing jointly, married filing separately, head of household and qualifying widow(er) with dependent child.

Your filing status affects your tax rate, standard deduction, and eligibility for certain deductions and credits. The IRS provides an interactive tool to help taxpayers choose a filing status.

According to the IRS, income includes money, property or services. Any income is taxable unless the law specifically exempts it, and all taxable income must be reported on your tax return. Some nontaxable income must be reported, too, even though you won’t pay taxes on it.

IRS Publication 525 has details on what counts as taxable income and what doesn’t, and it’s a lengthy list. Not all taxable income is treated the same. Earned income, like your wages, is taxed differently because you pay Social Security tax, Medicare tax, and state and federal income taxes on it.

Unearned income, like child support or Social Security benefits, isn’t subject to payroll taxes, but you do pay federal and sometimes state income tax on it. And some types of unearned income are taxed at a lower capital gains rate, rather than your normal tax rate.

Whether you’re required to file a tax return will depend on several factors, including your gross income, filing status, age, and whether you’re a dependent on someone else’s federal income tax return. And you may have to file even if you don’t owe any tax.

To get more specific information on who must file, check out IRS Publication 501. For most people, gross income is the main trigger for filing requirements. For example, in 2018, the filing threshold for single people younger than 65 was $12,000. For married couples filing jointly, it was $24,000 if both spouses were younger than 65.

If you were named as a dependent on someone else’s return and had income, you might also have to file, even if your income was much lower than the general threshold. Publication 501 has more detailed information on when dependents must file.

You’ll also need to file a return if you had at least $400 in self-employment earnings or meet other specific requirements, such as earning untaxed tips, receiving money from tax-exempt churches, or owing alternative minimum tax. IRS Publication 501 goes into details about these and other special situations.

You can file your taxes once you receive your W-2 form from your employer, which must be filed and postmarked on or before January 31. If you file your tax return electronically, you should receive your refund within three weeks.