U.S. citizens living at home, U.S. expats and Green Card holders who have worldwide income above certain thresholds are required to pay additional taxes on their investment income.
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Form 1120-F is used by a company set up outside of the U.S. but with U.S. source income.
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All you need to know about Form 706-NA. Written by one of our award-winning tax advisors to help you understand the form and how it relates to Estate Tax
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If you have your own LLC and you are the only member, normally the LLC is treated as transparent for tax purposes and you report the LLC's income and expenses on Schedule C.
There is an exception - if you make an election on form 8832 to treat the LLC as a corporation then the income and expenses will be taxed on a corporate tax return.
The most common scenario for U.S. expats is where they hold a fund (group of shares) outside the U.S., either in their investment accounts or frequently in a stocks and shares ISA. If you do hold a fund, if it is a Passive Foreign Investment Company, then you may need to complete form 8621.
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This guide will inform self-employed photography business owners on the different expenses that can be claimed to minimise the tax owed on their federal tax return.
Read MorePermanent inadmissibility refers to a legal status whereby an individual is forever barred from entering the United States under specific circumstances. This status significantly impacts those who may wish to visit, work, or live in the U.S. after spending time abroad or after renouncing U.S. citizenship. Understanding these conditions is crucial for anyone navigating the complexities of U.S. immigration laws.
Read MoreRenouncing U.S. citizenship is a significant life decision that affects your legal status and reentry rights into the United States. Understanding the visa requirements for reentry after renunciation is crucial for those who may wish to visit the U.S. in the future, whether for family, business, or tourism.
Read MoreFor U.S. citizens living abroad, managing banking and credit can introduce unique challenges. Whether you're looking to maintain U.S. bank accounts or secure credit, understanding the complexities involved is crucial for effective financial management.
Read MoreFor U.S. expatriates, investing in U.S. securities and real estate remains a viable option, but it comes with unique challenges and considerations. Understanding these can help you maintain profitable and compliant investment strategies while living abroad.
Read MoreLearn how to accurately assess your net worth to determine if you fall into the category of a "covered expatriate." Our comprehensive guide provides essential insights and strategies for U.S. expatriates.
Read MoreRenouncing U.S. citizenship requires careful attention to tax details to ensure a smooth transition. Ensuring that your tax filings are current before expatriation is crucial to avoid legal pitfalls and financial penalties. This article helps you too prepare your taxes before becoming a U.S. expatriate
Read MorePensions represent a cornerstone of long-term financial security, regardless of your age. Establishing a pension plan lays the groundwork for a reliable income stream during retirement, ensuring a comfortable and stable post-working life. What sets pensions apart from other investments is the advantageous tax relief they receive in both the U.S. and the U.K. These tax benefits make pensions an invaluable addition to your retirement portfolio, offering financial support that complements other investment strategies.
Read MorePensions and retirement have taken centre stage in the Autumn Statement 2023. Many Americans living in the UK will be aware of the complexities of navigating the US and UK pensions on their yearly tax return. Unfortunately, this is an area where we often see the largest portion of mistakes when new U.S. U.K. tax filers come to us.
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