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The US is one of the last developed nations that does not have a national maternity pay program. If you are self-employed, the government will not subsidize taking time off from your business. In order to effectively prepare for pregnancy and childcare without letting your business suffer, consider some of the following:
· Four states (California, New Jersey, Massachusetts, and Rhode Island) offer disability insurance. Their programs only cover around 60% of salary and last 6 weeks or less. If you live in one of these states you can pay a small amount from your paycheck to qualify for benefits when you have to take time off.
· If you do not live in one of these states, you can purchase short-term disability insurance from a private insurance provider. Make sure you know how long you must pay premiums before you can collect benefits. This should provide you with income similar to what you earned before you had your child.
· Hire someone to help run your business while you are gone. While you work from home, this person can meet with clients and take care of day-to-day business operations. This small expense can help prevent a dip in sales or loss of clients.
· If you want to maintain a more active role in your business, ask family members to help care for your child while you are gone. Be sure to do this while you are pregnant so you are prepared if you need to continue working after you have the baby.
· Make sure not to add to your workload. Avoid extra stress during this time by putting off any large-scale business changes and try to say no to new clients for the time being.
As a US citizen you have many tax obligations, such as reporting all foreign income and filing a federal tax return. We are regularly contacted by US expatriates based across the globe that are considering renouncing their citizenship. When you renounce your citizenship you are no longer expected to declare your worldwide income to the IRS. However, there are a number of reasons why renouncing your citizenship is not always the best decision as a US expatriate.
The MET Gala, formally call the Costume Institute Gala, is an annual fundraising event for the benefit of the Metropolitan Museum of Art’s Costume Institute in New York City. The proceeds of the event are mostly used to fund the museums exhibitions, acquisitions and capital movements.
The US expat community had huge press coverage last week; over 300 accidental Americans residing in France have filed a class act again banks that uphold the FATCA, citing discrimination. The act has been triggered by the accidental Americans difficulty receiving loans and opening bank accounts, due to FATCA.
A Foreign Bank Account Report (FBAR) is a form that must be filed with the Financial Crimes Enforcement Network (FinCEN) In order to report foreign financial accounts.
If you have made energy saving alterations to your home during 2017, you are able to claim costs of the alterations on a Form 5695.
As an American living abroad it is essential that you stay in like with your US tax obligations in order to avoid unnecessary penalties and stress. This article offers a guide on what documents American Expats need in order to file their US expat tax returns. These documents are not only necessary to finalize your US expat tax return, but also to protect yourself in the event of an Audit from the IRS.
As a American living in the UK it is normal and expected to become homesick from time-to-time. While the Americans and English have many similarities in terms of lifestyle and interests, there are always going to be some differences that are likely to make any American feel slightly homesick.
Britain may well have one of the best tea selections in the work, however many Americans wake up craving nothing but an an omelet and a hot cup of filtered coffee.
Below we have put together a guide on London’s top spots for any homesick American living in the London:
Under the Tax Relief and Job Creation Act of 2010, the energy efficient appliance credit was modified and extended. This means that tax credit can be claimed for each type of qualified energy efficient appliance produced by the taxpayer during the 2011 calendar year ending with or within the taxpayer’s taxable year.
As an SME in the Creative Industry in the United States, they are eligible to certain tax reliefs. Like all SME’s in the US, an enterprise is eligible to a tax deduction for qualifying charitable donations.
As a US accountant to creative industry professionals, we understand that travel and varying bases is a huge factor of many creative industry jobs. Whether you’re an actor who has had to move to the other end of the country for a production contract, or a musician that is touring the US, we are expert in your tax matters.
On May 25th 2018, the IRS announced several changes in the Tax Cuts and Jobs act that affect moving, mileage and travel expenses.