Many actors are considered self-employed when it comes to filing their taxes. When filing your regular year-end 1040 income tax file, you will also be required to file a 'Schedule C' and state all the 1099s you received throughout the year. There are many unique deductions actors are allowed to take advantage of - these should be reported on the 8829 form for home office deduction. Further to this, you will liable to self-employment tax in addition to federal income tax. Paying estimated quarterly taxes may be necessary on Form 1040-ES for some, but even if this isn't mandatory (your tax liability does not exceed $1,000), it can be a great way to budget throughout the year.
Read MoreCryptocurrencies such as Bitcoin became extremely valuable and popular investments during 2017. This raised a multitude of questions about how cryptocurrency transactions should be taxed in the US. Thankfully, the IRS has offered some guidance and accountants have quickly come up to speed on the treatment of Bitcoin from a tax perspective.
Read MorePensions are a popular way of supporting yourself financially within your retirement. Whether you opt for a Social Security pension, Employer Pension or a Private Pension plan, there are many things to consider when navigating potential US Tax Challenges if you are an American living in the UK.
Read MoreEven though you are a UK citizen and live in the UK, the US still will attempt to tax your US pension. However, the US/UK tax treaty states that most pensions are only taxable in the country where the beneficiary is a resident. Therefore, living in the UK gets you exempt from US tax on your pension. In order to claim an exemption from this tax, there are several steps that must be taken. First, you must contact the IRS and obtain a US Taxpayer Identification Number (TIN). Once you have this, you should fill out Form W-8BEN and send it to the institution paying your pension benefits. This will allow them to send you your pension payments in full without withholding US tax. Be sure to specify the article and paragraph of the treaty that allows the taxpayer to claim this exemption (Article 18, paragraph 1).
Read MoreBelow is a summary of the major tax incentives that Congress has put in place to encourage certain behaviours by US corporations.
Read MoreUS corporations and individuals are allowed a multitude of different deductions for cash outlays they make throughout the tax year. However, for technology companies and individuals with tech-based hobbies, it can be confusing as to what expenses can be deducted. Below is a brief summary of what can and cannot be deducted for US tech companies and tech-interested individuals.
Read MoreAs a company owner it is common to employ family members, such as a spouse. The employment tax requirements family members can vary to those that apply to general employees.
Read MoreActors, directors and performers are unique when it comes to the world of taxes. We specialize in the acting profession, providing advice on the special tax rules that apply to individual actors, groups of performers and companies.
Read MoreThe type of business you operate determines what taxes you must pay and how you pay them. Below are five general types of business taxes:
Income Tax
Estimated Tax
Who must pay estimated tax?
Self-Employment Tax
- Excise Tax
If you own a UK limited company and move to the US as a corporation, you may seem inundated by all the complex tax laws to follow and forms to fill out. Here is a brief guide that should help clarify the purpose of these forms and how to properly complete them.
Read MoreOnce you become a client of Bambridge Accountants, the first thing that we will look at is ensuring that you are claiming absolutely every expense you are eligible to as an dancers.
DANCERS HAVE A NUMBER OF TAX DEDUCTIONS THAT ARE UNIQUE TO ANY OTHER INDUSTRY.
Read MoreEntrepreneurs will often reach a point in their business venture where they want to do a spin off of their present business, or even a completely different venture.
Read MoreThe Dow index broke through the 25,000 barrier at the beginning of 2018 and has since continued to rise past 26,000. With the year anniversary of Tump’s inauguration tomorrow, Dow has risen more than 33% since Trump took office.
Read MoreQ: Do I have to pay tax on capital gains from UK investments?
A: Yes, all UK investments are subject to UK capital gains tax. The tax rate is 20% (or 28% for residential property) if you are a higher rate taxpayer, and 10% (or 18% for residential property) if you are a basic rate taxpayer.
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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.
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The Health Coverage tax Credit (HCTC) used to subsidize a large portion of the cost of health insurance for eligible taxpayers and their family members. The purpose of the credit is to make health insurance more affordable to specified individuals. Generally speaking the credit is claimed by qualified unemployed individuals and retirees. The HCTC is currently set to expire on December 31st, 2020.
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As a US citizen who has received foreign gifts of money or other property, you may need to report any gifts your receive from a foreign person on a Form 3520. A Form 3520 is an informative return, not a tax return, because foreign gifts are not subject to income tax. However, there are significant penalties for failure to file a Form 3520 when it is required.
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Your tax filing requirements for Georgia State are determined by your residency status.
Full Residents
As a full resident of Georgia State you are required to file a Georgia State Tax Return if any of the following apply to you:
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The Sate of New York requires its citizens to file a state tax return. Citizens are generally required to file a return to the state if they are required to file a dederal return. You can also be required to file a New York State return if you’re a non-resident of New York and you have income from a New York State source.
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