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 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 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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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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Keeping on top of your taxes is not an easy job, let alone understanding tax law and allowances well enough to avoid penalties and maximise on profit margins.
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