US TAX SUPPORT
At Bambridge Accountants, we are passionate about saving you money. Below is on-the-go US tax support we have prepared to help you understand US tax.
As an American citizen living abroad, you can have a number of tax obligations to the IRS. One of them being filing an annual Federal and State Tax return, alongside submitting an FBAR. The major US tax deadlines are listed below:
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.
We would like everybody to take a moment for everyone to watch this thought-provoking video put together by Marketing Agency BMB for Campaign to End Loneliness.
Just like US Citizens and Green Card holders, US businesses must report and pay tax on their worldwide income. The individual filing requirements of each entity can be dependent on a number of factors. This article aims to break down the basics of the filing requirements for common types of foreign entities.
With the huge tax hikes introduced by the US over the last 5 years has brought more and more US citizens living abroad deciding to get rid of their American citizenship once and for all.
Can you renounce your US citizenship?
So you think you want to renounce your US citizenship? A person wishing to renounce his or her U.S. citizenship must voluntarily and with intent to relinquish U.S. citizenship:
If you missed the June 15th tax deadline there are a number of steps you can take to get back on track. We are expert on assisting US expats on all of their tax matters and concerns.
In order to get compliant with your US taxes, there are a number of steps you should take.
According to sources reported in The Telegraph, the Treasury is considering the dividend allowance in the Autumn Budge 2018, which will be released on the 22nd November 2018. It will be no shock to most if cuts are once again made against business owners, directors and shareholders hand. The same was done in the Autumn Budget 2017 when the dividend allowance was cut from £5,000 to £2,000.
As an accountant to film companies and professionals in the US we are expert in film industry tax exemptions and reliefs. One of the major tax reliefs available to film companies is the Film Production Tax Credit, which allows a tax credit of 30% on qualified costs incurred in New York State for eligible productions.
As the owner of an ecommerce business that works in the US, it is important to have an in-depth understanding of US corporate taxes. A growingly important and complex area of tax for ecommerce businesses in the US is Sales Tax.
As an American entrepreneur living abroad there are several tax considerations you should make before starting a business overseas.
Below we have put together a summary of the US tax implications of being a self employed US expat abroad
As an American Citizen living in Canada it is likely that you are obligated to file a US Expat tax return every year. There are a number of forms you may be obliged to depending on your residency status, level of income and source of income.
As a US citizen living and working outside of the US, it is often possible to exclude part- or even all of your foreign income and self-employment income from federal tax through the Foreign Earned Income Exclusion (FEIE).
As an American living abroad, US taxes can be complex. We have had a brief look at some of our US expatriate tax cases to identify common US tax mistakes and make recommendation on how to avoid them.
A deduction/exclusion that is massively under claimed amongst US expatriates is the Foreign Housing Exclusion/deduction. The exclusion/deduction works in conjunction with the Foreign Earned Income Exclusion (FEIE) and is an allowance that includes some of your housing expenses from your gross income on your US tax return.
The allowance is deductible at different thresholds depending on where you live and how many days you have lived outside of the US.
The Foreign Earned Income Exclusion (FEIE) is a deduction that the IRS allows to certain US citizens and resident aliens living and earning income abroad on a consistent basis.
What is foreign earned income?
Foreign earned income is classed as income from either employed or self-employed work. It does not include passive income from investments such as interest, dividends, IRA distributions or rental income.
A few examples that the IRS (taxpayers) have given includes on what doesn’t qualify as foreign income includes:
As an expert in tax for US expats we are expert in identifying US expats tax filing obligations, reliefs, deductions and exclusions. This article is aimed at helping US expats identify whether their income is taxable in a foreign country.