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.
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.
Over the years, we have come across thousands of US expat who are behind on their taxes. This article focuses on US expats who have either missed the June 15th tax deadline over a month ago or perhaps are years behind.
As a US tax accountant based in Covent Garden and New York we make it our business to keep all of our clients informed and up to date on how the latest US tax changes will affect them.
The U.S. has entered into a number of agreements with countries worldwide named ‘Totalization Agreements’. The agreements aim to serve the purpose of avoiding double taxation on income in respects to social security taxes.
As an accountant for US expats, we have come across many self-employed expats that don’t know where their US tax obligations start and finish.
If you are a US Expat entrepreneur thinking of starting a business or going self-employed your expat taxes will be more complex than the average expat. Below is our guide on the tax implications of going self-employed or starting up a business as a US expat.
Adjusted Gross Income. Companies such as Efile operate tax software - an online automatic system allowing easy preparation and filing of your California state tax return. Basic state tax return forms are automatically calculated with the relevant data you provide, and any additional state forms are also listed if completion is necessary. Filing state tax returns in California can be done singularly or alongside federal tax returns.
As an accountant with over 10 years experiences accounting for US Expats and non-resident aliens based in the UK, we are expert in advising about all matters surrounding US tax.
This article is aimed to break down the US tax rates, penalties and interest US Expats and non-resident aliens should be aware of.
Succeeding President Donald Trump’s signing of the Tax Cuts and Jobs Act (TCJA) in 2017, the US transfer tax system has seen its most significant reform in over 30 years. Transfer tax comprises gift tax; on property transferred during lifetime, and estate tax; imposed on property transferred at death, and under the TCJA, the exclusion rates of these taxes have doubled from $5.49 million to $11.18 million for individual US citizens. These increased tax inclusions are very generous to US citizens, protecting the majority of them from transfer tax, but these new laws do not apply to non-US citizens or those non-domiciled (non-US persons for ease of reference) meaning they remain subject to estate and gift tax.
Following on from yesterdays article ‘Do you need to file a US Tax Return? (For those living outside of the U.S.’, we progress to break down the filing and paying aspects of US tax as a US expat or resident Alien.
U.S. Tax can be a daunting subject for Americans within the U.S.A, let alone for those living outside of America with U.S. tax obligations. This article aims to help you establish whether you are required to file a tax return.
With the passing of the recent US Expat tax deadline in mind, we have put together an article summarising some of the main penalties that Americans living in the UK may be subject to if they are not compliant. We also offer advice on how to avoid these penalties.
The Tariffs introduced on imported goods, by President Trump back in March, have shaken the fashion world.
US expats are required to file a US federal tax return in order to disclose their worldwide income. If you’re a US expat who lives in a low-tax country and earns above the Foreign Earned Income Exclusion threshold, you are likely to owe US tax.
Donald Trump's 2017 tax reform has had and will continue to have huge implications for US expats who have an investment in non-US businesses. The two main new laws in place relating to Controlled Foreign Corporations (CFCs): any non-US business that is at least half owned by US shareholders, each of whom owns at least 10%.