Modified Adjusted Gross Income is your Adjusted Gross Income (AGI) plus the addition of certain deductions. Oftentimes, your AGI and MAGI can be identical. The following deductions (as applicable) are added back to calculate MAGI: Student loan interest One-half of self-employment tax Qualified tuition expenses Tuition and fees deduction Passive loss or passive income IRA…
Yes, you are typically allowed the same deduction for mortgage interest. However, effective with tax year 2018, foreign property/real estate taxes paid are no longer eligible as an itemized deduction. The deductions are taken on Schedule A, assuming the standard deduction is less than the total of your itemized deductions. You may be able to…
Yes, you should report all income received, irregardless of the source and amount. The United States taxes its residents on their worldwide income.
Yes, you will most likely need to include Schedule E with your tax return if you’ve received rental income, even if there is a net loss. Losses from rental properties may help reduce your overall tax liability and must be claimed on your tax return.
A specified individual is: A U.S. citizen A resident alien of the United States for any part of the tax year (see Pub. 519 for more information) A nonresident alien who makes an election to be treated as a resident alien by filing a joint income tax return A nonresident alien who is a bona…
Specified foreign financial assets include the following: Financial accounts maintained by a foreign financial institution The following foreign financial assets if they are held for investment and not held in an account maintained by a financial institution: Stock or securities issued by someone that is not a U.S. person (including stock or securities issued by…
You must file Form 8938 if: You are a specified individual (U.S. tax resident) and you have an interest in specified foreign financial assets required to be reported. In addition, the aggregate value of your specified foreign financial assets is more than the reporting thresholds that apply to you: Specified individuals living in the U.S.:…
Type of Account Form 8938 FBAR Financial (deposit and custodial) accounts held at foreign financial institutions Yes Yes Financial account held at a foreign branch of a U.S. financial institution No Yes Financial account held at a U.S. branch of a foreign financial institution No No Foreign financial account for which you have signature authority…
We utilize a https://taxsamaritan.com/tax-return-getting-started/our-tax-process/collaboration portal where you can securely share files and communicate with us. In many cases, you will find a PDF or Excel questionnaire that can be downloaded, filled out and then uploaded to the portal. Our questionnaires are designed to make the information-gathering process easy, quick and simple. The questionnaires help compile…
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Tax Samaritan is a leading U.S. expat tax preparation and advisory firm dedicated to simplifying tax complexities for clients worldwide. Guided by our core values, we are committed to integrity, excellence, and empathy in all client interactions.
The Client Workflow Excellence Manager will lead the client service experience at Tax Samaritan. This role ensures clients receive unparalleled communication, seamless service delivery, and exceptional care aligned with our commitment to proactive and personalized tax solutions for U.S. expats.
Tax Samaritan is a leading U.S. expat tax preparation and advisory firm dedicated to simplifying tax complexities for clients worldwide. Guided by our core values, we are committed to integrity, excellence, and empathy in all client interactions.
The Client Transformation Success Manager plays a key role in delivering exceptional client experiences by building strong relationships and offering value-driven tax advisory and financial planning. This role ensures clients receive proactive, strategic guidance to achieve long-term financial success.
