Tax Samaritan’s tax resources pages are the source for the information you need, from tax tips and relevant articles in our blog to tax tools, such as tracking your tax refund and to filing requirements. If you’re dealing with a new life event this year, like a new child, read on in this area to learn more about how this changes your tax situation.
Please feel free to contact your Tax Samaritan tax professional for answers to your specific tax situation.
Employee Business Expenses As an employee, you may be able to deduct certain work-related expenses if you itemize deductions on Schedule A (which is worthwhile if your total itemized deductions are greater than your standard deduction based on your filing status). If you paid for out-of-pocket expenses related to your job during the tax year, … Continue reading Unreimbursed Employee Expenses
Rental Income Tax If you own rental real estate, you should be aware of your federal tax responsibilities. All rental income must be reported on your tax return, and in general the associated expenses can be deducted from your rental income. However, you should also understand that there are certain rental expenses you may deduct … Continue reading Rental Income And Rental Expenses
IRS Installment Agreement – IRS Tax Debt Cure-All Do you owe back taxes to the IRS? Are you having trouble coming up with the money to pay your Federal taxes? You are not alone. If you are like many taxpayers that are burdened with an insufferable amount of back tax debt, you have undoubtedly heard … Continue reading IRS Installment Agreement– Payment Plan For Tax Debt
Get Large Firm Expatriate Tax Preparation Expertise With Small Firm Personal Attention If you are a US taxpayer living abroad, you will want to hire a firm that specializes in expatriate tax preparation. Many Americans abroad attempt to do their own tax returns or continue to use their existing preparer that lacks extensive experience and … Continue reading Expatriate Tax Preparation – The Basics
Under the streamlined foreign offshore procedure, taxpayers must certify that their conduct relating to the failure to file FBARs (FinCen Form 114) and disclosing foreign accounts was not willful on Form 14653 – Certification by U.S. Person Residing Outside of the United States for Streamlined Foreign Offshore Procedures. Form 14653 – Certification by U.S. Person … Continue reading Form 14653-Certification For Streamlined Foreign Offshore Procedures
What Is A Passive Foreign Investment Company (PFIC)? Any foreign company that meets either the asset test or income test is a passive foreign investment company. The asset test is met if 50% or more of the foreign corporation’s assets produce or could produce passive income. The income test is met if 75% or more … Continue reading Passive Foreign Investment Company
Foreign Housing Exclusion And The Foreign Earned Income Exclusion The foreign housing exclusion complements the foreign earned income exclusion that is reported on the Form 2555 and can increase your available exclusion amount. This is an additional exclusion for your housing costs if your tax home is in a foreign country and you qualify for … Continue reading Foreign Housing Exclusion
Expat Tax Advice Is Complicated As an American abroad, expat tax advice can be complicated and finding a U.S. expat tax advice professional can be equally difficult. While at the same time it opens up a myriad of opportunities for tax savings that often go unexploited, it also opens up a minefield to the unexperienced … Continue reading Expat Tax Advice – Advice For Americans Abroad
US Taxpayers Living Abroad If you are a U.S. citizen or resident alien living abroad, the rules for filing income, estate, and gift tax returns and paying estimated tax are generally the same whether you are in the United States or in a foreign country. Your worldwide income is subject to U.S. income tax, regardless … Continue reading Filing Requirements For U.S. Taxpayers Living Abroad
CFC Tax And The Anti-Deferral Regime When taxpayers hear the term CFC Tax, it’s a reference to Subpart F. CFC tax or Subpart F is applicable to Controlled Foreign Corporations (CFCs) and their shareholders. It is the main anti-deferral regime applicable to US shareholders (owners) of a foreign corporation. What Is A CFC – Controlled … Continue reading CFC Tax – The US Anti-Deferral Regime