Do I have to file a US tax return➥ Child Tax Credit Refund The Child Tax Credit (CTC) is a refundable credit that reduces families’ tax liability by a certain amount per qualifying child. If the overall tax due is reduced below zero because of the credit, that amount is refunded to the taxpayer(s). This […]
Can I change my US tax return after I’ve filed it? Amending your US Tax Return Filing a US tax return can be a tricky process, especially if you live abroad or work as an expat. With foreign income and investments, it’s easy to make a mistake when filing. You could miscalculate some essential figures […]
How to Become a Tax Accountant? What is tax accounting? Tax accounting is a special area of accounting that employs a special set of principles different from other types of accounting work. Tax accounting falls under the rubric of Other Comprehensive Basic of Accounting (OCBOA), rather than the Generally Accepted Accounting Principles (GAAP). Tax accountants […]
What are Tax Treaties? The US government has income tax treaties with various foreign countries to avoid double taxation. An income tax treaty is also called a Double Tax Agreement (DTA), or a totalization agreement. Under these treaties, residents of foreign countries can be taxed at a reduced rate or even be exempt from US […]
Income Level Tax Brackets What are the current income tax rates? In the UK, income is taxed progressively – meaning that the more you earn, the higher tax rate that is applied to you. Taxpayers in the UK must file an annual income tax return. If you are employed, your employer does this for you, […]
How Long Does It Take the IRS to Process a Tax Return? Tax returns in the U.S. are a massive part of your yearly financial planning. You will need to complete a tax return each year by June 15 if you’re living abroad (outside of the United States) for the previous year to declare any […]
Tax Deadline 2021 It’s coming up to that time of year again when tax returns are due. The first date that these can be submitted for 2021 is Jan 24, 2022. Filing a tax return can be a confusing process and, especially with the rules and deadlines changing slightly over the past couple of years, […]
How Do I Report Crypto On My U.S. Tax Return? Tax season is right around the corner, which means that you’ll need to start preparing your US tax return and report your crypto transactions. However, with limited guidance and information available about how to do so, figuring out what you need to report can be […]
U.S. Income Tax Return: Do I have to file when I live outside the United States? When you’re living abroad, the U.S. income tax return process can be super stressful. Trying to find out which forms you need to complete is hard enough and that’s before you’ve got started on the international tax treaty, exchange […]
Capital Gains Tax on Property in Australia When you leave the U.S. for Australia and intend to stay indefinitely, you might wonder how much of what you own will be potentially subject to U.S. capital gains tax. As an American living in Australia, it’s important to know about the taxes imposed by both of your […]
