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 […]
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 […]
4 Common Tax Questions Crypto Users Ask We can no longer deny the impact of crypto in today’s financial markets. Currently, there are more than 68 million crypto users who use digital currencies to pay for goods, create long-term investments, or as a main source of income. And as more cryptocurrencies enter the market along […]
The problems with free tax software for Americans living abroad. CEO Andrew Landin, EA, shares his experience of being asked to complete his first international US tax returns by hand when he was training with Ernst & Young. Despite numerous accounting and tax qualifications plus top-of-line tax software, the return was still wrong in multiple […]
Cryptocurrency on your U.S. tax return Some people get surprised whenever they realize that they have to pay taxes on the profits they have made from cryptocurrency because they usually would not like to. Many have considered Bitcoin as an important part of their lives, yet they have not anticipated that the IRS would take […]
What does It mean when you file a tax extension? The IRS allows individuals, businesses and estates to file tax returns after the deadline without any late-filing penalties through obtaining an extension. Rather than having to file your 2020 federal tax return by the May 17 deadline, you are able to file until October 15, […]
The American Opportunity credit is aimed at taxpaying college students or their parents, to reduce the costs. This credit can offer greater tax savings compared to other education related tax benefits. The American Opportunity credit reduces your taxes on a dollar-for-dollar basis, rather than just reducing your income tax liability. There are several requirements to […]
With President Joe Biden’s Build Back Better program, there have been big changes in US tax law. However, such changes need to be enacted by Congress to become law and therefore any provisions discussed could be revised or eliminated. The Three-Part Program/ tax plan: The American Rescue Plan (enacted) The American Rescue Plan Act was […]
Do I have to file a US tax return➥ Filing status The right filing status will allow you to pay the least amount of US income tax. Whether you are single, married, or have dependents determines your filing status. Your filing status determines how much you can earn before paying higher taxes, and you can […]