Do I have to file a US tax return➥ Child Tax Credit Refund 2021 CHILD TAX CREDIT CALCULATOR You must have resided in the U.S. for 6-months during 2020 to be eligible for the “EXTRA” amount As you have dependents, your filing status will be Head of Household. If you’re married to an American or […]
Are Students Taxed in the UK? If you’re currently residing in the UK and you happen to be studying at a university or college, you might want to know if students are taxed in the UK. Let’s take a look at whether or not students in the UK are taxed and what exactly this means […]
Tax Reform Act What is the Tax Reform Act? The 1986 Tax Reform Act was a law passed by the US Congress with the goal of simplifying the income tax code. The Act reduced the maximum rate on ordinary income (the top marginal tax bracket income tax rates) and raised the tax on long-term capital […]
What is the Small Business Tax Rate in Canada? Corporation tax is one of the biggest financial factors that determines whether businesses grow, remain stable or ultimately start to lose money. Most business owners in Canada cite the reduction of the corporation tax rate as being the largest win for their businesses. In 1971 there […]
Should I add my foreign spouse to my US tax return? It’s an important question and the answer can differ depending on your individual circumstances. The decision on how to treat your foreign spouse for income tax purposes is an essential part of tax planning. We will cover what it means if your spouse has […]
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, […]
Self Assessment Tax Returns What are self assessment tax returns? Self assessment tax returns inform HMRC about what income you have and are designed to be as simple as possible. However, they are very easy to get wrong.
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 […]
