Success doesn't make you and failure doesn't break you!
~Zig Ziglar~

High-level cross-border income tax preparation can SAVE YOU TAX DOLLARS! Our complete client satisfaction package includes assessing your individual situation to identify tax savings and potential tax deferrals.

Generally, US citizens regardless of whether they are living in the United States have to file an annual Federal income tax return with the IRS.
 
Non-US citizens generally have to file a US income tax return if they have certain US source income or if they were present in the US for a specific number of days.
 
TAXPAYERS ARE TYPICALLY NOT AWARE OF DEDUCTIONS AVAILABLE TO THEM and benefits of tax planning via income splitting and other means. Our expertise in these areas and personal attention given to each individual sets us apart from tax preparers who process returns based solely on slips and information provided by the client. We identify the deductions and credits available to individuals and ensure that each opportunity is utilized most efficiently.
 
In addition to providing personal tax return services we provide financial and estate planning for individuals. Our clients include self-employed individuals and entrepreneurs, owner-managers, small and medium sized businesses structured as proprietorships, partnerships, joint ventures, trusts and corporations. The benefits of utilizing a firm such as ours most certainly outweighs the costs. Our clients truly appreciate our personalized attention and prompt turnaround.

FILING STATUS

The filing status determines which tax rates and standard deductions are available for your return.

The types of filing status are:
  • Single
  • Head of household
  • Married filing jointly
  • Married filing separately
  • Qualifying widow(er) with dependent child

ITEMIZED DEDUCTIONS

Most taxpayers can choose between claiming the standard deduction or itemized deductions.  Either deduction will reduce a taxpayer’s adjusted gross income.
 
Some of the more common itemized deductions are:
  • Medical and dental expenses
  • State income taxes
  • Real estate taxes
  • Mortgage interest
  • Investment interest
  • Donations
  • Unreimbursed employee expenses
  • Tax preparation fees
  • Investment expenses

TAX DEADLINES

What date is your return due?

Generally, your Federal individual income tax return for the current year has to be filed on or before April 15 of the next year.

You can request an extension of time to file your return if you are not able to do so by the deadline.  This will extend your filing deadline by 6 months (to October 15).  However, you still need to pay the tax balance owing by April 15.  If the balance is not paid by the April 15 deadline, you will owe interest on your past due tax and may be subject to a penalty.  

Some US citizens or resident aliens who are living outside of the US receive an automatic 2 month filing extension (to June 15). This extension also applies to the payment of taxes.

Are there exceptions to due dates of your return?

When a due date falls on a Saturday, a Sunday, or a legal holiday, the IRS considers your return to be filed on time or your payment to be made on time if they receive it or it is postmarked on the next business day.

INTEREST

If you have a balance owing for the tax year, the IRS will normally charge compound daily interest starting April 16th of the following year, on any unpaid amounts owingfor the tax year. This includes any balance owing if your return is reassessed.  In addition, the IRS will charge you interest on any penalties, starting the day after your return is due.

PENALTIES

If you owe tax for the tax year and you file your return on time, you will generally have to pay a late payment penalty of ½ of 1% of the tax owed each month.

If you owe tax for the tax year and you do not file your return on time, you will generally have to pay a late payment penalty of 5% of the tax owed for each month your return is late, up to five months.

TAX AMNESTY GUIDELINES for Non-Resident U.S. Citizens

Who is eligible?
 
Non-resident U.S. taxpayers who have resided outside of the U.S. since January 1, 2009 and who have not filed a U.S. tax return during the same period. These taxpayers must present a low level of compliance risk.
 
What is low level of compliance risk?
 
Generally, a “low risk” return will consist of a simple tax return with no taxes owing (or less than $1,500). However, IRS will determine if a tax return presents a low compliance risk.
 
What will happen?
 
If a tax return is determined to be “low risk”, the review will be expedited and the IRS will not assert penalties or pursue follow-up actions.
 
What should you do?
 
Taxpayers utilizing this procedure will be required to file delinquent tax return for the past three years (reduced from six years) and to file delinquent FBARs for the past six years. Payment for the tax and interest, if applicable, must be remitted along with delinquent tax returns.
 
What is an FBAR?
 
Foreign Bank Account Reporting (FBAR) is a form required by the IRS from U.S. citizens who own or have signing authority over a foreign financial account, including a bank account, brokerage account, mutual fund, unit trust, or other types of financial accounts.