Tips to Navigate the US Tax System If You Are A Resident of Another Country

Navigating the US tax system can be a daunting task especially if you are not a citizen of the United States. Whether you are a resident in the US or an expat working in the US, it is important to know how the tax system works. Failure to understand the specific tax codes can lead to problems such as paying more in taxes and running into issues with the IRS.

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How to Declare Foreign Accounts on Your Taxes

When it comes to taxes, everything should be accounted for–from income to investments. If you own foreign financial assets, it is important that you declare your accounts on your taxes. Under the tax code, financial assets include any financial account that you have maintained by a foreign financial institution. It can be a stock, securities, or any financial tools that are not from the United States.

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Feeling Lucky? How to Find a Pot of Gold in your Financials.

Every business experiences occasional cash shortages. When this happens, owners often assume they should go out and sell more. But this strategy can sometimes compound money troubles over the short run. Why? The answer lies in a concept known as the “Cash Gap.” Understanding this concept can help your business generate extra cash to meet working capital needs. Here’s how… Read More

How International Enterprises Can Maximize Tax Deductions and Credits

How International Enterprises Can Maximize Tax Deductions and Credits

Establishing an international enterprise provides a lot of benefits to companies regarding market expansion and internalization. But aside from market expansion, international enterprises can also enjoy a lot of tax benefits in the form of reduced tax payment and asset shielding.

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GOP Tax Plan & Its Effect on Manufacturers and the American People

It has been three decades since we have had bold new tax reform.  The last time this level of change occurred was in 1986, which was under President Ronald Reagan. The new tax reform bill could bring around change for manufacturers, and in a very positive way making life easier on American manufacturing companies.  America is known to have the highest tax rates when it comes to corporations as well as pass-through entities.  With this new legislation, it would be able to provide tax breaks for many manufacturers as well as allowing them to reinvest more money into their companies.  This would allow them to grow as well as create new jobs for the local area.  This could really start the economy booming.

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Casualty Losses can Provide a 2017 Deduction, but rules tighten for 2018

Casualty Losses can Provide a 2017 Deduction, but rules tighten for 2018

If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2017 federal income tax return. For 2018 through 2025, however, the Tax Cuts and Jobs Act suspends this deduction except for losses due to an event officially declared a disaster by the President.
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Cost Segregation Studies

 

Is your trade or business involved in constructing, renovating, or acquiring commercial real estate? Practically, any commercial owner will benefit from a Cost Segregation Analysis. These studies involve differentiating among various real estate and/or construction costs by allocating them to other asset categories and assigning a useful life that is unique to each asset for federal tax purposes.

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Why You Shouldn’t do your own Business Taxes

In this world where many people love doing DIY, there are certain jobs wherein the DIY approach is not advisable and one of them is to do your business tax. Filing for your business tax should be left alone to the experts due to the complexity of the federal tax rules as well as the constantly changing tax laws.

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How Tax Efficient is your Employee Expense Reimbursement Arrangement?

Employers frequently provide expense allowance accounts for their employees to incur business expenses on behalf of the company.  An allowance arrangement does not require the employee to submit receipts in order for reimbursement.  These are considered ‘unaccountable’ expense reimbursement plans and if they are used after 1/1/18, amounts paid to the employee will still be included in his taxable income, but he will not be able to claim a deduction for them as an employee business expense on his personal income tax return.  That’s because the 2017 Tax Reform Act eliminated an individual’s ability to a claim a deduction for unreimbursed employee business expenses, and as a result, employers may be passing an expenditure on to an employee that they can no longer deduct.

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