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Consequences of Not Filing US Taxes While Living Abroad

Fri, 28 Apr 2023 12:26:21 GMT

5 Signs Your Small Business Needs a Professional Accountant

Wed, 26 Apr 2023 14:16:11 GMT

How Can Claiming a Dependent Lower Your Taxes?

Tue, 11 Apr 2023 14:54:14 GMT

The Top 5 Issues Outsourcing Your Bookkeeping Will Solve

Mon, 10 Apr 2023 12:10:58 GMT

What Happens if You Don’t File Your Taxes on Time?

Thu, 06 Apr 2023 00:00:00 GMT

5 Ways To Avoid Tax Surprises When Retiring Abroad

Tue, 04 Apr 2023 16:50:20 GMT

10 Common Mistakes Small Businesses Make When Filing Taxes

Mon, 27 Mar 2023 14:37:39 GMT

What To Consider When Choosing a Tax Professional

Fri, 17 Mar 2023 12:07:37 GMT

Important Tax Info for Seasonal Employees

Thu, 16 Mar 2023 14:09:51 GMT

Common Myths About Outsourced Bookkeeping Services

Tue, 14 Feb 2023 00:00:00 GMT

Top 3 Tips for Filing Small Business Taxes

Sun, 12 Feb 2023 00:00:00 GMT

4 Advantages of Hiring an Expat Tax Specialist

Fri, 10 Feb 2023 00:00:00 GMT

What Do You Need To Bring to Your Tax Appointment?

Wed, 08 Feb 2023 13:03:00 GMT

Your Guide to Expat Tax Filing and Requirements

Tue, 31 Jan 2023 20:09:40 GMT

3 Reasons Why Tax Planning Is So Important

Wed, 25 Jan 2023 16:50:21 GMT

3 Benefits of Hiring a Personal Bookkeeping Service

Wed, 18 Jan 2023 18:18:12 GMT

Tax Deductions Every Small Business Owner Should Know About

Wed, 04 Jan 2023 17:05:20 GMT

3 Different Taxes That You Should Know About

Wed, 21 Dec 2022 18:30:07 GMT

How To Choose the Right Tax Filing Status

Wed, 21 Dec 2022 18:14:14 GMT

3 Important Tax Tips for First-Time Expats

Thu, 15 Dec 2022 20:03:36 GMT

Reduce stress and prioritize the right information during tax season using these important tax tips for first-time expats so you’re always prepared.

3 Questions To Ask an Outsourced Bookkeeper

Thu, 01 Dec 2022 20:42:59 GMT

What Is a Tax Credit and How Does It Work?

Tue, 29 Nov 2022 20:55:32 GMT

3 Advantages of Hiring a Small Business Tax CPA

Tue, 29 Nov 2022 19:49:55 GMT

When Are My Taxes Due? Important Dates To Be Aware Of

Tue, 29 Nov 2022 19:46:11 GMT

4 Ways Income Taxes Corp Is Different From Their Competition

Fri, 17 Jun 2022 14:59:22 GMT

Partnering with professional tax services is always smart for businesses that want important documents organized and on the ready. But what about the tax management services beyond just keeping numbers archived? Income Taxes Corp maintains a daily discipline to set itself above the competition to make every client know and feel that they are getting more valued work than expected. Here are the four ways we set ourselves as the premier tax management service for your business. Get a free quote today!

7+ Years of Experience

No matter how much someone is deemed a “fast learner,” experience is not something that can be bought or shortcut. Income Taxes Corp pushes a modern agenda as a top-tier tax firm while utilizing every professional financing technique acquired along the way.

Client Focused

The client is always the number one priority. Sadly that’s not always the case with other tax groups that do the bare minimum to meet paid requirements. So not only do we take a deep dive into maintaining your finances, but we offer crucial tools and advice that specifically cater to your business and skills to optimize potential profit down the road.

Attention to Detail

Tax services that go above and beyond are always set to keep pace with regulatory changes while driving forward a strategic business goal that benefits the client by bolstering their income and savings rates. This includes uncovering hidden values from transactions that leech away at your bank account for wasted funds.

Expat Expertise

Our firm consists of a web of talented professionals that bring together insight and experience in finances all across the globe. With past partnerships in the U.K. and Australia, the United States has become the CenterPoint in bringing our international expertise to the stage.

We’re excited to work with you and help build toward your goals and financial prosperity in the long run. Request a consultation with an expert today!

Why You Should Hire a Professional For Your Expat Tax Needs

Fri, 08 Oct 2021 17:15:30 GMT

Professionals Have All the Benefits to Offer

As a UK or Australian expatriate visiting the US, completing your tax income tasks may save you more compared to if you hired a professional to do it. But hile it’s cost-saving to do it personally, there are many benefits to hiring Income Taxes Corp’s expat tax professionals. Read on to learn more!

Save Time

Note that some income tax returns are complex. For example, a small business owner itemizing his deductions has to fill several forms, including the IRS 1040, Schedule SE, and many more. Each form demands various information regarding the taxpayer’s records, like the amounts found in INTs.

A complicated tax system can be challenging to navigate and increases the chances of making errors. Getting a professional for your expat tax services can ease the burden.

Reduce Errors

Tax bodies keep a list of the errors committed when filing tax returns. Top of the list is computational errors made when calculating the taxable incomes, entering payments in the incorrect line, and other simple arithmetic errors.

A small error in your tax return delays any refunds you’re expecting. Making an error also causes a tax liability that attracts interest and fines starting on the day you file.

Therefore, while tax professionals are not perfect, you reduce the chances of error when you work with a professional tax service.

Professional Tax Advice

Usually, tax rules are complicated. For example, before using any deduction or credit, you have to be qualified. Our expat tax services can help you determine the deductions and credits you are eligible for. We also give tax advice on non-clear tax issues.

For example, an expat may be able to use a tuition deduction and an education credit, but they can only use one. A professional can advise you on your decision to either take the deduction or the credit.

Avoid Adverse Consequences

Signing at the end of the tax return means verifying that the information is true and accurate to the best of your knowledge. If there is an audit and errors are found, you could face dire legal consequences.

Using a tax professional adds an extra guard to potential liability. However, you must be cautious and go through the tax return by yourself to confirm the accuracy of the numbers because a tax professional can also make mistakes.

Tax returns are a sensitive issue and can sometimes be a challenge, especially for expatriates. That’s why you need professional expat tax services for tax advice and any assistance needed for your unique expat situation. Request consultation with an expert at Income Taxes Corp to eliminate any confusion and hassle of the process, so you are back to your life in the UK or Australia as soon as possible.

Save Your Time: Why Filing Through a Professional Has a Higher Return

Fri, 08 Oct 2021 16:50:02 GMT

Get a Higher Return with Expat Tax Professionals

You will minimize your stress burden by hiring a tax professional if you want to file your returns from abroad. There are many rules for expat tax and many forms to fill out — and these can be problematic for you, especially if you are a US citizen living abroad.

Although expat tax professionals charge for their services, you enjoy more benefits than if you did it by yourself in the long run. So whether you are a UK or Australian expat, if you are still in doubt, here are a few ways the Income Taxes Corp professionals help you get more returns when filing expat taxes.

Risk-Free Services

One of the ways professional tax services generate a higher return for clients is that their services are risk-free. Your consultancy with the experts covers the risks. Our advisors are obliged to prepare your expat tax return statements, and they are highly proficient in the tax field. Thus, they ensure minimal to no risk of errors getting into your accounts.

The Ever-Changing Tax Code

Every year, the US tax code changes, especially in moments of profound political change. For example, between 2008 and 2009, several changes occurred and directly affected expats. For example, there were changes in the Alternative Minimum Tax, Charges for the Child-Department, Education Related Charges, and more.

More changes are imminent in such periods and during Congress debates, so if you are not a tax professional and live abroad, you might fail to keep up with these changes annually.

Tax System Does Not Have Expats in Mind

The US commercial tax program, for instance, is not made with the expatriate in mind. They are primarily for taxpayers residing in the US and not abroad citizens. Thus, citizens living abroad will likely miss the various deductions and possible exclusions only available for expats.

By filing the returns yourself, you can save some cash upfront — but you risk losing more in the long run in terms of overpaid taxes.

Audit Assistance

Statistics show that the IRS audits approximately 1% of all taxpayers every year. As an individual expat or an abroad business person, your accounts can be included in this audit. If the audit finds misleading information, you could face severe legal consequences.

Professional tax services cover all these uncertain situations when preparing the tax returns while inspecting all the areas requiring careful attention. Then, after winding up all the possibilities, they come with responses needed during the audit, ensuring you are properly represented to the authorities.

At Income Taxes Corp, we pride ourselves in offering top-notch expat tax services. In addition, our CPAs have extensive tax experience, so you can be confident that your accounts are in safe hands.

If you are a UK or Australian expat, request a consultation with an expert today. We will professionally complete your statements and advise you accordingly, ensuring the process is as accurate and straightforward as possible.

The Primary Differences When Filing Expat Taxes

Thu, 17 Jun 2021 14:43:45 GMT

Avoid common expat filing mistakes!

Americans have tax obligations whether they’re living in the US or living abroad. The US tax system differs from most countries because it taxes based on citizenship, whereas in many other countries taxes are centered around residence or taxes based on income coming from that country.

What most expats may not realize is that the US taxes all of its citizens on worldwide income, despite where they live.

Learn more about the primary differences when filing expat taxes and how to avoid filing mistakes in today’s blog.
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Declaring Your Worldwide Income

No matter where you reside or how your income has been generated, American citizens must report their worldwide income.

What does this entail? You’ll need to convert your income in USD, and you’ll need detailed documentation of any foreign income received in that calendar year.

Double Taxation

Double taxation is something that no one wants to encounter — expat or not! Because Americans are taxed on their worldwide income, they may be vulnerable to being taxed by the country from which it was generated, and again by the US tax system.

With the foreign earned income exclusion, Americans can reduce how much of their foreign wages are taxed in the US, while a foreign tax credit helps to reduce your tax liability in the US based on the income taxes you paid to the country you’re in.

Reporting More Than Income

Expats need to report more than just income — it’s important to loop the US government in on any investments, bank accounts, and other financial holdings in foreign countries.

Look more into:
• FinCEN Form 114
• Report of Foreign Bank and Financial Accounts (FBAR)
• Form 8938 - Statement of Specified Foreign Financial Assets

The experts at Accutax Business Center can help you navigate the forms and documents you may need!

Filing A State Tax Return

In some situations, expats may be required to file a state return. If you’re a part-year resident or own a business or rental properties, this may subject you to a state tax return.

States including California, Colorado, New Mexico, and South Carolina have more stringent residency status in terms of taxes, so ensure you understand the rules if you have dealings in these states.

For a stress-free tax season as an expat, at the end of the day, you really just need to stay up-to-date and compliant in your taxes.

Don’t get lost in the complexities of filing as an expat and work with the tax professionals at Accutax Business Center today!
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4 Questions About Auto Accident Whiplash

Fri, 08 Jun 2018 00:00:00 GMT

An increasing number of people are turning to the internet for all sorts of advice. Fashion advice. Medical advice. Marriage advice.

Here are Premium Law, we certainly won’t dissuade you from getting fashion advice online, but we strongly recommend that you don’t turn to Google for legal advice. Because it could end up costing you a whole lot more than you expected.

1. Which Types of Accidents Cause Whiplash?

Many individuals assume that serious injuries, such as injuries causing long-term pain or permanent disability, can only occur during high-speed or multiple vehicle collisions. However, certain injuries, including whiplash, can occur during any type of accident, including seemingly minor fender benders.

In fact, a 1998 Australian study on the impact of whiplash on the head, neck, and jawbone showed that collisions at as slow as 8 kilometers per hour , or just under 5 miles per hour, could result in whiplash. Numerous studies since then have confirmed these findings.

Whiplash happens when the inertia of your vehicle changes directions suddenly, moving your torso with it but not your head. This change throws your head first backward and then forward. Whiplash can move vertebrae, strain muscles and ligaments, injure nerve roots, and occur simultaneously with brain injuries like concussion.

You are more likely to sustain whiplash if your headrest is in a lower position or if you do not have a headrest since your head has a broader range of motion during the collision. If you have back problems, are a senior citizen, or have experienced whiplash before, you are more likely to sustain whiplash and suffer secondary complications.

2. What Are the Symptoms of Whiplash?

If you notice the symptoms of whiplash after any type of traffic collision, seek medical care. Look for the following symptoms:

Pins-and-needles feeling in your arms
Dizziness and loss of balance
Headaches at the nape of the neck
Neck pain or reduced range of motion
Persistent exhaustion
Shoulder or back pain
Vision changes

Many drivers do not notice the effects of whiplash immediately. In some cases, this delay occurs due to the shock of the collision, but whiplash can also be a late-appearing injury that may take a while to develop. In most cases, you will begin to notice symptoms within a day.

3. What Long-Term Effects Can Whiplash Have?

If you suspect that you have developed whiplash after an accident, visit your primary care doctor or seek emergency medical care as soon as possible. Your healthcare provider will use interview questions, a physical examination, and imaging technology to determine if you have whiplash and to what severity.

This initial visit is a critical step in your treatment. Undiagnosed whiplash can have serious potential complications, especially when the whiplash is particularly severe. A number of injuries commonly occur at the same time as whiplash or develop as whiplash is left untreated, including:

Chronic headaches or jaw pain
Issues with memory and concentration
Muscle weakness
Neuropathy (loss of feeling or tingling in certain bodily regions)
Permanent or chronic pain in the neck, shoulders, or back
Poor quality sleep and feelings of fatigue
Spinal cord compression
Spinal disc rupture
Tinnitus (ringing in the ears)
Traumatic brain injury (TBI)

Your doctor may recommend physical therapy, chiropractic care, muscle relaxants, pain relievers, or massage therapy to help you recover. In some severe cases, you may need further medical treatment such as epidural injections of anti-inflammatory medication or relaxants.

4. When Is Whiplash Legally a Personal Injury?

Some drivers assume that any injury sustained during a traffic accident could potentially be cited in a personal injury claim. However, whether or not an injury constitutes a personal injury under the law depends on a number of factors.

The most fundamental question asked in an auto accident personal injury claim is whether a specific person can be held accountable for the collision. This question probes farther than determining the at-fault driver. In order to be liable for your injuries, the other party must have behaved in a reckless or negligent manner.

For example, if the accident occurred because another driver was traveling well over the speed limit in an obviously reckless manner or neglected to obey traffic signals, you may have a personal injury claim.

Your attorney will consider the facts of the accident as well as supporting evidence like witness testimony, law enforcement reports, and your medical records to determine the validity and chances for success of your personal injury claim.

If you experience the symptoms of whiplash, seek medical care as soon as possible. Not only can prompt treatment minimize the risk of complications, but the medical records generated during this process serve as essential evidence should you file a personal injury claim against the responsible party.

Wondering if your whiplash qualifies as a personal injury? Schedule a consultation at Baumgartner Law.

5 Reasons to Watch What You Say After a Car Accident

Fri, 08 Jun 2018 00:00:00 GMT

No one really wants to talk about their last will and testament, but this is one legal issue you don’t want to leave unattended. After all, it could lead to a major rift in your family, one which you are not around to mend.

The importance of having a very clear will and testament takes on even greater magnitude if you have children from more than one marriage, if you have adopted children, and if you don’t have any children at all. Getting expert advice can save your loved ones heartache and grief at a time when they really need to focus on grieving and recovery.

1. Accident Fault

The law enforcement officers who respond to your accident will assess the situation to determine if they should issue any traffic citations to the drivers involved. Drivers who openly accept fault by apologizing or saying they should have done something differently are more likely to be assigned this type of fault.

In reality, legal fault is often complicated. You may not have a clear idea of who was at fault under the law. Let law enforcement come to their own conclusions about fault at the scene.

If you are found at-fault, this finding could affect your liability for the accident and insurance coverage on top of the citation fine.

2. Liability

Accident liability is related to accident fault, but these things are not always the same. Liability applies when a personal injury lawsuit is filed. A personal injury suit is pursued to prove that one party caused the accident and resulting injuries through recklessness or negligence.

Admitting to running a red light or looking down at your radio could point to you being liable for the incident. If you give a statement to this effect, your statement can be used as evidence in a personal injury suit, even if you actually went through a yellow light but weren't sure or had returned your eyes to the road before the collision.

3. Medical Care

The rush of adrenaline after a minor accident leads many drivers to overlook the symptoms of common injuries. Additionally, some car accident injuries appear later, which means that it can take hours or days for you to notice them.

If you assure the other driver and the officers that you are not hurt, these claims could force you to file a personal injury claim in order for the other driver's insurance to cover any medical care once your symptoms manifest.

Additionally, once you have said that you aren't hurt, you may fail to connect developing symptoms to your accident, which may delay vital treatment and put gaps in evidentiary medical records you would need in a lawsuit.

4. Secondary Legal Consequences

While many drivers feel compelled to reassure everyone that they are fine after an accident, plenty of other drivers have the instinct to react angrily or even aggressively. While this reaction is normal under the circumstances, resist yelling at the other driver or starting a fight.

If your reaction prevents injured parties from receiving emergency medical care or amounts to assault, you could face arrest and all of the additional complications that result from the criminal law process. An arrest would also weigh into insurance company and court decisions about your compensation for the accident.

5. Settlement

When your car collides with someone else's, you may instantly fear for the worst. Once you realize that the accident is not as serious as it could be, you may automatically want to verbally comfort yourself by saying that the damage to your vehicle or inconvenience to your day is not as bad as it could be.

However, these minimizing statements have the same effect as saying that you are not injured. Insurance companies calculate settlements based on the effect the collision has on your life. A fair settlement should at least cover any repair costs and lost income, including income from days you have to take off of work after the accident.

If you say that the situation is not bad, you may face more out-of-pocket costs or need to file a personal injury suit just to get a settlement that covers the majority of your costs.

When you feel tempted to make a statement about your car accident, take a moment to evaluate how what you say could potentially affect the situations listed above. Never knowingly provide false information, don’t say you know something happened when you don't know or volunteer extra information.

If you have a question about a particular statement you have already made or have considered making, discuss your obligations, your options, and the possible ramifications with an experienced car accident attorney .

For expert auto accident personal injury services, trust the team at Baumgartner Law.