We are at the closing stages of 2018; it’s high time for everyone to start adjusting their income sources and strategizing about how they’ll be handling their federal tax bills. In compared to other economic years; this year the procedures of US Tax Returns have become even more complicated because of the multiple changes made to the existing tax rules. Thus, this year, there is a lot to understand and to keep track of. So consumers and taxpayers who are getting up for filing their income tax returns in the US should consider having an earlier start to avoid any last-minute troubles or confusions at the end of his financial year; when the tax filing and return date is due. Consider the below-given smart US tax-planning tips to prepare now and to save later.
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Moving through and thoroughly understanding the tax codes of the US can be a really-really daunting task. And if you’re a US expat; then the information even gets more complex and more confusing. Everyone’s expat needs and circumstances are unique, and you really don’t need to sift through the multitude of pages for finding the information that is actually relevant to you.
In such a case, you need the help of a US Tax Advisor London who can guide you through the entire complicated procedure of taxation in the US and let you live a secure and simple life. • Filing US Federal Tax Return Is Essential! If your worldwide income including salary, Interest, Dividends, and Rental Income exceeds the amount of the filing threshold; then you must file a US Federal Tax Return every year. • If you have made any mistake while filing the previous income tax; you can amend it with US Expat Tax Help UK using form 1040X. • Most of the US expats are capable of offsetting all of their foreign earned income including Foreign Tax Credit, Foreign Earned Income Exclusion, and Foreign Housing Exclusion so that they won’t pay taxes twice for the same income. • If your income goes beyond the Foreign Earned Income Exclusion (FEIE) or you are residing in a high-tax country; then the Foreign Tax Credit (FTC) allows you to offset or completely eradicate your tax liabilities in the US. • To use the Foreign Earned Income Exclusion; a test called ‘Physical Presence Test’ requires proving that you are physically presented inside a foreign country for 330 days of any 365 days. With the end of 2018 is around the corner, it’s high time to begin strategizing about how you’ll be preparing for tax filing and how you’ll handle your federal tax bill. If you’re a permanent resident or citizen of the U.S. or at least a green card holder living in the United Kingdom, understanding, preparing, and filing U.S. taxes can feel like the most complicated procedure you ever have gone through. Multiple changes and modifications to the US tax rules have gone into effect, and thus you have to understand the procedures before gearing up for tax filling thoroughly. Below, we have compiled a list of the top things that all taxpayers should know about US Taxes Preparation US! If you are up for filing US taxes; these are the points which will help you sort through the multitude of intricate information!
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