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Here Is What Happens When You Make a Tax Filing Error and How to Resolve
…look out for. What If I Filed My Taxes Wrong? Some common errors in a tax filing that people commit include mathematical mistakes, forgetting the signature, skipping deduction details, and mishandling…
Tax Planning for Expats: See Ways on How to Be in Control of Your Taxes When You Are Abroad
…the foreign earned income exclusion and the housing exclusion. Foreign Earned Income Exclusion: These are wages, salaries, professional fees, or compensation paid to you for personal services you have rendered. These can be excluded…
IRS Lock-in Letter: How to Handle It if You Receive One?
…a lock-in letter if they believe an employee’s withholding allowances are incorrect, which could result in underpayment of taxes. This could occur if an employee claims too many allowances on…
Will the IRS take my refund for my student loan in 2024?
…save you big. Before opting for the on-ramp, consider exploring other options like the Saving on a Valuable Education (SAVE) plan. It might be a better choice and comes with…
US Expat Tax In Bermuda – Ultimate Tax Advice You Need To Know Now
…payroll taxes. However, earnings used for social insurance contributions, the Hospital Insurance Plan, certain retirement plans, hospital and health schemes, life insurance schemes, and workers’ compensation schemes are not included…
Foreign Pension In 2024–The Latest On U.S. Taxes And What You Need To Know
…compensated (percentage test). Plan benefits a percentage of non highly compensated employees. At least 70 percent of the percentage of highly compensated employees benefiting under the plan (ratio test). The…
Panama Papers – Practical Info You Need To Know
All the recent scandal about the Panama Papers and tax havens and shell companies bring to light the hornet’s nest that FATCA has been stirring up. The media makes it…
What Is Form 8833?
…annuities, social security and other public pensions, or income of artists, athletes, students, trainees, or teachers. This includes taxable scholarship and fellowship grants. You claim a reduction or modification of…
4 Options for Delinquent FBAR Submission for Expats
…involves paying back taxes, interest, and penalties. The VDP penalty framework includes a civil fraud penalty for at least one year with the highest tax deficiency. This penalty replaces other…
Cayman Islands Expat Tax Advice You Need To Know
…top 10 most attractive Cayman Island cities for foreigners to reside in (in no particular order): Seven Mile Beach, Grand Cayman Camana Bay, Grand Cayman South Sound, Grand Cayman Prospect…