There are a number of unique tax filing situations that can be challenging to navigate without the help of an experienced accountant like you will find at AA Tax & Accounting Services. A couple of the most tricky situations are:
- What to do when you haven’t paid taxes for a year or more
- How to file taxes as a U.S. expatriate
If you find yourself in any of these situations, our accountant Adrian Anderson can help you resolve them.
Resolve Back Taxes With AA Tax & Accounting Services
Once you skip a year of filing your taxes for fear that you can’t pay for the amount you owe, it can be difficult to resolve those back taxes. For those who find themselves in this situation, it is much better to address the issue rather than avoiding it.
The IRS penalty for late payment is not as harsh as the fines for those who fail to file altogether. Those attempting to avoid paying their taxes can have their:
- Credit score lowered
- Tax bill sent to collections
- Passport removed if they owe over $51,000 in tax penalties
- Driver’s license revoked
- Loss of business license
Instead of undergoing these grim consequences, our accountant can help you. He will sit down with you to determine if you even owe as much in taxes as you assumed. From there, he will help you structure a payment plan that will allow you to regain good standing with the IRS and avoid these severe penalties.
Properly File Taxes As U.S. Expatriates
Citizens of the United States who are living abroad can have a number of unusual circumstances when they go to file their U.S. taxes. Depending on their situation, there are several ways in which our top-notch accounting service can help U.S. expatriates.
Dual citizen – Generally, U.S. citizens who have dual citizenship have been born abroad, sometimes born to a parent who is a citizen in another country. Someone in these circumstances might not know that they have a U.S. tax obligation if they grew up in another country.
It is possible to revoke the U.S. citizenship to be released from the tax obligation. But if you want to retain that citizenship, it is important to work with our accountant. That way, he can find you exclusions such as the Foreign Earned Income Exclusion, Foreign Housing Exclusion, and Foreign Tax Credit.
Non-resident alien spouse – For U.S. citizens who marry a foreign national who is not seeking permanent residency or a Green Card, there can still be a tax obligation which the spouse must meet. For instance, if the foreign spouse is claimed as a resident on the U.S. expatriates taxes, the spouse will have to disclose their worldwide income or face penalties. It becomes even trickier when children are involved, and their tax-deductible status depends on their connection to the U.S. expatriate.
U.S. resident abroad – If you are a U.S. resident living abroad, you have the opportunity to file your taxes two months beyond the original file date of April 15. Our accountant can help you organize your taxes in a timely manner and help ensure you are not double-taxed, much like the dual citizen example.
If you have found yourself in any of these unique tax filing situations or have other accounting-related concerns, contact us to meet with our accountant today.