For taxpayers living overseas who have not filed U.S. tax returns in the past, the IRS is providing options for resolving their tax and penalty obligations. The U.S. is one of only two countries (the other Eritrea) that taxes its citizens on their worldwide income regardless of their location. We know of taxpayers who have [...]
You can start checking on your refund 24 hours after e-filing or 4 weeks after you have mailed your return. Your refund status is available on https://www.irs.gov/refunds. You will need to provide your social security number or ITIN, filling status and exact refund amount when checking the refund status. All the data you need are [...]
A tax transcript is a tax record with key information from the federal US tax returns that you filed previously. If you lost your return and need to find out how much taxes you owe or verify payments you made which is more than 18 months ago, you can obtain free Form 1040-series transcript types [...]
If you were not able to attend our 2017 U.S. tax reform presentation with Tariq Dennison of GFM Asset Management and American Pacific Tax on January 22, 2018, here’s a brief summary of the main points we covered: - Individual income tax rate changes beginning in 2018. - Increase in standard deduction and elimination of [...]
Or see video here: Foreign Earned Income Exclusion for U.S. Taxpayers living abroad If you are a U.S. citizen or a U.S. resident alien living in a foreign country, you are subject to the same U.S. income tax laws that apply to citizens and resident aliens living in the United States. One potential benefit for [...]
Just a friendly reminder, if you need to pay US federal estimated taxes, 2017 4th quarter payment is due on or before January 15, 2018. To help you plan for 2018 and understand the tax law changes, here is a brief summary that will take effect beginning in 2018 under the major piece of tax [...]
Recently our clients have been asking how will Trump’s new tax reform affect their tax situations. As of this posting, it’s important to know that none of the proposals have been put into place yet. On September 29, 2017, at the Mandarin Oriental Hotel in Washington DC, President Donald Trump laid out his proposed tax [...]
With all the current technology, many U.S. taxpayers are allowed to electronically file their tax returns and pay taxes online... even while living overseas. At American Pacific Tax, we use secure channels and encryption software to help our clients manager their tax information securely so they can electronically file their tax returns. However, certain taxpayers may [...]
What is the Standard Deduction? The standard deduction is a specific dollar amount that reduces the amount of income on which you're taxed. Your standard deduction consists of the sum of the basic standard deduction and any additional standard deductions for age and/or blindness. In general, the standard deduction is adjusted each year for inflation [...]
Get the latest tax updates here September 2017 We're expanding to help you find the best solutions to handle your US taxes everyday. Here are some important updates: Just a friendly reminder, if you are required to make estimated tax payments, the 3rd quarter payment is due on or before September 15, 2017. Alternatively, payment can be made online via: https://www.irs.gov/payments [...]