US TAX SUPPORT
At Bambridge Accountants, we are passionate about savings you money. Below is on-the-go US tax support we have prepared to help you understand US tax.
With US taxes done for another year, we thought it was a good opportunity to let you know about a few changes the Internal Revenue Service (IRS) are implementing as of 2018. The new figures released are what you'll need to prepare your 2018 tax returns in 2019.
Film and television producers in New York State (NYS) are able to claim back money on their projects in the form of a refundable tax credit. The tax credit hopes to encourage creative professionals to create film and television content in NYS to help the industry thrive and keep the State's economy healthy. The incentive is available to qualified production companies that produce a variety of media outputs such as feature films, television series or television pilots. They may also be able to claim credit on post-production costs that link back with the original project.
Pensions are a popular way of supporting yourself financially within your retirement. Whether you opt for a Social Security pension, Employer Pension or a Private Pension plan, there are many things to consider when navigating potential US Tax Challenges if you are an American living in the UK.
Even though you are a UK citizen and live in the UK, the US still will attempt to tax your US pension. However, the US/UK tax treaty states that most pensions are only taxable in the country where the beneficiary is a resident. Therefore, living in the UK gets you exempt from US tax on your pension. In order to claim an exemption from this tax, there are several steps that must be taken. First, you must contact the IRS and obtain a US Taxpayer Identification Number (TIN). Once you have this, you should fill out Form W-8BEN and send it to the institution paying your pension benefits. This will allow them to send you your pension payments in full without withholding US tax. Be sure to specify the article and paragraph of the treaty that allows the taxpayer to claim this exemption (Article 18, paragraph 1).
Below is a summary of the major tax incentives that Congress has put in place to encourage certain behaviours by US corporations.
US corporations and individuals are allowed a multitude of different deductions for cash outlays they make throughout the tax year. However, for technology companies and individuals with tech-based hobbies, it can be confusing as to what expenses can be deducted. Below is a brief summary of what can and cannot be deducted for US tech companies and tech-interested individuals.
As a company owner it is common to employ family members, such as a spouse. The employment tax requirements family members can vary to those that apply to general employees.
As a US expat, charitable contributions can be made to reduce your tax liability. American expats living abroad can make a charitable donation to a wide range of US and foreign charities. However, it is essential to follow several IRS rules to make sure that charity donations are tax deductible.
Actors, directors and performers are unique when it comes to the world of taxes. We specialize in the acting profession, providing advice on the special tax rules that apply to individual actors, groups of performers and companies.
The type of business you operate determines what taxes you must pay and how you pay them. Below are five general types of business taxes:
Who must pay estimated tax?
- Excise Tax
On the 25th January, the IRS released an advanced version of Rev. Proc. 2018-13, setting forth the unpaid loss discount factors and salvage discount factors for the 2017 accident year.
The discount factors provided are to be applied to calculate discounted paid losses under section 846 and the discounted estimated salvage recoverable under section 832
If you own a UK limited company and move to the US as a corporation, you may seem inundated by all the complex tax laws to follow and forms to fill out. Here is a brief guide that should help clarify the purpose of these forms and how to properly complete them.
The US is one of the last developed nations that does not have a national maternity pay program. If you are self-employed, the government will not subsidize taking time off from your business. In order to effectively prepare for pregnancy and childcare without letting your business suffer, consider some of the following:
Bambridge Accountants are proud to share our most recent article as published in Crain New York. The Article goes into details over the benefits to film tax credits across the state.
The recent plan to turbocharge Missouri’s economy is not only set to reduce the top personal income tax rate and offer a special non-refundable credit to certain low income earners, but also the tax plan would cut the corporate income tax rate from 6.25% to 4.35%. This change would mean that Missouri has the second-lowest corporate income tax rate in the county among states that impose corporate income tax.
TAX for US citizens working in uk on tier 2 visa
If you work in the UK in a skilled profession (i.e. investment banking) and are in the country under a Tier 2 Visa, you still must pay taxes just like any other UK citizen.
With the huge changes to US Tax in 2017, it is no surprise that there are going to be a few changes on the upcoming US 2017 tax returns.
Your federal form 1040 (or requested extension) will be due by April 17th, 2018. Military personnel serving in a designated combat zone or contingency operation may be able to file later.
If your small business is moving to the UK or you are a US citizen looking to set up a new company, there are several tax implications that you should consider. Specifically, creative industry businesses have a favourable tax treatment in the UK, with advantages that most US citizens are probably unfamiliar with.
Once you become a client of Bambridge Accountants, the first thing that we will look at is ensuring that you are claiming absolutely every expense you are eligible to as an dancers.
DANCERS HAVE A NUMBER OF TAX DEDUCTIONS THAT ARE UNIQUE TO ANY OTHER INDUSTRY.
Entrepreneurs will often reach a point in their business venture where they want to do a spin off of their present business, or even a completely different venture.
As a seller on Amazon, Ebay or any ecommerce platform there are a number of tax obligations, reliefs and exemptions it is important to be aware of in order to avoid penalties and paying unnecessary tax.