Mid-Year Tax Moves to Make Today
Posted in News on June 16, 2017
Posted in News on June 16, 2017
Posted in News on May 31, 2017
Under the U.S. tax code, there are several refundable tax credits, including the Child Tax Credit and the Earned Income Tax Credit. A tax credit is not the same as a deduction. A deduction allows you to reduce your taxable income so, for example, a $1,000 deduction if you have a $20,000 income would mean you were taxed only on $19,000 in income instead of $20,000. A tax credit reduces your tax bill so if you owed $1000 in taxes and got a $500 tax credit, you'd only owe $500.
Read MorePosted in News on May 17, 2017
Posted in News on April 28, 2017
Posted in News on March 31, 2017
The Offshore Voluntary Disclosure Process (OVDP) provides an opportunity to limit penalties for a failure to properly disclose offshore accounts as required by U.S. law. If you do not participate in OVDP and undeclared offshore accounts are discovered, it is possible you will face substantial civil penalties. The financial loss has, in some cases, exceeded the value of the undeclared accounts. Potential criminal prosecution is also a possibility if it is determined that you were evading your reporting and tax obligations for offshore accounts.
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