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Category: News - Page 15

Details of Tax Reform Framework

Posted in News on October 27, 2017

The Republican Party has announced its tax reform proposals and the reforms would mean some major changes to the tax code for both individuals and businesses. Read More

OVDP Streamlined Submissions

Posted in News on September 19, 2017

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Tax Burden Prompting More Americans to Change Their Citizenship

Posted in News on June 30, 2017

Many expatriates who have left the United States are considering renouncing their U.S. citizenship as a result of increasingly burdensome tax requirements.  A record 5,411 people renounced their citizenship last year, which was a 26 percent increase compared with 4,279. people in 2015.  Read More

Mid-Year Tax Moves to Make Today

Posted in News on June 16, 2017

While you may not be thinking about tax time as you enjoy summer fun, there are some tax moves that cannot wait until the end of the year. If you don't want to get hit with penalties or have to come up with a lot of cash when tax season rolls around, you should consider taking a few simple steps now during mid-year to stay on top of your tax situation. Read More

Trump’s Budget Could Tighten Refundable Tax Credit Requirements

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.

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