Tag Archive for Taxes

4 Ways You Can Reduce Your Taxes Like President Trump

by Tom Wheelwright • October 12, 2020 • 0 Comments

You don’t have to make millions to eliminate taxes.

What You Can Do Right Now to Make 2021 Your Best Tax Year Ever

by Tom Wheelwright • September 29, 2020 • 0 Comments

Set yourself up to be in the best tax position possible.

5 Tax Strategies to Help Your Business Survive the Coronavirus Slump

by Kurt Piwko • August 23, 2020 • 0 Comments

Carry back provisions that allow deductions for losses all the way back to 2013 provides new tax relief.

Is Joe Biden's Tax Plan Bad for Business?

by Tom Wheelwright • July 30, 2020 • 0 Comments

Here are six reasons Joe Biden’s proposed tax plan has some business leaders concerned.

Tax Tips for Last-Minute E-Filers

by Eric Griffith • July 14, 2020 • 0 Comments

COVID-19 means you had a few extra months to file your federal taxes this year. But that extended deadline is now just days away. If you’ve waited to file, here’s what you need to know.

Four Ways to Reduce Your Taxes by July 15

by Tom Wheelwright • June 11, 2020 • 0 Comments

Put money in your pocket when you need it most.

Three Ways Cannabis Businesses Can Save Money This Tax Season

by Melissa Diaz • January 7, 2020 • 0 Comments

An auspicious tax season awaits marijuana professionals who prepare with these three actionable tips

Expat taxes for Americans living in the UK – how to fill out your return

by Partner Content • October 11, 2019 • 0 Comments

Originally written by Partner Content on Small Business
Q: What’s worse than dealing with HMRC every year?
A: Dealing with HMRC and the IRS
Life as an expat is complicated, especially around the end of the tax year.
Having to fill in two annual tax returns should be unnecessary because after all, Her Majesty’s Revenue and Customs (HMRC) does talk to the US Internal Revenue Service (IRS). However logic plays no part in the demands that government departments place on citizens, so you just have to grin and bear it.
>See also: Business rates reform key, says Labour business chairman Rachel Reeves
The bad
All US citizens need to file an annual tax return (Form 1040) with the IRS, even if they calculate that no tax is owed.
You must also notify the US Treasury Department every year of any UK and other non-US bank accounts and their balances using Form FinCEN 114. Your Foreign Bank Declaration (FBAR) must include any pension accounts and bank accounts where you are an authorised signatory, including joint accounts.
Failure to file either of these documents on time can cost you thousands in late penalties.
You will also need to file numerous extra forms with your Form 1040 to avoid being hit by late