Tax Notes

By JP, EA Have you filed your tax returns? Your U.S Individual Income Tax Return and State Returns are due on April 15. Except for State of MA and ME they have until April 17. Don't forget to file your tax returns or your extensions for both Federal and State tax returns. This year if you live in AZ, CA, FL, MA, NV, NH, NY, SD, TN, TX, WA, WY a nd you have simple return you can file your federal tax return directly with the IRS for free through the direct file pilot. Here is the link: https://www.irs.gov/about-irs/strategic-plan/irs-direct-file-pilot What does simple return mean? The direct file pilot program support returns with any of the following items: wages reported on W-2, social security income, unemployment compensation and if you have $1,500 or less in interest income to report. If you have other items to report you may not be able to file through the free direct file pilot program. If you don't have all the information or you don't have the time to complete y...

No residentes e impuestos de USA Por JP, EA  Esta es información general sobre residentes no estadounidenses y los impuestos estadounidenses según las leyes tributarias vigentes, 2024. Es importante que consulte con su profesional de impuestos sobre su situación tributaria personal. Un no residente es alguien que no es ciudadano estadounidense, no es titular de una tarjeta verde y no cumple con la prueba de presencia sustancial. Los residentes de EE. UU. (ciudadanos estadounidenses son quienes tienen una tarjeta de residencia “Green Card” y personas que cumplen con la prueba de presencia sustancial) pagan impuestos sobre sus ingresos mundiales. Fuera de EE. UU. Los residentes generalmente pagan impuestos sólo sobre los ingresos de fuente estadounidense, ingresos efectivamente conectados (ECI, por sus siglas en inglés). ¿Ingresos de fuente estadounidense e ingresos efectivamente conectados? La prueba de presencia sustancial se basa en los días que ha estado presente en los Estados U...

By JP, EA  This is general information regarding non-US residents and U.S. taxes based on current tax laws, 2024. It is important that you consult with your tax professional on your own personal tax situation.  A nonresident for tax purposes is someone who: Is not a U.S Citizen, Is not a Green Card Holder Does not meet the substantial presence test.   There are certain visas that may exempt individuals from the substantial presence test as long as they meet certain requirements, for example J-1 and F-1 visas. These individuals are considered exempt individuals for counting the US days for the substantial presence test, but are not exempt from US tax. It is important to note that Form 8843 , Statement for Exempt Individuals and Individuals with a Medical Condition may be required to be filed when filing Form 1040-NR.  If the immigration status changes while holding these types of visas, there could be US tax implications depending on the situation. For additional inf...