Personal Tax FAQ
As an American citizen or Green Card holder you are subject to U.S. taxation of worldwide income, no matter where you go. However, tax can generally be reduced or eliminated by: ● the foreign earned income exclusion, ● the housing exclusion, and ● the foreign tax credit. The foreign earned income exclusion may be available if: ● You are a bona fide resident of a foreign … [Read more...] about Filing requirements for American Citizen or Green Card Holders.
You must make estimated tax payments for the current tax year if both of the following apply: You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits. You expect your withholding and credits to be less than the smaller of: 90% of the tax to be shown on your current year’s tax return, or 100% of the tax shown on … [Read more...] about How do I know if I have to pay quarterly individual estimated tax payments?
A split refund lets you divide your refund, in any proportion you want, and direct deposit the funds in up to three different accounts with U.S.financial institutions. … [Read more...] about What is a split refund?
It depends on the type of mistake that you made: Many mathematical errors are caught in the processing of the tax return itself. If you did not attach a required schedule, the IRS will contact you and ask for the missing information. If you did not report all your income or did not claim a credit, you should file an amended or corrected return using Form 1040X (PDF), … [Read more...] about What should I do if I made a mistake on my federal return that I have already filed?
The American Recovery and Reinvestment Act (ARRA) of 2009 was signed into law by President Obama onFebruary 17, 2009. The bill is intended to provide a stimulus to theU.S. economy in the wake of the economic downturn. The bill includes federal tax cuts, expansion of unemployment benefits and other social provisions, including domestic spending in education, health care, and … [Read more...] about What is the American Recovery and Reinvestment Act (ARRA) of 2009?