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Worldwide income and its Tax implications

A U.S. tax treaty, if applicable, may give a green card holder the option to elect

non-resident alien (“NRA”) status and thereby be released from U.S.-tax-resident

status. This type of position is often very tricky and requires a detailed technical

analysis by a competent tax professional. Find one at Tax Services in Las Vegas

Perhaps it is less well known that one may also be considered a U.S. tax resident if

the substantial presence test is met for the calendar year. Under this test, one

must be physically present in the United States on at least: (a) 31 days during the

current calendar year; and (b) a total of 183 days during the current year and the 2

preceding years, counting all the days of physical presence in the current year, but

only one-third the number of days of presence in the first preceding year, and only

one-sixth the number of days in the second preceding year.

Generally, states impose tax only on individuals who are residents of the state. If

an individual is a resident of a particular state and then moves abroad, such

individual will most likely be treated as a part-year resident for the year of the

move and will most likely be required to pay tax at least on the portion of income

allocated to the period in which they were a resident.


However, with respect to the remainder of the year (and subsequent years), the

critical question is whether such individual is still considered “domiciled” in such

state under the state’s tax rules. Many people often think that if they no longer live

in the state, then they’re not considered residents of the state for purposes of filing

to find tax preparers in las vegas. Although this conclusion may sound logical, it is not always

correct. For example, in many states (such as California), the requirements for

breaking residency are fairly strict and require not only that one move out of the

state but also sever other ties they have with the state. Such ties include selling

property owned in the state, closing bank accounts and even relinquishing a state

issued driver’s licenses.

Tax Home

Your tax home is the general area of your main place of business,

employment, or post of duty, regardless of where you maintain your family home.

Your tax home is the place where you are permanently or indefinitely engaged to

work as an employee or self-employed individual. You are not, however, considered

to have a tax home in a foreign country for any period in which your “abode” is in

the United States. “Abode" has been variously defined as one's home, habitation,

residence, domicile, or place of dwelling. The location of your abode often will

depend on where you maintain your economic, family, and personal ties.

Net Investment Income Tax

If an individual has income from investments, the individual may be subject to a

3.8 percent Net Investment Income Tax (“NIIT”) on the lesser of their net

investment income (such as interest, dividends, capital gains, rental and royalty

income, among others), or the amount by which their modified adjusted gross

income exceeds the statutory threshold amount based on their filing status. The

current thresholds are $250,000 (married filing jointly), $125,000 (married filing

separately), or $200,000 (single or head of household). In general, NRAs and NRA

spouses are not subject to the NIIT.

Figuring the Size of the Workforce

To decide your workforce estimate for a year, you must include your aggregate number of full-time representatives for every time of the earlier year to the aggregate number of full-time workers for each month of the scheduled year and separate that aggregate number by 12. In the event that the outcome is at least 50 representatives, you are a large business owners and applicable to apply as such.

Owners with Fewer than 50 Employees

On the off chance that a business has less than 50 full-time representatives, including full-time proportional workers, by and large amid the earlier year, the business is not an ALE for the present schedule year. Thusly, the business is not subject to the business shared duty arrangements or the business data revealing arrangements for the present year.

Data Reporting (Including Self-Insured Employers)

All suppliers of wellbeing scope, including businesses that give self-safeguarded scope, must document yearly returns with the IRS detailing data about the scope and about each secured person. The scope is accounted for on a Form 1095-B, Health Coverage and the business should likewise fill out a duplicate of Form 1095-B to the worker by March 2, 2017.

Duty Credits

Certain businesses might be qualified for the independent venture social insurance charge credit in the event that they:

  1. Cover no less than 50 percent of workers' expenses

  1.   Have less than 25 full-time proportional workers with normal yearly wages of under $52,000 in 2016 (filed for expansion)

  1. Buy their coverage through the Small Business Health Options Program.

Owners with less than 50 full-time workers or full-time identical representatives are not subject to the business shared obligation arrangements.

Bosses with 50 or More Employees

Data Reporting

All businesses including extensive material that give self-protected wellbeing coverage must document a yearly return for people they cover, and give an announcement to dependable people.

Relevant extensive businesses must document a yearly return- - and give an announcement to each full-time worker - revealing whether they offered medical coverage, and provided that this is true, what protection they offered their representatives.

Lagers are required to outfit an announcement to each full-time representative that incorporates a similar data gave to the IRS by March 2, 2017. Bearers that record at least 250 data returns amid the timetable year must document the profits electronically. It is imperative that the documentation is accurate. Any inaccurate information or misrepresentation will be hit hard by the IRS and will be investigated which will take time, money, and resources in order to complete which will hinder the growth of the business. There will also be a penalty incurred and will be included in the IRS network of businesses to audit more often as a yellow flag.

Owner Shared Responsibility Payment

Smaller corporations are liable to the business shared obligation installment if no less than one full-time representative gets the top notch charge credit and one these conditions apply.

The ALE:

  1. Neglected to offer coverage to full-time workers and their wards

  1. Offered coverage that was not reasonable

  1. Offered coverage that did not give a base level of scope

Inquiries? Feel free to reach out to us at tax service accountant and learn more about how we can answer any of your business related questions.

Community Action

Katrina Assistance on the Way

Capital Software is helping to sponsor a local accounting firm to help individuals with their tax needs. Capital Software encourages other businesses to assist those in need.

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Mutual Fund Investments


Earlier, investing in a mutual fund, and asking whether or not a dividend is paid when giving up 12 months or whether a dividend can be paid earlier inside the subsequent year but be deemed paid by this 12 months. The year-stop dividend ought to make a great difference within the tax you pay.

For instance: you invest $20,000 in a mutual fund at the end of 2016. You choose automated reinvestment of dividends, and in late december of 2016, the fund will pay a $1,000 dividend of the shares you purchased. The $1,000 is routinely reinvested.

End result: you should pay tax on the $1,000 dividend. You should take budget from some other supply to pay that tax due to the automatic reinvestment. The mutual fund's long-term capital profits bypass through to you as capital gains dividends, taxed as long-term costs however lengthy or short your holding period.

The mutual fund's distributions for dividends commonly qualify for the equal tax alleviation as long-term capital profits. If the mutual fund passes through its brief-time period capital gains, these might be reported to you as "normal dividends" that don't qualify for remedy.

Relying on financial occasions, it may or may not be an awesome idea to buy stocks prior to the fund going ex-dividend. For instance, the distribution could be surprisingly small, with best minor tax outcomes. Or the market might be transferring up, with share costs predicted to be higher after the ex-dividend date.

Tip: To discover a fund's ex-dividend date, call our firm the Las Vegas, Nevada Tax at once.

Please let us know if you'd like more statistics on how dividends payout affects your taxes this year and subsequent years.

Full-time student below age 24 -  this is in excess of $2,100 which is taxed at the discerns tax fee.

Retirement plan contributions -  maximize your retirement plan contributions. In case you personally own an incorporated or unincorporated commercial enterprise, bear in mind putting in a retirement plan in case you don't already have one. It would not really need to be funded until you pay your taxes, but allowable contributions may be deductible on this year’s return.

if you are a worker and your organisation has a 401 k, contribute the most quantity ($18,000 for 2016), plus an additional catch-up contribution of $6,000 if age 50 or over, assuming the plan lets in this and profits regulations do not apply.

In case you are employed or self-hired with no retirement plan, you can make a deductible contribution of up to $5,500 a yr to a traditional ira (deduction is once in awhile allowed even when you have a plan). Similarly, there's also an extra trap-up contribution of $1,000 if age 50 or over.

Health financial savings debts -  recall setting up a health savings account (hsa). You could deduct contributions to the account, funding earnings are tax-deferred until withdrawn, and quantities you withdraw are tax-free while used to pay clinical payments.

In effect, health charges paid from the account are deductible from the primary dollar (not like the standard rule prescribing such deductions to the over 10 percent of agi). For amounts withdrawn at age 65 or later that are not used for health bills, the hsa functions much like an ira. To be eligible, you have to have a high-deductible health plan (hdhp), and only certain insurance, challenge to numerous exceptions, and ought to no longer be enrolled in medicare. For 2016, to qualify for the hsa, your minimum deductible on your hdhp has to be at least $1,300 for unmarried coverage or $2,600 for a single family.

These are just a few of the steps you can take. Please contact the las vegas office for assistance with enforcing these and other end of year plans that is suitable for your current situation.

Choosing the right Tax Preparer in Las Vegas, Nevada


Tax preparers in Las Vegas have found that  everyday all of us have choices in life and in business, it's especially importatant to choose the right tax preparer for your needs. Here we list some common red flags that will help you be more aware of expectations you should have for your tax preparer. We'll also let you know if they might not be a good tax preparer for your specific tax needs. People get scammed every year from persons who claim to know all about tax law. Instead end up being caught operating in an unlawful manor, this happens all over the world everyday. Here are some of the indicators that your tax preparer might not be right for you:


First on our list - Be aware of any tax preparer who will brag that he or she can get you a larger refund than some or all of their competition, or even there are those who will promise you a certain refund before reviewing your financial documents and past tax returns.


Little or no tax preparation reputation. Legitimate tax service will always stand out from the scammer type because of their reputations they've built up over a long period of time. Also be sure to remember that tax questions come up all times of the year, do you think their service will be accessible all year round to answer them? If the answer is no, then you probably want to find another CPA or tax firm that are more dedicated tax expert professionals.


Another common practice with reputable tax preparers is they will often request to see your receipts and records. It is their duty to you, their client to ask you questions to determine your total income and your qualifications for deductions, credits and other items.


Always ask about your service fees, this is one of the best practices you could possibly use to defend yourself against tax fraud. You want to avoid preparers who will base their fee on a percentage of your tax refund. Others will claim they can get you a larger refund than everyone else too as we covered. Most importantly you want to make sure your refund is going into your account and not to some con artist.


In closing there are many ways in which you can tell if your tax preparer is a scammer or not, one of the best methods is to ask right away if your tax preparer has and IRS preparer Tax Identification Number (PTIN), this is somthing that is always required to have from the IRS themselves. You can then fact check them or cross reference them using the IRS directory of Federal Tax Return preparers on the US treasury website. Always report suspected tax fraud to the IRS on Form 14157, Complaint: Tax Return Preparer. If you suspect a return praparer filed or altered a return without your consent, you should also file Form 14157-A, Return Preparer Fraud or Misconduct Affidavit.


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