by Marina Hernandez | Oct 14, 2020 | FBAR & FATCA, Tax Planning
Every tax season, and this one was no different, one of the things I feel I have to help clients unlearn and relearn, again and again, are their many misconceptions around the FBAR Form FinCEN 114 and FATCA Form 8938. These forms can be relevant to many foreign...
by Marina Hernandez | Oct 12, 2020 | Tax Planning
Tax planning can provide extraordinary benefits when we use it to avoid the two situations that we will focus on today: tax cliffs and surtaxes. For example, through tax planning one can turn $1 (one!!!) of income reduction into $6,659 of additional cash in one’s...
by Marina Hernandez | Sep 30, 2020 | Tax Planning
What is the difference between tax evasion and tax avoidance? Let’s start with tax evasion, as that’s the most straightforward the two to understand. The Merriam-Webster dictionary defines tax evasion as the willful attempt to evade the imposition or payment of a tax....
by Marina Hernandez | Sep 23, 2020 | Tax Planning
This week we are going to discuss how the USA taxes married couples. In many countries, married spouses each have to file their own tax return. In others, they are forced to file a combined tax return. The USA, instead, gives spouses options. For US tax purposes,...
by Marina Hernandez | Sep 16, 2020 | Tax Planning
Anticipating that many of you may not yet be ready to file, I am going to explain this week a way that allows overseas US taxpayers to obtain more time to file. Some of you may already know about this, especially if you live in a foreign country where it is always...
by Marina Hernandez | Sep 9, 2020 | Tax Planning
In last week’s post, we discussed the taxation of nonresident aliens, ECI and FDAP income, as NRA is the most common status of green card holders after they leave the United States and surrender their green cards, and that of US citizens who give up their citizenship,...
