What is the FBAR? FBAR is the acronym of Report of Foreign Bank and Financial Accounts, otherwise know as ‘FBAR’. The Bank Secrecy Act (BSA) gave the Department of the Treasury authority to collect information from U. S. persons who have financial interests in or signature or other authority over financial accounts maintained with financial institutions located outside the United States. This provision of the BSA requires that U.S. persons… Read More
Dependent Care Tax Credit
You need someone to watch your young children or adult dependent during the summer and after school, while you and your spouse work or attend a full time school. IRC (Internal Revenue Code) Section 21, Expenses for household and dependent care services necessary for gainful employment. IRC section 21 provides a credit for taxpayers who incur child care or dependent care expenses that allow the taxpayers to be employed. Limits are… Read More
Double Taxation: How Small Businesses Can Avoid It In The U.S.
Double taxation is a significant concern for small business owners in the United States. It occurs when the same income is taxed twice: once at the corporate level and again at the individual level when profits are distributed as dividends. This situation can create a financial burden for small businesses, affecting their ability to reinvest profits and grow. Understanding how double taxation works and exploring strategies to avoid it is… Read More