US Individual Services
Tax Return preparation & filing
Preparing & filing of Individual Tax Returns is a stringent compliance as envisaged by US Tax Law for availing all eligible US Tax benefits. VibrantTax can relieve you of this burden by preparing your Individual Tax Returns with due care and commitment within the deadline provided by Income Tax Law. Our comprehensive Individual Tax Return Service is a natural supplement to our Corporation Tax Return Service with a team of highly qualified and experienced CPA’s, CA’s & EA’s, and we do everything to minimize your tax while making the overall taxation process efficient, easy and cost-effective as possible.
Our Individual Tax Return Services include:
- Preparatory work for documentation & tax computations
- Preparation of self-assessment tax return
- Submission of individual tax return,
- Advance notification of personal tax payments
- Related correspondence with the IRS
Key areas we focus on include:
- Maximizing Work-Related Deductions & Credits.
- Rental properties.
- Superannuation contributions.
- Maximizing Rebates and Tax Offsets.
- Capital gains.
- Foreign assets and income.
Tax Planning & Advisory
Income Tax planning is one of the most important aspects of personal finance. It forms an integral part of our savings plans. However, 90% of financial mistakes by individuals in US are made during the tax planning season. Most of the individuals fail to assess their tax liability and postpone the tax savings to last minute. Due to these reasons, they end up paying unnecessary taxes or opt for unnecessary tax savings. Tax planning should be considered as an integral part of an overall financial plan. This would help individuals in optimizing their tax planning strategies.
You may have often encountered problems in assessing your actual tax liability. As a result you end up paying more than required amount in form of taxes or buy unnecessary products. Also taking tax planning tips from friends and family who may not be experts affects your overall financial plan.
Good tax planning services advocates paying taxes smartly by utilizing the provisions in the Tax Laws to minimize the tax liability. The best tax saving plan will include a holistic view of the impact of your tax savings on your financial goals.
The tax planning services on VibrantTax helps you in optimizing tax planning by
- Knowing your tax liability
- Providing Comprehensive assessment of all tax related deductions and credits
- Knowing the impact of tax savings on your available surplus.
- Evaluating all your tax saving investments based on their merit.
An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service (IRS). The IRS issues ITINs to help individuals comply with the U.S. tax laws, and to provide a means to efficiently process and account for tax returns and payments for those not eligible for a Social Security Number (SSN). ITINs are issued by the IRS to certain nonresident aliens who require a number for tax treaty, tax return or other reasons. We provide assistance in applying/filing ITIN to our clients absolutely at no cost. For more information about ITIN, please click on the below mentioned link.
List of Documents required for applying ITIN
To begin the ITIN application process, you will need:
- A complete IRS Form W-7
- A U.S. federal income tax return
- Your Passport or TWO (2) of the following documents: (including at least one proving identification with photo and one proving foreign status from your country):
- National Identification Document (this must be current, and include your name, photo, address, date of birth, and expiration date)
- U.S. driver’s license
- Foreign driver’s license
- Birth Certificate (required for a dependent unless a passport is being submitted and the passport has a date of entry into the U.S.)
- U.S. State I.D.
- Foreign Voter’s Registration card
- Visa issued by the U.S. Department of State
- U.S Military ID card
- Foreign Military ID card
- U.S. Citizenship and Immigration Services photo I.D.
- Medical (for dependents under age 6 only)
- School records (for dependents who are students under age 18 only)
You can fill out an application form for an ITIN for you, your spouse, and your dependents when you prepare your tax return with us.
FBAR & FATCA Processing
FBAR(Foreign Bank Account Reporting)
All US Citizens and Residents who have a financial interest in or signature authority or other authority over any financial account in a foreign country and if the aggregate value of these accounts together exceed $10,000 at any time during the tax year, then it is mandatory to file FBAR with IRS.
We at VibrantTax obtain the relevant information regarding FBAR services along with the
regular tax returns and process the same.
For more information on FBAR, please visit at https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar
FATCA (Foreign Account Tax Compliance Act)
Under FATCA, certain U.S. taxpayers holding financial assets outside the United States
must report those assets to the IRS on Form 8938, Statement of Specified Foreign
Financial Assets. There are serious penalties for not reporting these financial assets (as
described below). This FATCA requirement is in addition to the long-standing requirement to report foreign financial accounts on FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR) (formerly TD F 90-22.1).
Reporting by U.S. Taxpayers Holding Foreign Financial Assets
FATCA requires certain U.S. taxpayers who hold foreign financial assets with an aggregate value of more than the reporting threshold to report information about those assets on Form 8938, which must be attached to the taxpayer’s annual income tax return. The reporting threshold is higher for certain individuals, including married taxpayers filing a joint annual income tax return.
Taxpayers living in the United States. You must file Form 8938 if you must file an income
tax return and:
- You are unmarried and the total value of your specified foreign financial assets is
more than $50,000 on the last day of the tax year or more than $75,000 at any time
during the tax year
- You are married filing a joint income tax return and the total value of your specified foreign financial assets is more than $100,000 on the last day of the tax year or more than $150,000 at any time during the tax year.
- You are married filing separate income tax returns and the total value of your
specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year. For purposes of calculating the value of your specified foreign financial assets in applying this threshold, include one-half the value of any specified foreign financial asset jointly owned with your spouse. However, report the entire value on Form 8938 if you are required to file Form 8938.
Specified Foreign Financial Assets
Specified foreign financial assets include foreign financial accounts and foreign non-accoun assets held for investment (as opposed to held for use in a trade or business), such as foreign stock and securities, foreign financial instruments, contracts with non-U.S. persons, and interests in foreign entities.For more information on FATCA, please visit at https://www.irs.gov/businesses/corporations/foreign-account-tax-compliance-act-fatca
Federal & State Extension filing
You can file an extension for your taxes by filing Form 4868 with the IRS online or by mail. This must be filed on or before the tax filing due date, typically April 15. Filing an extension for your taxes gives you an additional six months to prepare your return no matter the reason you need the extra time.
If you fail to file either a tax extension or tax return by the appropriate filing deadline, don’t worry!! Being a professional tax preparer, we help you to figure out your tax situation and advise you on IRS installment arrangements. Beside this, we also assits in Estimate Tax Return so that you can get more out of your money.
A tax filing extension can also be useful for those who do not have necessary documentation available to complete their tax return. If you feel you may need this extension, let VibrantTax tax help you get it. In case if you are expecting my tax refund, you do not have to file for an extension. With our experts, you have three more years from the tax deadline to submit your tax return and claim money.
Representation is a very powerful tool you can use to "even the odds" when you must deal with the IRS. Most individuals do not have the experience in dealing with the IRS in negotiations, and understand the value of being represented by someone with the proper knowledge and experience. The result of being represented by an experienced Negotiator is generally a better financial deal for you.
We will represent you in case of any audit, enquiries, notices received from IRS, State & Local Revenue Departments to the best of your own advantage and we will assure you that you will be represented in a professional way.