Kwesi-cpa

02/11/2024

01/31/2024

Many Americans living abroad qualify for special tax benefits, such as:

1. Foreign Earned income exclusion
2. Foreign tax credit

But they can only get them by filing a U.S return

01/31/2024

American expats are subject to US taxes for their worldwide income, no matter where they live

01/31/2024

If you have a U.S. tax filing requirement and are not eligible for a Social Security Number (SSN), you can apply for an Individual Taxpayer Identification Number (ITIN) from the . Make sure you review the revised application standards for an ITIN so your application is accepted the first time you submit it.

Get the details at www.irs.gov/itin.

12/18/2023

The IRS announced multiple changes for the 2023 tax year to account for inflation.

12/03/2023

Docs/Info needed to file your tax return(7 posts)

Estimated Tax Payments (7th of 7 posts):

+Estimated tax payments made during the year to the IRS and state and local tax authorities (1040-ES)
+Prior-year refunds applied to the current year
+Any amounts paid with an extension you made for the yea

✈

12/02/2023

Docs/Info needed to file your tax return(7 posts)

Tax Credits (6th of 7 posts):

+Form 1098-T showing expenses for higher education
+Child care provider’s name, address, and tax identification number and amount paid.
+Adoption costs and Social Security number of children you legally adopted during 2023
+Form 1095-A if you purchase health insurance through the Health Insurance Marketplace
+Receipts/info for new Home energy-efficient equipment
+Electric Vehicle purchase info

✈

11/29/2023

Docs/Info needed to file your tax return(7 posts)

Deductions (5th of 7 posts)

+Form 1098 showing any mortgage interest, mortgage insurance premiums, and points you paid during the tax year
+Real estate taxes
+Charitable donations(including mileage to volunteer)
+Out-of-pocket medical expenses(including mileage to doctor appointments)
+Premiums paid for long-term care insurance
+State and local income taxes or sales taxes
+Taxes are paid with your vehicle registration
+Documentation of casualty losses (if you lived or owned property in a federally declared disaster area)
+Form 1098-E for student loan interest
+Records of contributions to an HSA, IRA, SEP or self-employed retirement plan(5498-SA)
+Alimony paid (for divorce or separation agreements dated on or before December 31, 2018)
+For teachers, expenses paid for classroom supplies
+Premiums paid for self-employed health insurance
+Settlement Statement (HUD-1) if you purchased or refinanced a home
+Moving expenses (For active duty military only)
+Canceled debts from forms 1099-A and 1099-C
+Non-business bad debt (deductible up to $3,000)

✈

11/27/2023

Paperwork/Info needed to file your tax return(7 posts)

Rental Income/Expenses (4th of 7 posts):

+Rental property purchase/sold - Type of building, purchase/sale price, date of purchase/sale, closing costs from closing statement, etc
+Rental income (can be on a 1099-misc form)
+Rental property expenses - Mortgage interest, property taxes, repairs, supplies, equipment, contractors, etc.

✈

11/26/2023

Ghana: Mandatory Online Individual Tax Return filing information

https://www.facebook.com/100007745895322/posts/3568213143446847/

The 2022 individual income tax returns due on or before 28 April 2023 must be filed online.