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U.S. TAX FILINGS

Don't worry about taxes, we'll do it for you!

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MAXIMUM WEALTH PRESERVATION

Preserve Your Hard-Earned Wealth!

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INTERNATIONAL TAX STRATEGY

U.S. Expat Tax Filings

Welcome to maxWEALTH Finance, Accounting & Tax Consultants - We Maximize Your Wealth!

maxWEALTH is committed to providing wealth, tax & accounting services for a wide range of clients including Individuals, Business Owners, H1B/L1 or Consultants working on Client Projects, Physicians, High Net Worth Individuals, Students working on OPT/CPT. Call or email us. Our professionals are ready to answer any question you may have. If you do not know who to revert to, please contact us at This email address is being protected from spambots. You need JavaScript enabled to view it. . We will endeavor to respond to your enquiry within 1 business days of receipt.

WE WANT TO SERVE YOU!

 

maxWEALTH provides Tax & Wealth Advisory Services for a number of people including:

  • Individuals

  • Business Owners

  • US Expatriates Working Abroad

  • Doctors/Physicians

  • H1B/L1 Consultants working on Client Projects

  • Students working on OPT/CPT

We provide extreme data  security for all our client's tax returns and will ensure 100% customer satisfaction at an affordable price.

maxWEALTH CONSULTING SERVICES

 

maxWEALTH provides a comprehensive range of services tailored to your financial needs:

  • Personal & Business Taxes

  • Year Round Full Service

  • Prior Year Filings & Amendments

  • Super Fast Rapid Refunds

  • Direct  Deposits

  • Accounting Services 

  • IRS Audit Help

maxWEALTH can serve all your wealth planning needs.

Tax Rules for Children with Investment Income

March 21, 2014 : You normally must pay income tax on your investment income. That is also true for a child who must file a federal tax return. If a child can’t file his or her own return, their parent or guardian is normally responsible for filing their tax return.

Special tax rules apply to certain children with investment income. Those rules may affect the tax rate and the way you report the income.

Here are four facts from the IRS that you should know about your child’s investment income:

1. Investment income normally includes interest, dividends and capital gains. It also includes other unearned income, such as from a trust.

2. Special rules apply if your child's total investment income is more than $2,000. Your tax rate may apply to part of that income instead of your child's tax rate.

3. If your child's total interest and dividend income was less than $10,000 in 2013, you may be able to include the income on your tax return. If you make this choice, the child does not file a return. See Form 8814, Parents' Election to Report Child's Interest and Dividends. 

4. Children whose investment income was $10,000 or more in 2013 must file their own tax return. File Form 8615, Tax for Certain Children Who Have Investment Income, along with the child’s federal tax return.

Starting in 2013, a child whose tax is figured on Form 8615 may be subject to the Net Investment Income Tax. NIIT is a 3.8% tax on the lesser of either net investment income or the excess of the child's modified adjusted gross income that is over a threshold amount. Use Form 8960, Net Investment Income Tax, to figure this tax. For more on this topic.

For more on this topic, see Publication 929, Tax Rules for Children and Dependents.

Three Timely Tips about Taxes and the Health Care Law

March 6th 2014 : The health care law has provisions that may affect your personal income taxes. How the law may affect you may depend on your employment status, whether you participate in a tax favored health plan and your age.

Here are three tips about how the law may affect you:

1. Employment Status

  • If you are employed your employer may report the value of the health insurance provided to you on your W-2 in Box 12 with Code DD.  However, it is not taxable.
  • If you are self-employed, you can deduct the cost of health insurance premiums, within limits, on your income tax return.

2. Tax Favored Health Plans

  • If you have a health flexible spending arrangement (FSA) at work, money you put into it normally reduces your taxable income.
  • If you have a health savings account (HSA) at work, money your employer puts into it for you, within limits, is not taxable.
  • Money you put into an HSA usually counts as a deduction and can lower your taxes.
  • Money you take from an HSA to use for qualified medical expenses is not taxable income; however, withdrawals for other purposes are taxable and can even be subject to an additional tax.
  • If you have a health reimbursement arrangement (HRA) at work, money you receive from it is generally not taxable.

3. Age

If you are age 65 or older, the threshold for itemized medical deductions remains at 7.5 percent of your Adjusted Gross Income (AGI) until 2017; for others the threshold increased to 10 percent of AGI in 2013. Your AGI is shown on your Form 1040 tax form.