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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.

The Foreign Bank Account Report

June 21, 2014 : The Foreign Bank Account Report was originally set up to prosecute money laundering, but it is now also being used to combat offshore tax evasion. At the end of 2013, the IRS enforcement program has resulted in collection of over $5.5 billion, which the US Treasury Department believes to be a fraction of actual pertaining to offshore tax evasion.

U.S citizens, resident aliens and certain non resident aliens are required to report worldwide income from all sources including foreign accounts and pay taxes on income from those accounts at their individual rates.

Federal law requires a US person who has a financial interest in or signature authority over one or more foreign accounts with aggregate value greater than $10000 to report same. The FBAR must be filed on or before June 30th for foreign financial accounts aggregating more than $10000 in the previous calendar year. Any person required to file the FBAR must keep certain records of the account for five years. The law requires a resident or citizen of the United States or a person in and doing business in the United States, to keep records and or file reports when making transactions or maintaining a relationship with a foreign financial agency.

The FBAR is required for each calendar year during which the aggregate amounts in the accounts exceeding $10000 valued in US dollars at any time during the calendar year. Example, if the statement closing balance is $9000 but at any time during the year a balance of $150000 appears on a statement, the maximum value is $15000.

Convert foreign currency by using the official exchange rate in effect at the end of the year in question for converting the foreign currency into US dollars. The official treasury rates of exchange for the previous quarter year can be obtained at http://fms.treas.gov/intn.htm#rates or calling Dept of Treasury @ 202 874 7994.

 The IRS has been delegated authority to assess FBAR civil penalties.  There are civil penalties for negligence patter of negligence, non-willful and willful violations.  FBAR penalties are determined per account, not per unified FBAR for each person required to file.  Penalties apply for each year of each violation.  There may be multiple FBAR civil penalty assessments arising from one account.

 If anyone is having financial interest in foreign account declare the same by visiting http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html and also amending their tax return if not earlier declared.

 

 

Tips to Help You Pay Your Tax Bill

May 25, 2014 : If you get a tax bill from the IRS, don’t ignore it. A delay may cost you more in the long run. The longer you wait the more interest and penalties you may have to pay. Here are few tips to help you avoid those extra charges:

1. Pay electronically.  Using an IRS electronic payment to pay your tax is quick, accurate and safe. You also get a record of your payment. Your options include:

  • IRS Direct Pay
  • Electronic Federal Tax Payment System
  • Credit or debit card

Direct Pay and EFTPS are free services. If you pay by credit or debit card, the company that processes your payment will charge a fee.

2. Pay monthly if you can’t pay in full.  If you can’t pay all at once, apply for a payment plan. Most people and some small businesses can apply using the IRS Online Payment Agreement Application . You can also apply for a plan using Form 9465, Installment Agreement Request. 

3. Check out a direct debit pay plan.  A direct debit pay plan is the lower-cost hassle-free way to pay. The set-up fee is less than other plans – $52 instead of $120. With this type of plan, you pay each month automatically from your bank account. There are no reminder notices from IRS, no missed payments and no checks to write and mail.

4. Consider an Offer in Compromise.  An Offer in Compromise allows you to settle your tax debt with the IRS for less than the full amount. An OIC may be an option if you can't pay your tax in full. It may also apply if full payment will create a financial hardship. .

5. Pay by check or money order.  Make your check or money orderpayable to the U.S. Treasury. Be sure to include:

  • Your name, address and daytime phone number
  • Your Social Security number or employer ID number if business tax
  • The tax period and related tax form, such as “2013 Form 1040”

Mail it to the address listed on your notice. Do not send cash in the mail.