Small Business Accounting

Small Business Accounting - Accurate accounting is just as essential for the mom-and-pop as it is for the big-box store. Meaningful financial records set a firm foundation for any

successful business, and sloppy methods can harm you in more ways than you think. If you don't have time to deal with your own small business accounting requirements, you'll need the help of trusted accounting consulting services.

At the accounting and bookkeeping service of ABA Tax Accounting, you'll find small business accounting and bookkeeping professionals who are willing to build the close relationships you need to add to your company's long-term value. Not all small business accounting firms or accounting consulting firms will offer such affordable bookkeeping.

Each accountant at our tax accounting company will:

·         Assure the solidity of your financial records.

·         Evaluate your financial procedures.

·         Fashion the strategies you need to plan and execute your business.

·         Perform an objective analysis to increase efficiency while controlling costs.

·         Keep you abreast of fluctuating tax laws and accounting standards.

Since 1989, our accounting company has successfully responded to the financial concerns of entrepreneurs just like you. Our small business accounting and bookkeeping professionals are aware of the issues you face and will happily use their expertise to minimize your worries and maximize your gains.

If you would like any additional information please feel free to contact me.

Amare Berhie, Enrolled Agent (EA)

AB Tax Online

ABA Tax Accounting

amare@abataxaccounting.com                          

(651) 300-4777, (612)424-1540, (651) 621-5777

Tax Implications of Retiring Overseas

Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it's important

to look at the tax implications because not all retirement country destinations are created equal. Here's what you need to know.

Taxes on Worldwide Income

Leaving the United States does not exempt U.S. citizens from their U.S. tax obligations. While some retirees may not owe any U.S. income tax while living abroad, they must still file a return annually with the IRS. This would be the case even if all of their assets were moved to a foreign country. The bottom line is that you may still be taxed on income regardless of where it is earned.

Unlike most countries, the United States taxes individuals based on citizenship and not residency. As such, every U.S. citizen (and resident alien) must file a tax return reporting worldwide income (including income from foreign trusts and foreign bank and securities accounts) in any given taxable year that exceeds threshold limits for filing.

The filing requirement generally applies even if a taxpayer qualifies for tax benefits, such as the foreign earned income exclusion or the foreign tax credit, that substantially reduce or eliminate U.S. tax liability.

Note: These tax benefits are not automatic and are only available if an eligible taxpayer files a U.S. income tax return.

Any income received or deductible expenses paid in foreign currency must be reported on a U.S. return in U.S. dollars. Likewise, any tax payments must be made in U.S. dollars.

In addition, taxpayers who are retired may have to file tax forms in the foreign country in which they reside. You may, however, be able to take a tax credit or a deduction for income taxes you paid to a foreign country. These benefits can reduce your taxes if both countries tax the same income.

Nonresident aliens who receive income from U.S. sources must determine whether they have a U.S. tax obligation. The filing deadline for nonresident aliens is generally April 15 or June 15 depending on sources of income.

If you would like any additional information please feel free to contact me.

Amare Berhie, Senior Tax Accountant

AB Tax Online

ABA Tax Accounting

amare@abataxaccounting.com                          

(651) 300-4777, (612)424-1540, (651) 621-5777