Getting ready for Tax Season in 2018

- Jan/2018

In the United States, the reporting season to the Internal Revenue Services (IRS) is in full swing.  Our specialists and partners can help you with this process so as to avoid any issues.

For instance, some deductions help reduce your taxable income, which usually means a lower tax bill. To ensure you take advantage of every deduction and credit for which you qualify, you will need proof of retirement contributions, educational expenses, medical expenses notes, real estate tax payments, and mortgage interest. Gather Social Security numbers for all family members and dependents, any IRS correspondence that you have received, and all receipts of resources earned during the previous year.

Regarding employment income, your W-2 form(s) will reflect Federal and State taxes from 2017 (W-2 forms must be issued by employers prior to February 1st).  For 1099’s, each form title ends with a different suffix, depending on the type of payment you received. For example, the 1099-MISC form relates to contract work. However, if you are paid by a third party via PayPal, you will probably receive a 1099-K. Investment earnings appear as 1099-INT for interest, 1099-DIV for dividends and 1099-B for broker-handled transactions.

For more information, schedule a consultation with HAYMAN-WOODWARD now.

If you have plans to internationalize your investments, develop business, and begin your expatriation process, it is important to have a team of lawyers with proven experience, acting in several jurisdictions and accredited by their respective governments. Our highly specialized professionals possess the technical skills required to evaluate the best alternatives and meet your needs and expectations.

To know which immigration option best suits your profile and that of your family, in addition to knowing more about the many possible alternatives for your projects to develop successfully, talk to one of our expert attorneys.

Our attorneys will assist you in all the details of your expatriation, at all stages, including business development in the United States. For our law firm, each case is unique and is treated as such, with personalized and individualized solutions.

HAYMAN-WOODWARD PLLC is a Washington (D.C) based law firm, specializing in immigration and federal tax laws; and affiliated with HAYMAN-WOODWARD CORP, a business development, and expatriation consulting firm. All legal services are provided by duly-licensed attorneys in each jurisdiction.

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