U.S. income taxes pay for services the federal government provides to Americans and legal permanent residents in the United States, such as the country’s security, cure and prevention of diseases, public education, maintenance of roads and highways, medical services for low-income residents and the elderly, and emergency help when natural disasters occur.
Income tax is paid to federal, most states, and some local governments. Taxable income is money that you get from wages, self-employment, tips, and the sale of property. Anyone who earns income and resides in the United States needs to file a tax return and pay all taxes owed.
The Internal Revenue Service (IRS) is the federal agency that collects income tax. Taxpayers file Form 1040, U.S. Individual Income Tax Return, with the IRS each year. Your tax return tells the government how much you earned and how much tax you contributed from your paycheck. If you paid too much from your paycheck, you will receive a refund. If you did not have enough taken out of your paycheck in taxes, you will be required to pay more to the IRS.
A W-2 is a federal form that lists your earnings and the taxes you paid for the last tax year. By law, your employer must send you a W-2 form by January 31 each year. You must send a copy of your W-2 form with your federal income tax return to the IRS.
HAYMAN-WOODWARD‘s team of local and international experts can help you meet your corporate and personal tax obligations as well as provide top-notch pre and post-immigration tax advice.
For foreign citizens interested to live, invest and develop business in the US, it is extremely important to plan in advance, including from a tax and fiscal perspective. When you do your tax planning before the expatriation, there are no negative consequences or surprises.
If you are interested in any of the services provided by our Global Tax division, please contact us at: GlobalTax@HaymanWoodward.com.
HAYMAN-WOODWARD CORP is a holding group of a variety of companies, including business advisory, compliance, business development intelligence consulting, banking and wealth management, family office, aviation, foodservice and others. The group has more than twenty years experience in supporting companies and individuals in their challenges to build value across borders. We have a team of experts in many industry segments in 6 offices around the world, to fully assist our clients.
HAYMAN-WOODWARD’s global network of professionals, provide: Family Office Services, Tax Advisory, Technology Management, Business Development Outsourcing, Behavior Analysis & Profiling, and Business Consulting Services. With unparalleled experience across most industry segments since 1996, our team of skilled professionals has delivered valued services in over 100 countries, by assisting our clients in becoming high-performance and efficient entrepreneurs, businesses and government entities.
HAYMAN-WOODWARD focuses on managing our clients’ investment portfolios, tax advisories, as well as business development opportunities for clients worldwide, seamlessly bridging cultural gaps and ensuring clients’ continued success in the new market of their choice.
HAYMAN-WOODWARD’s clientele is made up of businesses of all different sizes, from small businesses enterprises to Fortune 1000 companies.
HAYMAN-WOODWARD’s team of professionals and management have a combined 50 years of experience in their fields, and are located in our offices in the United States of America, Asia, Europe and Latin America. The company offers a variety of services to help its customers achieve their maximum ROI and a clear path to profitability in several markets worldwide.