The Guide to Choosing a Payroll Provider
If you are looking for a payroll provider, there are many things to consider. You need to find a company that has a good reputation, customer support, and that will give you a reasonable price. Using a provider that is automated will cut down on errors, and will also save you money. Automated payroll reduces errors Automated payroll is the process of collecting and storing employee data, withholding taxes, and calculating pay. This helps ensure that employees receive their paychecks on time. It also protects confidential data from hackers. According to the American Payroll Association, automation can reduce the cost of payroll processing by as much as 80%. Taking full advantage of the benefits of automation can save money, time, and improve accuracy. Whether you're paying your employees by check or by direct deposit, automated payroll systems can help streamline payments. The payroll system can be tailored to accommodate more complex functions, such as deductions for health insurance premiums, retirement plan contributions, and more. Automation also reduces the chance of human error. Human error is the most common cause of errors in paychecks. As an example, a single wrong digit in a manual payroll calculation can lead to inaccurate paychecks.
read moreNavigating the Singaporean Tax System - Key Considerations for US Expats
Singapore boasts one of the lowest tax rates worldwide and offers numerous financial incentives to small business owners, but staying on top of taxes requires careful management. US expats living in Singapore should keep abreast of tax filing deadlines and understand local taxation law, in addition to being aware of which expenses and assets fall within its taxation thresholds. Following is advice in Singapore expat tax planning for US expats from HTJ.tax . Taxes on Income Singapore income taxes include both personal and corporate taxes on income. Tax rates in Singapore are relatively low compared to other developed nations; individuals can expect to pay anywhere from 0%-20% of their total income as taxes; this amount depends on whether or not you are considered a resident or non-resident, filing status requirements, filing deadlines and the forms you need to submit. As a resident, filing your Singapore tax return by April 15th each year is mandatory and payments for it should be sent out after assessment notices have been sent out on September 15th. US expats working self-employed may need to report earnings both to Singaporean and US tax returns; they can take advantage of Singapore's wide network of Avoidance of Double
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The Importance of Filing IRS Form 706-NA: Estate Tax Return for Nonresident Decedent
If you are the executor or personal representative of an estate for a nonresident decedent, it is important to understand the requirements for filing an estate tax return with the Internal Revenue Service (IRS). In this article, we will discuss the importance of filing IRS Form 706-NA , which is the estate tax return for nonresident decedents. What is IRS Form 706-NA? IRS Form 706-NA is the estate tax return for nonresident decedents. It is used to report the value of the decedent's estate and to determine the amount of estate tax that is due. Who Must File IRS Form 706-NA? The executor or personal representative of an estate for a nonresident decedent must file IRS Form 706-NA if the estate meets certain requirements. In general, an estate must file a return if the decedent was a nonresident of the United States at the time of death and the estate includes assets located in the United States. What Assets Must Be Included in the Estate Tax Return? The following assets must be included in the estate tax return:
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US Expat Taxes in Portugal Explained
So, I was recently talking with my good friend and US Tax / Portugal tax expert Derren from Htj.tax and decided to shoot a summarized article for those of you who could benefit. There are several different types of taxes that you may face when living in Portugal, and it's important to know how to keep your finances in order. The type of tax you'll need to pay depends on whether or not you're a Portuguese resident, or a non-habitual Portuguese resident. If you're a non-habitual resident, you'll be responsible for paying income and property wealth taxes on the income you earn from Portugal. Non-residents are taxed on the portion of income that's allowable in both countries Many a taxpaying resident has been subjected to the taxman's whimsies. While this may seem like an unfair treatment, the US tax code provides many tax incentive programs to keep its taxpayers in business. One such program is the Foreign Earned Income Exclusion, or FEE, which allows foreigners who are working in the US to avoid paying income taxes on their offshore earnings. The FEE is not for everyone, however, so be sure to check with your financial planner before
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US Taxes For Expats Explained
US Taxes For Expats Explained When living in another country, US taxes for expats can be complicated. For example, some people may not be aware of the Foreign Earned Income Exclusion. You should also know about the Foreign Tax Credit and Estate taxes. These two factors can significantly affect your tax liabilities and can even affect your retirement savings. Foreign Earned Income Exclusion If you are an expat living in another country, the Foreign Earned Income Exclusion in US tax law applies to your income earned outside the country. However, to claim the exclusion, you must have a bona fide presence in the country where you are filing taxes. The Foreign Earned Income Exclusion is not the only tax benefit available to expats. Many of them can also claim a Foreign Tax Credit. The trick is to allocate your income so that you can claim the most tax benefits possible. However, you cannot claim both. In order to qualify for the Foreign Earned Income Exclusion in US taxation, you must be a bona fide resident of the country where you earn your income. The country where you work has to have an income tax
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