All posts tagged Tax preparation

  • The 2016 Tax Year is Live!

    We’re excited to announce that the 2017 tax filing season is open and Sprintax is up and running!

    International students and scholars, and non-resident professionals – you can now use Sprintax to prepare your non-resident tax returns for the 2016 tax year. Sprintax can help you prepare your Federal, State, and FICA tax returns to ensure you stay fully compliant.

    Official start of 2017 filing season

    The 2017 filing season starts on January 23 2017. Sprintax gives you the opportunity to prepare your tax return before that date and have your 2016 tax return ready to mail on or after January 23, at the start of the 2017 Filing season.

    April 18 Filing Deadline 

    The filing deadline to submit 2016 tax returns is Tuesday, April 18, 2017, rather than the traditional April 15 date. In 2017, April 15 falls on a Saturday, and this would usually move the filing deadline to the following Monday — April 17.

    However, Emancipation Day — a legal holiday in the District of Columbia — will be observed on that Monday, which pushes the nation’s filing deadline to Tuesday, April 18, 2017.

    What does the April 18 deadline mean to me?

    Non-residents can apply for their tax refunds even after the April 18 deadline, but your return has to be filed no more than 3 years after the original deadline in order for the IRS to issue you a refund.

    You should not worry about penalties and fines if you have no tax liability as the IRS may not penalize you if you do not file a return on time.

    The deadline for filing your Form 8843 is the same as the deadline for filing your tax return (April 18).

    If you owe additional tax for the year, you must file your tax return and pay those taxes by April 18 to avoid late filing and payment interest and penalties.

    How Sprintax works

    To get started, simply create an account here. Sprintax will give you a step-by-step guide to the whole process – all you need to do is answer a few simple questions.

    Once you’re done, Sprintax will generate your tax return/s and you can simply send it to the tax office – it’s as easy as that!

    Once complete, we’ll store your details for any future tax returns. You can also prepare tax returns for previous years using the same account.

    Sprintax offers 24 hour support to students via our Live Chat facility to answer any questions you may have here.

    Don’t miss out on your tax refund and stay compliant by using Sprintax!

    Have a question? Ask our virtual assistant Stacy here.

  • Don’t Miss the US Tax Return Deadline on April 15th

    The US tax deadline is April 15th; use Sprintax to file your US tax return.

    International students and scholars are legally obliged to file a US non-resident tax return by April 15th. We know that tax laws can be confusing, so this is where Sprintax can help. You can sign up here to start using with our easy-to-use online tool now.

    Sprintax will help you prepare an accurate return, meet your tax obligations for your visa, and maximize your refund. And even if you miss the forthcoming deadline, we can still help.

    As an international student, you must submit your tax documents to the IRS for any income earned in 2014 by April 15th this year. Even if you haven’t earned any income, you’re required by law to file a tax return to meet your visa obligations.

    You must file a US tax return by April 15th if:

    • You received a stipend, grant or allowance in 2014
    • You received income/salary/pay from working on or off campus in 2014
    • You didn’t receive any income in the US during 2014 (you must still file 8843 form to declare this)

    Many international students and scholars can benefit from reduced rates and exemptions due to tax treaties between the US and their home countries. Sprintax has the built-in expertise to check if you’re eligible for these treaty benefits.

    If you don’t have an account already, then sign up to Sprintax here as soon as possible to meet your tax obligations.

    Remember, if your university has given you a special access or discount code, don’t forget to use it just before the payment step!

    Missed the Deadline?Don’t worry, if you miss the deadline, Sprintax can still help.

    Don’t have a Sprintax account? Simply create your account here now to start.

    Got any questions? Chat with our tax experts now; we’re happy to help!

  • Top 5 Tax Myths International Students believe in – DEBUNKED!

    George Orwell once said: “Myths that are believed in tend to become true”.

    Well, there might be a grain of truth in what he said but not when it comes to taxes and the U.S. taxation laws.

    As an international student you are not supposed to know the US tax procedures concerning tax return filing by heart but at least you should be aware of the Top 5 tax myths that most international students tend to believe in. So do not walk around believing in “old wives’ tax tales and check the most common tax myths DEBUNKED here!

    Myth 1: Students are not obliged to file US tax return
    Busted: Regardless of the fact that you probably do not classify as an U.S. citizen or you have received no income throughout the previous year, you are required by the U.S. taxation law to file a tax return. Remember this!

    Myth 2: You can file your taxes any time during the year
    Busted: You should complete and submit your tax documents to the IRS by 15th of April for any income earned in the previous year. That means that tax returns for 2014 must be postmarked by 15th of April 2015.

    Myth 3: Not filing your tax return will not have any consequence for you
    Busted: Even if you haven’t earned any income and therefore you do not owe any money to IRS, not filing your taxes can still influence your future plans. You are obliged to file your tax return by the U.S. law and not complying with the law may affect your future visa applications. So why risk your visa status or even your permanent residency? Be sure to FILE your taxes!

    What’s more, if you have received any income during the tax year you could be entitled to get some of the taxes you paid back. If you do not file your tax return, you lose the opportunity to apply for your tax refund and get some extra money. Not to mention the penalties that IRS can impose on you.

    Myth 4: Non-resident students can avail of same tax credits and deductions as the residents
    Busted:Unlike resident aliens who avail of the same tax benefits which are available to the U.S. citizens, non-resident aliens cannot claim the same tax credits and deductions; such as filing a tax return online or education credits, for instance.

    But you can still be eligible to take advantage of ‘tax treaties’ signed between the United States and your home country, so make sure you check this. Sprintax has all credits and tax treaties relevant to non-resident international students already built in making Sprintax the easy option for tax filing for non-residents.

    Myth 5: You can file electronically
    Busted: Unlike the U.S. residents, the non-residents for tax purposes cannot file their tax return electronically. And by “electronically” we mean that you cannot submit your documents to IRS electronically. You can however rely on the help of an online tax preparation tool as Sprintax to help you with the complicated tax documents (and you better do!) but once done, you should print and post them to IRS.

    You have more burning questions for taxes? No worries, contact our great team- they got all the answers!

  • End of 2014 Tax Year Is a Fact

    Time to get serious about taxes

    With 31st December already behind us, it’s time to start thinking about the upcoming filing season.  We know, we know… It’s hard enough to readjust to school after the holidays, without having to worry about taxes. And that’s why Sprintax is here to help!  Below, we’ve listed some useful tips to save you time and energy when it comes to taxes.

    Stay updated

    The tax season for Non- residents like yourselves doesn’t officially start until the IRS has released the tax forms for the new financial year. This usually takes place in the second half of January. In order to keep you informed, we created an option for you on the Sprintax website, which allows you to sign up for an instant update, the minute the IRS announces the new 2014 tax year is open. We will let you know, so you can focus on other important things. So sign up today

    Be one of the first to file

    As soon as we send out the word about the new tax filing season being open, we strongly advise you to visit the Sprintax website and get your tax return done as early as possible. The sooner you get this off of your To-Do-List, the better. April 15th seems far away now; however the deadline will be knocking on our doors in no time. The good news is, this way your documents will be processed fast and you will avoid any delays. The even better news is, if you’re due a tax refund, you’ll be getting it right on time for Spring break! Awesome, right?

    Be prepared

    Once you sit down in front of your computer to start completing your tax returns, here’s what you need to have handy:

    • Passport – Sprintax will need to gather some details about you and your Visa, which will be reported on the first page of your tax return
    • Entry/Exit dates in the US – reporting the history of your entry and exit dates is very important, as it has a lot to do with your residency status for tax purposes in the US.
    •  Payment documents – if you have received any income during 2014, you should have received a summary payment document. For example – W-2 from an employer if you worked; 1042-S from you university if you received a scholarship, etc. Check out our FAQ page for more information on payment documents.
    • Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN). (If you don’t have any of those assigned to you, Sprintax will help you out. Check out how by contacting the team.)
    • Form DS-2019 (for J-Visa holders) or Form I-20 (for F-Visa holders)
    • If you are using Sprintax for your State Tax Return(s) preparation only you will need a copy of your already prepared Federal Tax return.

    Most importantly, don’t forget the Sprintax team is available 24/7 to help you, guide you and answer any questions you may have about US taxes.

    We hope you find these tips useful, in the meantime, if you think of any questions or you need additional information, visit the Sprintax FAQ section or contact the team via the Live chat or by email.