All posts in J1 Taxes

  • Using TurboTax to claim your J-1 tax refund may be illegal

    Claiming J-1 tax refund with Turbotax

    It’s hard to imagine anything worse than the IRS sniffing around after your J1 experience of a lifetime.

    But this is exactly what can happen if you file an inaccurate US tax return.

    If you worked in the US on a J1 visa, then chances are you are legally obliged to file your US tax return by the 15 April 2024 deadline.

    If you file your US taxes correctly, you won’t run into any trouble later on. This is important if you ever wish to return to the US on another visa or for a holiday.

    Do I file as a resident or nonresident in the US?

    If you go to US on a J1 visa, you’ll be considered a nonresident for tax purposes and must file as a nonresident, unless you pass the Substantial Presence Test, in which case you will be deemed a resident.
    Continue reading “Using TurboTax to claim your J-1 tax refund may be illegal” »

  • Utilizar TurboTax para reclamar tu reembolso de impuestos J1 puede ser ilegal

    Turbotax reembolso de impuestos

    (Última actualización: 14 Mar 2024)

    Es difícil imaginar algo peor que el IRS (Internal Revenue Service, Servicio de Ingresos Internos) después de la experiencia J1 de tu vida.

    Sin embargo, esto es exactamente lo que puede suceder si presentas una declaración de impuestos incorrecta de Estados Unidos.
    Continue reading “Utilizar TurboTax para reclamar tu reembolso de impuestos J1 puede ser ilegal” »

  • La guía fiscal definitiva para los participantes en el programa de visas J-1

    Guía fiscal para los participantes en el programa de visas J-1

    Decenas de miles de personas acuden a Estados Unidos con visas J-1 cada año.

    Todos los participantes en el programa de visas J-1 tienen la obligación de presentar sus impuestos. ¡Es la ley!

    Muchos titulares de visados J-1 se sienten confundidos por la a menudo complicada jerga fiscal estadounidense.

    Sin embargo, no es tan malo como parece, y conocer, aunque sea un poco sus requisitos de declaración puede ser de gran ayuda.

    Con esto en mente, hemos creado una entrada en el blog que responderá algunas preguntas comunes de los participantes en el programa de visas J-1 en los Estados Unidos.

     

    Continue reading “La guía fiscal definitiva para los participantes en el programa de visas J-1” »

  • J-1 visa taxes explained – The ultimate US tax return guide for J-1 visa holders

    J1 visa tax return guide 2022

    Tens of thousands of people flock to the US on J-1 student visas each year.

    Every J-1 participant has a tax filing requirement, it’s the law!

    Many J-1 visa holders are confused by the often tricky US tax jargon. However, it’s not as bad as it seems, and knowing even a little about your filing requirements can go a long way!

    With this in mind, we’ve created a blog post that will answer some common queries from J-1 participants in the US! Continue reading “J-1 visa taxes explained – The ultimate US tax return guide for J-1 visa holders” »

  • The Ultimate J-1 scholar tax guide

    J-1 research scholar tax guide

    Thousands of people travel to the US on J-1 visas every year.

    But did you know if you go to the US on a J-1 visa you have a tax-filing requirement? It’s the law!

    With that in mind, we have put together this post that outlines all J-1 Scholars need to know about tax when in the US. Continue reading “The Ultimate J-1 scholar tax guide” »

  • Tax information for nonresident winter workers in the US

    Winter work and travel program Tax information

    Are you going to the US to work for the winter season?

    If so, it’s likely that you have many questions on the types of winter work jobs available, the Winter Work and Travel program, H-2B visas, tax residency status, claiming your tax back afterwards, and more!

    In this article, we will delve deeper into the above topics to answer frequently asked questions. Continue reading “Tax information for nonresident winter workers in the US” »

  • A Complete Tax Guide for Au Pairs in the U.S.

    au pair paying taxes

    (Last updated: 22 Jan 2024)

    Each year, thousands of au pairs move to the US to live with host families.

    We’ve put this handy guide together to fill you in on everything you need to know about foreign au pairs and tax in the US.

    Continue reading “A Complete Tax Guide for Au Pairs in the U.S.” »

  • Important information for J-1 visa holders before they leave the US

    J-1 visa holders leaving US

    Are you currently in the US on a J-1 visa? Or perhaps you are planning to visit the US on a J-1 visa in the future.

    A J-1 visa is a non-immigrant visa that allows eligible participants to go to the US for a specific time period to engage in a cultural or educational exchange.

    J-1 programs fall under many categories, including Au Pair, Summer Work and Travel, Intern, Student, Research Scholar, and more!

    No matter what J-1 visa you are on, you are sure to make great memories in the US, exploring the country and gaining invaluable life, training and employment experience.

    Although taxes are probably the last thing on your mind as you enjoy your adventure, it is important to stay compliant with the IRS. After all, each J-1 program participant has a tax filing requirement. And if you do not have a clean tax record, you may encounter complications when applying for future US visas.

    In this article, we will share important information on your J-1 tax obligations as well as other tips to consider before you leave the US.

     

    Tax obligations on a J-1 visa

    Most J-1 visa holders are considered to be ‘nonresident aliens’ for tax purposes in the US.

    Your tax residency status will be determined by what’s known as the Substantial Presence Test. This test determines an individual’s tax residency status based on the number of days spent in the US.

    If you meet the Substantial Presence Test, you will be considered a resident of the US for tax purposes and if you don’t you will be considered a nonresident and therefore will only be taxed on income earned in the US.

    It is important to understand your tax obligations as a J-1 visa holder.

    Regardless of your tax residency status, everyone in the US on a J-1 visa has a tax filing requirement and must file a tax return to account for their time in America.

    Even if you didn’t earn any income during your time there, you will still be required to file tax documents.

    J1 tax filing obligation

     

    Filing your nonresident tax return

    You must file a US tax return to be compliant with the IRS and avoid any fines or penalties.

    The tax deadline in the US is usually 15 April. This means if you are working in the US on a J-1 visa in 2023, you must file your tax return before the tax deadline in April 2024.

    When filing your tax return you will need a Form W-2 along with Form 1040NR if you earned income, or Form 8843 if you did not earn anything.

    Learn more about filing your J-1 tax return here.

     

    What is Form W-2?

    Form W-2 details important information regarding the income you earned throughout your employment in America and the taxes withheld.

    You’ll need this document when filing your tax return and you will typically receive it from your employer by the end of January.

     

    What is Form 1040NR?

    Form 1040NR is the form that is used by nonresidents in the US to file a tax return.

    There are a number of documents you will need to have close by when you sit down to file your J-1 tax return. These include:

    • Passport
    • Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
    • US entry and exit dates for current and all previous visits
    • All tax forms you’ve received (including Forms W-2, 1042-S and/or 1099, etc.)
    • Visa/immigration status information – Form DS-2019

    Read our ultimate US tax return guide for J-1 visa holders to learn more.

     

    Here are some more important things to keep in mind when you leave the US at the end of your J-1 program

    j1 visa leaving us

     

    Retain your DS-2019 Form

    This form certifies that you have been approved for a J-1 visa program and contains details about the program such as the J-1 visa category and the start and end dates of the program.

    It is important not to disregard your DS-2019 as you will need it for future visa applications.

     

    Closing your American bank accounts

    When you arrive in the US, it’s a good idea to open a bank account as soon as you can. It will make your life easier when you are being paid by an employer.

    It is advised that you visit your bank before leaving America to discuss the closing of your account. Some banks may require you to be present to close your account while others can be closed online.

    It is important to note that the process of receiving your J-1 tax refund is more straightforward if you have a US bank account.

    If it is a requirement to close your bank account in person before leaving the US, alternative options to receive your tax refund include by check, advancing the amount owed to a future tax return, or by Wise. Find out more about the options you have to get your hands on your American tax refund here.

    By doing so, you will avoid maintenance or other fees building up in your bank account, which may affect your ability to obtain future American visas.

    Don’t forget to cancel any direct debits you might have set up during your time in America.

    Another tip is to notify your bank that your address will be changing. This will ensure any confidential letters are no longer posted to that address.

     

    Keep your Social Security Number (SSN) safe

    Most J-1 visa holders have to get a SSN or Individual Taxpayer Identification Number (ITIN) when they arrive in the US.

    SSNs or ITINs serve as tax identification numbers and they are used for tax filing purposes.

    Many people ask “does J-1 SSN expire?

    The answer is no, a SSN is a lifelong personal identification number. Therefore, if you visit the US in the future on another visa or for a work opportunity, you can still use the same SSN.

    With that in mind, it is important to take note of your SSN or ITIN and not disregard your identification number as you will need it when filing your tax return and if you are working in the US in the future.

    Does J1 SSN expire

     

    Understanding your J-1 Visa 30-day ‘grace period’

    It is very important to understand the J-1 visa grace period.

    The J-1 visa 30-day grace period refers to the time you have to depart the US following the completion of your J-1 program.

    Generally people on a J-1 visa use this time to travel to different locations in the US.

    Amongst all of the planning and excitement to visit the top places on your list, it is important not to stay in the US past the grace period.

    Keep in mind that you must only travel within the US during this period. For instance, if you decide to travel to Canada, you will no longer be able to enter the US on your J-1 visa.

    During the grace period you cannot work in the US, and staying in the US past this period is another factor that could affect your chances of obtaining future visas to the US.

     

    Can a J-1 visa be extended?

    Eligibility to extend J-1 visas varies depending on what J-1 visa category applies to you.

    In most cases, J-1 Summer Work and Travel visas are not eligible for extensions. This visa is specifically designed for students to work and travel in the US during the Summer period.

    If you are taking part in this J-1 visa program you could explore other visa options to allow you to stay longer in the US.

    Whereas, some other J-1 visa categories may be eligible for an extension. For instance, if you are in the US on a J-1 visa under the ‘Student’ or ‘Research’ category you may be eligible for an extension if the program requires additional time to complete.

    Overall, eligibility to extend your visa in the US depends on the specific J-1 visa category that applies to you and other eligibility factors.

     

    Do you need help filing your tax return from your time spent on a J-1 visa in the US?

    We understand that filing your tax return yourself can be stressful and time-consuming.

    So why not let Sprintax guide you through the process!

    Our tax software will support you from start-to-finish – guaranteeing that you are fully tax compliant in the US and ensuring you receive your maximum J-1 tax refund.

    Filing with Sprintax is a simple online process. To get started, simply create your account by completing the short form here.

     

    More reasons to choose Sprintax

    • Simple online process – no paperwork required
    • We are the official nonresident tax filing partner of TurboTax
    • Access to 24/7 live chat with our team of experts

     

    Start your J-1 tax return

     

  • Comprehensive Tax Guide for J-2 Visa Holders

    J2 visa tax return

    Welcome to Sprintax’ comprehensive tax guide for J-2 visa holders in the US!

    As a J-2 visa holder, it’s essential that you get to understand at least the basic aspects of your tax obligations and rights while living and working in the US.

    After all, by not filing correctly, you risk incurring fines from the IRS. What’s more, if you’re taxes are not up-to-scratch, you may also encounter complications when applying for a visa or Green Card in future.

    This guide will provide you with a clear understanding on such topics as your tax residency status, tax exemptions, FICA taxes, tax treaties, W-2 forms, and how to file your tax return at the end of the year.

     

    Continue reading “Comprehensive Tax Guide for J-2 Visa Holders” »

  • Hiring J-1 Employees – A Complete Guide to employers’ tax requirements

    Hiring a J1 visa employee

    Many employers in the US often find the tax obligations of their J-1 visa employees to be a challenging area to navigate.

    With so many forms and information needed with each employee, there is no surprise that some employers find the process of tax withholding for J-1 visa students tricky. This, coupled with the fact they will not be a resident for tax purposes, make it more challenging.

    The need to complete all of the forms correctly cannot be underestimated, as every nonresident needs to abide by US tax law.

    In this guide we will examine the key tax information that US employers need to know when employing J1 workers.

    Continue reading “Hiring J-1 Employees – A Complete Guide to employers’ tax requirements” »

  • 5 documentos de impuestos de EE.UU. que todo participante J1 o estudiante internacional debe conocer

    Visado J1 o F1 - documentos-impuestos de Estados Unidos

    Aceptémoslo – El tema de impuestos es muy aburrido!

    Y cuando vas a EE.UU. como participante J1 o estudiante internacional, el sistema tributario local será probablemente lo último en lo que pienses.

    Sin embargo, aburrido o no, el cumplimiento con las autoridades fiscales– el IRS – es crucial para todo participante J1 o estudiante internacional. En efecto, es una de las condiciones de tu visa! Y el manejo de tus asuntos fiscales en territorio americano. puede jugar un papel muy importante en el resultado de tu futura visa o aplicación para una Green Card.

    Pero, hacer una lectura rápida sobre los impuestos de EE.UU. al llegar al país, puede ahorrarte muchos dolores de cabeza en el futuro.

    Como no-residente, hay un número de formularios y documentos con los que necesitas familiarizarte mientras te encuentres allá

    En este blog, encontrarás una guía de 5 de los documentos fiscales más importantes y los casos en que deben ser utilizados, por qué necesitas presentarlos, y la manera más fácil de completar cada uno. Continue reading “5 documentos de impuestos de EE.UU. que todo participante J1 o estudiante internacional debe conocer” »

  • Tax and Immigration for J-1/J-2 visa holders – 5 top takeaways from the Nonresident Tax Clinic

    Sprintax J visa nonresident tax webinar

    At the recent Nonresident Tax Clinic for J-1 visa holders, our panel of industry thought leaders explored the world of tax compliance and outlined the latest developments in rules and regulations for the taxation of J participants in the US.

    This fascinating event was perfect for J program participants, J program sponsors, agents, responsible officers, employers of J visa holders or even if you simply have an interest in the J program.

    If you missed the Nonresident Tax Clinic and would like to check it out, you can watch it back here. Continue reading “Tax and Immigration for J-1/J-2 visa holders – 5 top takeaways from the Nonresident Tax Clinic” »

  • Should nonresidents in the US report Cryptocurrency on their tax return?

    Reporting cryptocurrency on nonresident tax return

    Although Bitcoin was invented in January 2009, from a taxation point of view, cryptocurrency is still a relatively new phenomenon.

    Since its inception, investors in cryptocurrency have been unsure of their tax and reporting requirements. And many important questions on the topic have gone unanswered for years.

    Is cryptocurrency considered taxable in the US? If so, how much tax is deducted from gains? What type of tax should be deducted and how should this be reported to the IRS?

    The situation is even trickier for nonresidents in the US. While every nonresident is required to file tax documents to account for their time in the US, it can be hard to declare your cryptocurrency profits for taxation when you are unfamiliar with IRS tax law.

    The overall market value of digital currencies has increased roughly 75% in 2021. In fact, the value of the cryptocurrency market passed $2 trillion for the first time in April 2021. Bitcoin is the most popular digital currency – representing approximately 50% of this $2 trillion.

    With this in mind, it is easy to see why so many investors are attracted to these virtual, volatile currencies.

    In years past, it had been somewhat easy to avoid declaring your crypto-gains for tax. However, times are changing.

    If you are in the US as a nonresident – for example as an international student on an F-1 visa – and you are earning income from cryptocurrency, in this guide, you will find out everything you need to know about your tax reporting requirements.

    Do I need to report Cryptocurrency on my US tax return?

    Yes. If you have made a profit from cryptocurrency (which you traded from a US exchange or broker) while you were living in the US, you will have to declare this income.

    In short, cryptocurrency is treated as property by the IRS.

    That means any profit you make on it will be subject to Capital Gains Tax at 30% and must be included on your 1040-NR tax return.

    If you dispose of your investment for a loss, you will not need to pay tax. However, as a nonresident, you will not be able to use your losses against any tax liabilities in future years.

    While the lines may seem slightly blurred in regards to cryptocurrency and tax filing now, this will unlikely be the case in future years.

    Crispian Robinson, Strategic Partnerships at Koinly, says that cryptocurrency is high on the agenda of tax authorities globally:

    “It’s clear that Tax Authorities around the world are increasingly applying pressure on the Crypto Industry in order to drive tax compliance, ranging from partnering with exchanges to gain user trading data to developing new legislation bills.

    For example, President Biden’s latest $1 trillion infrastructure bill has specifically singled out tighter tax regulation over the Crypto industry as a key source of funding, expecting to raise $28 billion over 10 years as a direct result.”

    It appears inevitable that tighter regulation and tax compliance is coming and will be key in helping to further legitimize the cryptocurrency industry in the eyes of regulators.

    Crypto investor? We’ve teamed up with Koinly to calculate the tax you might owe on your cryptocurrency capital gains and income.

    How much tax will I pay?

    Firstly, all of the following cryptocurrency transactions are considered taxable:

    • Sale of cryptocurrency, mined personally, to a third party.
    • Sale of cryptocurrency, purchased from someone else to a third party.
    • Using mined cryptocurrency in order to buy goods or services.

    Nonresidents will pay tax at 30% on their income from cryptocurrency. And unlike residents, nonresidents are not entitled to use losses from previous years to offset their tax liability.

    As we mentioned above, the IRS considers cryptocurrency to be property. That means they are taxed in a similar fashion to gains made from stocks, shares and bricks and mortar property.

    In other words, if you sell some stock for a profit of $1,000, this is considered a “taxable event” and you must declare this money for Capital Gains Tax.

    But things aren’t always that straightforward when it comes to cryptocurrency. For example, if you use your Bitcoin to purchase Ethereum, does the IRS consider this to be a taxable event?

    What about if you pay for dinner or buy basketball tickets with Litecoin?

    The answer is yes!

    Every time you purchase something with cryptocurrency, the IRS will treat this as an instance where the asset was liquidated. And if you have made a profit, you must declare that for tax.

    However, if you have made a profit from cryptocurrency, it’s important to know that even if your home country has a tax treaty with the US, the gain is not covered by the treaty and will still be taxed accordingly.

     

    How do I determine the correct amount of cryptocurrency income to declare for tax?

    Many investors struggle to work out exactly how much they made or lost from their cryptocurrency investment.

    If you trade stocks or shares through a brokerage, the brokers should issue a Form 1042-S which documents your transactions, you may need to request this though.

    However, this form is often not generated to account for cryptocurrency transactions.

    Meanwhile, some exchanges have begun to issue a 1099-K form to account for cryptocurrency transactions. This is typically done where there are at least 200 transactions worth an aggregate of $20,000 or more. However, this form only reports the total value of transactions and does not detail how much the investor put in at the outset.

    As a result, many investors over-report their gains and pay more tax than they need to. With this in mind, it is advisable to properly document each cryptocurrency investment that you make and keep these records in a safe place.

    It’s important to remember that the purchase of digital currency is not a taxable event. Instead an investor must determine their tax liability when they sell their cryptocurrency for a profit.

    Some cryptocurrency exchanges will provide you with an excel summary of all your trades. This document will enable you to determine the amount you originally invested as well as the profit that you have made, so be sure to keep them safe.

    Alternatively, if the sale involves the disposal of assets from a variety of sources, the investor will need to know the fair market value of the asset on the day of sale.

    David Kremmer, bitcoin expert and CEO of CoinLedger, outlines that transactions may be difficult to report if assets are sent from wallet-to-wallet. He says:

    “Due to the transferable nature of cryptocurrencies, it’s easy for investors to send their assets from wallet-to-wallet or from one exchange platform to another.

    This creates difficulties when reconciling transactions for tax reporting.

    To help calculate your total profit, you should keep records of your cost basis (the original purchase price) for each cryptocurrency when you first acquired it. Having these records will dramatically help you when tax time comes around.”

     

    Sprintax Returns can help you file your tax return no matter where you are in the world!

    File your 1040NR online

     

    What happens if I don’t report my Cryptocurrency income?

    The IRS is taking the taxation of virtual currency seriously and has recently stepped up its efforts to crack-down on cryptocurrency tax-dodgers. The agency is liaising with crypto exchanges for information regarding non-compliant taxpayers.

    In fact, over the last two years, the IRS announced it was sending letters to more than 10,000 people who potentially failed to report cryptocurrency income. The letters state that individuals have 30 days to respond to the IRS. The result of non-compliance? Usually a tax audit for the investor.

    The message from the IRS is clear: file your taxes.

    This US tax deadline falls on 15 April each year (18 April in 2022), so you should know before then whether or not you need to file.

    If you do not file and declare all of your income, you leave yourself open to penalties and fines from the IRS. The late filing penalty is generally 5% of the unpaid taxes for each month or part month that it is late.

    However, if you still haven’t filed more than 60 days after the due date or extended due date, the minimum penalty is $435 or 100% of the unpaid tax, whichever is less.

    As a nonresident, failure to comply with your US tax obligations can also jeopardize your future US visa and Green Card applications.

    H1B taxes

    I earned a profit from bitcoin in previous years. Can I retrospectively declare this income to the IRS?

    2019 was the first year that the IRS included a reference to cryptocurrency on their tax documents.

    Citizens and resident aliens were asked on Form Schedule 1: “At any time during 2019, did you receive, sell, send, exchange or otherwise acquire any financial interest in any virtual currency?

    Schedule 1 is used to report income that is otherwise not listed on Form 1040. This typically includes capital gains, alimony, or gambling winnings.

    However, Schedule 1 which nonresidents received did not reference cryptocurrency. Instead, nonresidents were expected to report their gains on Schedule NEC along with their Form 1040NR.

    In 2020, the IRS recognized that the process needed to be simplified as millions of dollars of cryptocurrency slipped through the net. With this in mind, the IRS moved the virtual currency question to the main 1040 tax return form.

    If you have earned income from cryptocurrency which has not previously been reported, it is advisable to declare this income to the IRS.

    Despite the IRS only beginning to update their tax documents in 2019 in relation to cryptocurrency, the US tax authority had issued notices as far back as 2014 and many of the rules outlined at that time are still in force today.

    In summary, if you were paid for personal services with cryptocurrency such as Bitcoin, it’s advisable to report it on your tax return, the same as ordinary income.

    Case Studies

    Case study 1 – Mike buys 3 Bitcoin

    Mike, who is on an F-1 visa in the US, purchases 3 Bitcoin for $9,000 and later sells it for $11,000, meaning he made a profit of $2,000.

    In this case, Mike’s profit of $2,000 will be taxed at 30%. This means that he will have a federal tax bill of $600 on his cryptocurrency income.

     

    Case study 2 – Sachin purchases multiple Bitcoin at different times

    Sachin is in the US on an F-1 visa. He purchased five Bitcoin in 2010 for $5,000 ($1,000 each), and three Bitcoin in 2018 for $12,000 ($4,000 each). He then sells six Bitcoin three years later for $20,000 in 2021.

    How should Sachin calculate his tax liability?

    The IRS says that if you can identify the Bitcoins that have been sold, their cost basis can be used. For example, Sachin sold three Bitcoin of $1,000 ($3,000 in total) from his wallet created in 2010 and three Bitcoin of $4,000 ($12,000 in total) from his wallet from 2018.

    In this case, the cost basis is $15,000 and the profit is $5,000 ($20,000 sales price minus the aforementioned $15,000 cost basis).

    So, the tax due in this case will be $1,500 ($5,000 at a tax rate of 30%).

    If it is difficult for Sachin to distinguish which Bitcoin are sold, the IRS advises that he should use a ‘first in, first out’ (FIFO) method to calculate his liability.

    Therefore, the first five Bitcoin would be based on the oldest cost basis of $1,000 ($5,000), followed by one Bitcoin of $4,000 – the newer purchase.

    As a result, the basis would be $9,000 and the profits under FIFO method would be $11,000 with tax bill of $3,300.

    How should nonresidents declare their cryptocurrency gains to the IRS?

    Simply put, it depends on how you use cryptocurrency.

    If you invest in cryptocurrency and you earn a profit from it, it will be taxed as Capital Gains Tax, and you will need to report it as a capital gain on the table at the bottom of the Schedule NEC page and transfer the same total as capital gains on the relevant line on your 1040NR form.

    If you were paid in bitcoin for work done as a self-employed person, this will count as personal services income – and you will need to report it on 1099-NEC.

    It is important to know that you may not need to pay tax on any profit until you purchase something or sell your investment. When you do this, you will need to pay Capital Gains Tax.

     

    Does the source of income matter?

    Yes.

    If you earned income from cryptocurrency from a US source you will need to pay tax on the amount of profit gained.

    If you earned your cryptocurrency profit from a different country, you will not have a US tax liability but may have tax requirements in the country where the digital currency was bought and sold.

     

    How can Sprintax help me?

    In short, Sprintax can help you organize your tax responsibilities ahead of the US tax deadline.

    If you are earning income from cryptocurrency, or from other types of investments, we will ensure that your income is properly declared to the IRS and that you don’t pay any more income than you need to.

    Sprintax is the only online Federal and State self-prep tax software that is available for nonresidents in the US.

    To get started, simply create your Sprintax account here.

     

    What’s more, we also offer 24/7 Live Chat tax support. So if you have any questions about your personal tax situation, you can contact our team at any time.

  • US Tax Deadline Extended to 17 May 2021

    Tax time clock

    The Internal Revenue Service (IRS) has announced that the US tax deadline has been extended from 15 April until 17 May 2021.

    The decision has been made in order to give taxpayers who may be under financial pressure more time to file their taxes, the tax agency have said.

    It comes after last year’s deadline was also pushed forward from 15 April 2020 to 15 July 2020 in the wake of the coronavirus pandemic.
    Continue reading “US Tax Deadline Extended to 17 May 2021” »

  • Making a profit from Robinhood? Here’s everything a nonresident needs to know about their trading tax requirements

    Robinhood and Etrade trading tax requirements

    Over recent weeks, stock trading apps, such as Robinhood and Etrade, have featured prominently in news headlines – dominating the public psyche more than ever before.

    Gone are the days when investing in stocks and shares was limited to Wall Street traders.

    In January 2021, when a large group of Reddit users banded together to invest in the video game retailer GameStop, we saw a clear demonstration of just how easy it has become to invest your money and make a profit.

    In fact, nowadays, anyone can invest from their phone while on the go.

    But if you’re making a profit from stock trading apps, there is one important factor to keep in mind: if you are investing in a share or other property which is located in the US, it’s likely that you will have to pay tax to the IRS on your profits. Continue reading “Making a profit from Robinhood? Here’s everything a nonresident needs to know about their trading tax requirements” »