IRS International Currency Calculation For Non-US Residents
The Internal Revenue Service (IRS) of the United States requires non-residents to report and pay taxes on any income earned within the country. This includes income from wages, investments, and sales of property. One of the challenges that non-residents face is determining the correct value of their income in U.S. dollars. This is where the IRS Yearly Average Currency Exchange Rates come into...
Form 1040NR Guide: Income Tax Return For Non-Resident
Form 1040NR Guide: Income Tax Return For Non-Resident
As a non-resident of the United States, you are still required to file a U.S. tax return if you have an income from sources in the U.S. This is generally the case for those who are self-employed, own a company and have worked as an independent contractor in the U.S., as...
Annual Report in Wyoming
Annual Report in Wyoming
The Annual Report is due on or before the anniversary date of filing (the first day of the formation month.) in Wyoming. The Annual Report needs to be file every year.
Below are the steps to pay Annual Report.
Steps:
Go to https://wyobiz.wyo.gov/Business/AnnualReport.aspx
2. Click on “File or Print Your Annual Report Now”
3. Write your Filing ID, then click the...
How and When Should I apply for ITIN? (Updated) ?
If you own a U.S based business, have U.S. source income, or have a rental income, you might need to get ITIN to make tax filing, get your refund, and open a U.S. bank account. As for the identification of persons, there are two different sets of identification numbers in the U.S. The first one is the Social Security Number which can be obtained only if the person is a U.S citizen or a Green...
When should I apply for EIN?
If you are an ambitious entrepeneur and wish to expand your business to the United States, it is just the time! Forming a company in the U.S. might be a great opportunity as it is one of the largest markets the world. However, forming a company is only one of the first steps in this endavaour. Following the incorporation of a company, one of the first things to do is probably to obtain a...
What is SSN? Can I get one?
Social Security Number, known also as SSN, is a nine-digit government-issued number for U.S. citizens and permanent residents (exceptions apply). The number is issued to an individual by a federal agency, the Social Security Administration.
Originally, SSN was created to track individuals for social security reasons. However, over time, it has basically become the national identification...
U.S. Tax Treaties with Bangladesh & Pakistan: Personal Services Income
If you are a citizen of the countries that have signed tax treaties with the United States and also meet other requirements, you may be exempt from US income tax for certain personal services perfomed in the US, provided that if you are in the US for a limited period of time.
In the above-mentione countriess that have signed tax treaties with the US, there are also Bangladesh and...
Tax Guide 101
If you have a Delaware LLC, Corp or Non-Profit Organization, you have to file a tax return correctly and on time. We know that US Non-Resident Tax return can be little complicated if you have no idea how to file 1040NR, 1120, 5472 and other IRS forms.
You have to file even if you do not have a company, but you engaged in a trade or business in the United States during the...
Overview on E Visa Classification
E-1 (Treaty Trader) and E-2 (Treaty Investor) visas are somewhat the most popular for those who is interested in conducting business in the U.S. We will try to set out the main features for these visa types in this article.
First of all, the E-1 ‘treaty trader’ visa and the E-2 ‘treaty investor’ visa are for qualified persons who respectively carry out trade and invest in the U.S....
Q&A – Start-up Visa Guide for Entrepreneurs
When it comes to businesses, it is safe to say that the US can be considered as one of the most significant markets in the world. Therefore, it is quite popular for entrepreneurs and investors to invest. Its lively markets and business environment have been growing day by day, thereby making the US a great place for entrepreneurs
You may also want to start a business in the US for a new...
Q&A: Is there a scenario where I do not need EIN?
Generally, all types of businesses without looking at their size and the number of employees must get an EIN. Therefore, you are required to have an EIN if you have a company in the US, but in some cases, you may not need to have one at all. EIN is used by the IRS – Internal Revenue Service to keep track of businesses and their tax responsibilities. In this context, some types of businesses...
I am not sure whether do I need SSN, EIN or ITIN? What should I do?
SSN: A Social Security Number or SSN is the most common identifier for personal identification and tax purposes. To be precise, it is used to track individuals for social security reasons and also can be used as a national identification number for tax purposes. SSN is also used for opening a bank account, for applying personal credit, insurance, medical coverage and so on.
EIN: In the...
How do I get taxed as a non-US resident?
For non-U.S. resident business owners who run a business in the U.S., taxation might pose a major question. Since taxation is one of many indicators whether the investment in the U.S. is worthwhile, it is essential to understand how the U.S. taxation system approaches non-resident aliens.
In the U.S., citizens are not the only ones that have been paying taxes. In addition to the citizens,...
Do I really need an EIN for Tax reductions?
Following the incorporation of a company, one of the first things to do is probably to obtain a federal tax ID from the Internal Revenue Services (IRS). This federal tax ID for your company, known also as EIN (Employer Identification Number). EIN is a unique, nine-digit number that is assigned to every operating business in the US for the purpose of identification and taxes. In a way, EIN is...
Do I need to file a tax return?
First of all, as an individual, you might not need to file a federal income tax return if your income is below a certain amount. However, you need to file a tax return to claim a refundable tax credit or a refund for withheld income tax. You can visit IRS website and find out if you need to file a tax return or not.
As for the above-mentioned “exception”, if the net profit is below $400...
Q&A: Can I be exempt from applying for ITIN?
There are two types of tax identification numbers in the United States for individuals. The first is the Social Security Number which can be obtained only if the person is a US citizen, has a Green Card or has a visa that provides him/her with a temporary residency in the US. The other number is Individual Tax Identification Number.
Individual Tax Identification Number, which is...
How to Incorporate an LLC in Delaware?
Forming an LLC in the State of Delaware is almost as easy as starting an account on social media. Sure, you do have to go through some procedures; but it is quite simple to do.
The first step is to choose a company name that must be unique. Then, this name is to be registered at Delaware Division of Corporations. You should check if the name you have chosen is unique and untaken and...
As an owner of a Delaware LLC, do I have to pay taxes to U.S.?
You should not have any U.S. federal tax obligation for just transferring money through the LLC’s bank account as long as you are the owner of all the accounts involved.
However, you will have to pay DE franchise tax(approx. $300 annually) to keep the LLC active.