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...
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...
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...
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...
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...
US Tax Return For Amazon Sellers
Key Points About Filing Taxes for Amazon Sellers
Are you Non-US Resident and doing business with Amazon? Or, Do you do dropshipping?
Are you wondering if you need to report your earnings from Amazon to the IRS? Here you might find answers to some of your questions.
The 1099-K Form
With this form, you provide the IRS with monthly and annual gross sales information, including shipping fees and...
Delaware: Business-Friendly and Tax Heaven
When it comes to starting a business, Delaware has been one of the leading states for more than 100 years. Delaware hosts more than 1 million businesses. 63% of Fortune 500 companies also are in Delaware. Last year, people started more than 145 companies in Delaware, and 70% of these businesses are LLCs.
One of the main reasons why companies choose Delaware is that its laws are improved...
Where Should I Apply For Federal Tax ID?
You need to do this via IRS; however, this might be a tedious process. We can help you with this process. With only a few clicks, you could apply for Federal Tax ID, and we can handle this tiresome process on behalf of you.
For the definition and function of this ID number and for what you need to do to get it, you can read our article “How to Get Tax ID for Businesses.”
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You can choose...
What is a Franchise Tax?
What is a Franchise Tax?
Franchise Tax is merely the cost of having a business in Delaware. It is a necessary tax for the companies established in Delaware. It has nothing to do with the actions or the income of your business; it is only required to keep your business operating.
When to pay?
It depends on the type of business.
For corporate businesses, the deadline is the 1st of March...
Tax Return Guide
Each business established in the U.S. must file annual Tax Return with the IRS. Regarding the needs and demand of our clients, we prepared an “IRS Form 1040 Filing Guide”.
Our guide only costs $50. Please feel free to contact us to get our “IRS Form-1040 Filing Guide”.
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You can choose one of our services to start your business in the US, and you can always contact us for further...
How to Get a Tax ID for a Non-US Person?
How to Get a Tax ID for a Non-US Person?
The first thing after starting an LLC in Delaware and getting a ‘Certificate of Formation’ is to apply for a Federal Tax ID Number. It is also known as Employer Identification Number (or EIN) and obtained from the Internal Revenue Service (IRS). A form called ‘SS-4 Form’ should be filled and submitted to the IRS to get this number. There will be some...
Sales Tax for Businesses
“Sales Tax” is always one of the significant questions for business owners in Delaware. Should you collect sales tax when you operate in other states? To answer your questions, you can read our article or contact us via e-mail/phone.
Collecting Sales Tax Online
If you are operating a business with a physical shop in which you sell your products, it is quite easy to handle “sales tax”: you...