Filing your taxes can be a hard and complex job especially when you have to file taxes regarding your small scale or a larger business. If you are filing taxes for a salary based job then it is an easier task, however, if you are an Expat and need to file your taxes, then it is recommended that you hire an expat tax consultant to help you around with it because they can help you overcome many obstacles.
Senior Expat CPAs say that hiring a tax consultant can be very beneficial in some situations and we have mentioned some of those reasons below for you to read and relate to your situation.
You Own A Small Business
If you are a proud owner of a small business, then the good news is that there are many possible ways in which you can help relieve yourself of some taxes which the government pardons small business owners with. You may not have enough knowledge of the law but a good expat tax consultant can help you slide off a few taxes from your tax returns with legal documentation and a proper procedure.
If You Are Contacted By The IRS
If you are new to this, let us tell you that a simple letter from the IRS demanding a substantiation of expenses related to a car you bought or some other major purchase you made, might turn into a big deal if you mishandle the matter.
With the IRS involved in a matter, you do want to show your source of income but at the same time, you don’t show them everything you got because that might lead to over taxation. The best bet against the IRS is to hire an Expat tax consultant who will not only help you tackle the IRS problem but will also help you save on possible taxes that you might have to face in the future because of the car you bought or any other major purchase you made.
You Plan On Sending Your Kids To College
Another area where an Expat tax consultant can be of help to you is when you are planning to send your kids to college and are filling out the Free Application for Federal Student Aid (FAFS) form. This will help ensure that your child does not have any unwanted assets under their name that might lead the college administration to reject your child’s financial aid.
So if your child is a part-owner of your business or has any other major or minor assets in his or her name, then talking to a professional expat tax consultant will be beneficial for you.
You Have A Property On Rent
Owning a rental property and then paying taxes on this property can be quite tricky. If you have a property, you own and are receiving rent from it, then filing taxes for it can become a bit complicated. It is advised that you get help from an expat tax consultant at least for the first year so that you don’t face any trouble.