Effective tax planning is important for your financial success. As experienced tax consultants, we can help you understand the applicable laws and regulations and use them to your advantage. Our team applies our knowledge of the changing tax rules to help you make the best business and personal decisions to reduce your tax bill. If you are a high net-worth individual or have business / self-employment income, there are various tax planning strategies.
Our qualified and experienced tax professionals work with you to provide the best solution for your tax needs. Whether you are investing into your 401K or 412i or looking at gifting strategies or self-directed IRAs, we’re here to help. Even the most complicated tax concerns are no match for our team. We’ll handle non-resident and offshore tax planning, foreign bank account reporting (FBAR), or stock option (ESOP) and stock purchase plans (ESPP) with ease. Here on a work, student, or professional visa? We can manage that, too.
Whether you need to complete this year’s taxes or need assistance with back taxes, MyTaxFiler can help. Our tax professionals have experience with preparing and filing taxes for federal, state, city, and local taxes. And, with our additional tax services, tax filing is simple. If you live overseas, consider our MRAS® program where we provide our address to the IRS, accept any documentation, and upload soft copies to your MyTaxFiler account. All clients have access to our professional services desk at any time – we don’t charge on a per-call basis.
At MyTaxFiler, we make paying your nanny easy. After you enter the hours, then review and approve them, we do all the calculations (including taxes, benefits, paycheck deductions, bonuses, and more) and pay and file the nanny payroll tax paperwork. Plus, MyTaxFiler’s direct deposit is instant, paychecks can be printed at any time, and all payroll information is accessible online 24/7. If you receive a nanny tax notice from the IRS, MyTaxFiler takes care of it for you
FBAR is a form that has been in existence from 1970 as part of banking secrecy act. FBAR requires persons or companies that are involved with financial accounts outside of the US to disclose them to the IRS by filing Form TD F 90-22.1, also known as FinCen form 114. This information is particularly relevant to US residents and companies, expatriates, and anyone who owns, has control, or has signature authority over a foreign account. This includes foreign bank and brokerage accounts, offshore investments, and overseas pension plans, to name a few. Essentially, if you are involved with a financial account at an institution that is physically outside the United States, you may need to meet FBAR requirements.
MyTaxFiler can help you understand what you need to do to comply with IRS amnesty programs, such as the Offshore Voluntary Disclosure Program (OVDP). We provide an impact analysis and help you come up with a plan to reduce FBAR penalties. We can prepare the forms required to participate in the program, review prior cases, and if necessary, determine a plan to reduce any penalties
If you received an IRS audit notification, don’t panic! MyTaxFiler can represent you in discussions with the IRS and oversee payment of any back taxes. We make sure that you do not over-commit on your monthly payments, forget legitimate expenses, neglect penalty abatement, or miss other important details in the negotiation. And, we stand behind our word: for qualifying returns, our Guaranteed Tension Free (GTF)® package reimburses you for certain penalties, interest, or additional taxes for a certain period of time.
If you own property in United States, or any foreign country, say India as an investment, or for trade or business use, and are considering selling it to fund another property purchase, our unique knowledge of the tax laws in the US and India might be able to defer the US and India capital gains tax. Talk to us first to see if your situation is eligible for a 1031 exchange.
When filing in India, the professionals at MyTaxFiler can calculate taxes on all sources of income (including salary, house property, business and profession, capital gains, and other sources.) Our experience completing returns for other clubbed income, stock option transactions, and NR tax returns ensures a thorough and comprehensive filing. We can handle it all – from preparation of tax returns (ITR-1 to IRT-8) and advanced tax planning strategies to e-filing and paper filing of tax returns and tax representation in front of statutory authorities. We also offer discounts and a dedicated concierge for corporate groups.
MyTaxFiler offers Permanent Account Number (PAN) services in India to its Indian, NRI, PIO, and OCI clients. We can help you complete the submission and will deliver the PAN card to you anywhere in the world. Let us help you apply for a duplicate PAN card or process any name, address, or status changes.