Tax Planning

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Tax Planning

Have you wondered how you could minimize your worldwide tax liabilities? Are you taking advantage of refundable tax credits like the Additional Child Care Tax Credit for your dependent child? Have you determined which approach makes the most sense for your tax situation—claiming both the Foreign Earned Income Exclusion plus the Foreign Tax Credit or the Foreign Tax Credit alone?

Universal Tax Professionals, Inc. can assist you with all aspects of your US tax planning, whether you are:

  • An employee on a short- or long-term work assignment abroad;
  • An entrepreneur self-employed overseas;
  • A US expat who has gotten far behind in his or her US federal and state tax filings;
  • A digital nomad;
  • A US shareholder in a foreign corporation, or vice-versa;
  • A foreign executive on long-term assignment to the US; or
  • An international student on an exempt visa in the US to study;

Whatever your situation is, we can advise effective tax planning strategies customized to lower your overall tax exposure worldwide.

If you are delinquent with your US federal income tax filings, we can recommend the appropriate IRS tax amnesty program for your situation. We will determine whether you qualify for the program and prepare the entire streamlined filing on your behalf for a single flat fee.

If you are current with all of your US federal income tax filings but unsure about whether you missed including a key information return such as Form 5471 for ownership in a foreign corporation or Form 8938 for reporting all of your foreign financial accounts and other foreign assets, we can review your tax situation. We will assess whether the information return filing is necessary and prepare it on your behalf as part of the process of amending your return. Contact us today to get started!