CPAs vs. Accountants: Understanding the Difference
Key Takeaways: When you need financial guidance for your business, you’ll likely come across two options: an accountant and a Certified Public Accountant (CPA). Although many entrepreneurs or company owners assume these terms describe the same profession, there are important distinctions between the two. Both accountants and CPAs help individuals and businesses manage financial information, […]
How to Start a Business in the US as a Foreigner: A Complete Guide for International Entrepreneurs
Key Takeaways: Each year, thousands of foreigners launch new businesses in the United States: according to the National Bureau of Economic Research, immigrants make up only 14 to 15% of the U.S. population, yet they start over 20% of new businesses in this country. Foreign-born entrepreneurs have also founded over half of America’s privately held […]
How to File IRS Form 2553 & Elect S-Corp Status
Key Takeaways: If you’ve ever wondered how some small business owners manage to keep more of what they earn, the answer usually comes down to one thing: how their business is taxed. IRS Form 2553 is the document that lets eligible businesses elect S-Corporation (S-Corp) tax treatment, which is one of the most impactful filings […]
WooCommerce Accounting & Sales Tax Guide
Key Takeaways: When you’ve got a solid business idea, WooCommerce makes it easy to launch and grow an online store. Although it’s not a hosting, site, and commerce platform like Shopify, its setup wizard, intuitive dashboard, and massive community support can have you up and running in no time. This is why there are approximately […]
Amazon Flex Tax Guide: Everything You Need To Know For US Taxes
Key Takeaways: As its name suggests, Amazon Flex gives you a flexible way to earn money. But since drivers are independent contractors, Amazon doesn’t withhold income taxes, Social Security, or Medicare from your pay. This means you’re responsible for tracking your earnings, reporting income, and paying taxes directly to the IRS. Many drivers are surprised […]
IRS Form 5472: What It Is & How To Fill It Out
Key Takeaways: IRS Form 5472 is a reporting requirement for foreign-owned U.S. corporations and U.S. corporations with foreign shareholders holding at least 25% ownership. The IRS uses it to track financial transactions between related parties across international lines, so that income isn’t shifted offshore to avoid U.S. taxes. Failure to remit this form has consequences. […]
DoorDash Tax Guide: Everything You Need To Know
Key Takeaways: DoorDash has become a common way to earn income through app-based delivery. Millions of drivers, known as Dashers, use their own vehicles to pick up restaurant orders and deliver them to customers. In 2024, more than 8 million people worked as DoorDash delivery drivers, generating over $18 billion in earnings through the platform. […]
11 Tax Planning Strategies For High-Net-Worth Individuals
Key Takeaways: A high-net-worth individual, broadly defined as someone with $1 million or more in investable assets (excluding their primary residence), has more complicated tax liabilities. For example, they may get their income from business distributions, investment dividends, real estate rents, and executive compensation – each with its own reporting rules. A single liquidity event, […]
A Guide to the US – India Tax Treaty for Nonresidents
Key Takeaways: Are you an Indian citizen working in the U.S. on an H-1B visa? Or a U.S. investor collecting dividends from Indian stocks? If so, you may be paying more tax than you need to. When income crosses international borders, two countries can each claim the right to tax it, leading to double taxation. […]
U.S. Exit Tax: How It Works and How To Avoid It
Key Takeaways: According to the IRS, nearly 5,000 Americans renounced their U.S. citizenship in 2024. If you’re thinking about making a similar move, you’ll want to be aware of the exit tax and its implications before you schedule your embassy appointment. This tax applies only to “covered expatriates” who meet at least one of three […]