Tag: taxes

Taxes Abroad: Claiming Foreign Taxes

taxes abroad
A Primer on How to Be Tax-Smart with Your Foreign Income

Do you own stocks, bonds, or mutual funds? If so, you may well have some foreign holdings such as BMW (German), or BP (British), or Nestle (Swiss). This means you have paid foreign taxes on the income you earned. Would you like to avoid being taxed on that income a second time? You may be able to accomplish this goal if you claim a credit or deduction on your U.S. tax return. Don’t count on your tax preparer or preparation software doing this optimally for you.

The information below applies to almost all U.S. investors since most hold foreign stocks in their U.S. mutual funds. Read on to learn how to be more tax-efficient with your foreign income.

cross-border, taxes

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The CARES Act Signed into Law –Brings Relief to Millions of Americans

the cares act

Clients have been asking about how this complex, comprehensive new law may apply to them. Whilst not everything here may be pertinent to your situation, every client will benefit from some aspect, and the answers to the most common questions are below.

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is a $2 trillion bill meant to impact both individuals and businesses and contains significant tax-savings measures. It could affect prior tax years while also creating immediate cash-flow.

Impact on Individuals

Stimulus Checks

Perhaps the most impactful provision for American citizens is the CARES Act’s promise of cash payments of up to $1,200 per single individual and $2,400 for a married couple. Parents will also receive an additional $500 per qualifying child. Payments are phased-out for individuals with incomes greater than $75,000 and for married couples filing jointly with income greater than $150,000 up to around $198,000 depending on household size. (Unfortunately, my 18-year-old daughter will not qualify nor will any college students aged 19-23, much to their disappointment!)

2019 Tax Returns, IRS, Tax planning, taxes

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Tax News: IRS Announces Extended Deadline for 2019 Tax Returns


Americans Can Defer for 90 Days on their Tax Returns

As we continue to face uncertain times, the IRS has made a welcome announcement regarding our tax returns.

Treasury Secretary Steven Mnuchin has announced that the IRS has decided to extend the filing and payment deadline for 2019 tax returns, allowing taxpayers to defer until July 15. Mnuchin indicated this move will put $300 billion into the economy during a time of great economic concern over the consequences of the COVID-19 pandemic.

The payment deferment is subject to certain caps, however. Individuals may defer tax payments of up to $1 million, while corporations may defer up to $10 million. The limits were purposefully selected to benefit small businesses that report income through corporations, partnerships or other pass-through entities.

2019 Tax Returns, IRS, Tax planning, taxes

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Cross-Border Planning: A Financial Strategy for Money Crossing Borders

globe traveling abroad

There is a new kind of wealth planning emerging; one that is essential for anyone who holds assets or has family connections in more than one country. In an increasingly globalized world, the cross-border planning strategies of the global elite are becoming essential to a greater number of families. Is your life based in more than one country? Do you have business interests in multiple countries? Are you moving to the US either temporarily or permanently? Alternatively, are you leaving the US to work overseas? Or do you plan to retire abroad? Unsurprisingly, there are special considerations – not to mention pitfalls – when money moves across borders, so cross-border wealth planning takes into account everything from currency fluctuations to tax rules, estate planning, and even to political instability.

As with all financial planning, a cross-border strategy is all about helping you keep as much of your money as possible. Even if you aren’t moving countries, you can benefit from this type of planning if you have financial interests outside of the U.S., if you have dual citizenship or if you or your spouse have foreign family members.

estate planning, money management, retirement planning, taxes

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WellAcre Global Wealth Advisors is a Registered Investment Adviser. Advisory services are only offered to clients or prospective clients where WellAcre Global Wealth Advisors and its representatives are properly licensed or exempt from licensure.  This website is solely for informational purposes.  Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by WellAcre Global Wealth Advisors unless a client service agreement is in place.