virtual TAX & CONSULTING
U.S. Expat Tax & Foreign Earned Income
Q: I am a U.S. citizen living abroad. Do I still need to file a U.S. tax return?
A: Yes. U.S. citizens and Green Card holders are required to report their worldwide income to the IRS annually, regardless of where they reside. Even if you don't owe U.S. tax, filing is mandatory if your income meets the minimum filing threshold.
Q: What is the Foreign Earned Income Exclusion (FEIE)?
A: The FEIE is a tax provision that allows qualifying U.S. expats to exclude a significant amount of their foreign earned income (wages, self-employment income) from U.S. federal income tax. Capital Tax & Biz, Inc. files Form 2555 to claim this benefit for you.
Q: How do I qualify for the Foreign Earned Income Exclusion (FEIE)?
A: To qualify, your tax home must be in a foreign country, and you must pass one of two tests:
1) The Bona Fide Residence Test: You must be a resident of a foreign country for an uninterrupted period that includes an entire tax year.
2) The Physical Presence Test: You must be physically present in a foreign country for at least 330 full days during any consecutive 12-month period. We will analyze your travel and residency details to ensure you meet the requirements and maximize your exclusion.
Q: What is an FBAR, and do I need to file one?
A: The FBAR (Foreign Bank Account Report), or FinCEN Form 114, is required if the aggregate value of all your foreign financial accounts (checking, savings, investment accounts) exceeded $10,000 at any point during the calendar year. This is a separate reporting requirement from your income tax return, and Capital Tax & Biz, Inc. provides guidance and preparation for this compliance.
Q: How does the virtual tax preparation process work?
A: It's simple! You'll upload all your tax documents securely through our client portal. We'll then schedule a meeting (Zoom, phone, etc.) to review everything and discuss any questions, whether you are in Waterford, Florida, or Singapore. Once complete, we'll review the return with you before e-filing.
Q: Can you really help with my NY taxes if I now live in Florida or abroad?
A: Absolutely. This is a core specialty for Capital Tax & Biz, Inc. We have expertise in handling multi-state residency and non-resident tax filings, ensuring you correctly allocate income and comply with all New York State rules regarding residency and sourcing of income, avoiding unnecessary double taxation.
Q: I'm a gig worker. What can you do for me that a standard tax software can't?
A: We go beyond data entry. Capital Tax & Biz, Inc. provides proactive tax planning throughout the year and ensures you claim all eligible business deductions that tax software often misses or fails to prompt you for, such as the Home Office Deduction, business-related travel, and proper mileage reporting. We can also advise on quarterly estimated taxes to avoid penalties.
virtual TAX & CONSULTING
Personal Tax Preparation
Q: How does the virtual tax preparation process work?
A: It's simple! You'll upload all your tax documents securely through our client portal. We'll then schedule a meeting (Zoom, phone, etc.) to review everything and discuss any questions, whether you are in Waterford, Florida, or Singapore. Once complete, we'll review the return with you before e-filing.
Q: Can you really help with my NY taxes if I now live in Florida or abroad?
A: Absolutely. This is a core specialty for Capital Tax & Biz, Inc. We have expertise in handling multi-state residency and non-resident tax filings, ensuring you correctly allocate income and comply with all New York State rules regarding residency and sourcing of income, avoiding unnecessary double taxation.
Q: I'm a gig worker. What can you do for me that a standard tax software can't?
A: We go beyond data entry. Capital Tax & Biz, Inc. provides proactive tax planning throughout the year and ensures you claim all eligible business deductions that tax software often misses or fails to prompt you for, such as the Home Office Deduction, business-related travel, and proper mileage reporting. We can also advise on quarterly estimated taxes to avoid penalties.
about Capital Tax & Biz, Inc.
Virtual Tax And Consulting
We offer you a secure, expert tax consultation without leaving your home—wherever in the world that may be? We work 100% virtually via Zoom, Google Meet, Microsoft Teams, or telephone, using a secure portal for all document uploads.
📍 Serving Waterford, NY and the World
We are proudly located at 25 Broad St, Waterford, NY 12188, and serve clients across New York State. Plus, our virtual expertise allows us to seamlessly assist NY residents, "snowbirds" in Florida, and U.S. citizens/Green Card holders living in a foreign country, ensuring compliance with all U.S. and multi-state tax requirements.
📍 Serving Waterford, NY and the World
We are proudly located at 25 Broad St, Waterford, NY 12188, and serve clients across New York State. Plus, our virtual expertise allows us to seamlessly assist NY residents, "snowbirds" in Florida, and U.S. citizens/Green Card holders living in a foreign country, ensuring compliance with all U.S. and multi-state tax requirements.