Frequently Asked Questions
Answers to common questions
FAQ
Do I need to file a U.S. tax return if I am a non-resident?
Yes, you do if you are a Non-Resident Alien and received income from U.S. sources during the tax year.
This generally applies to two main categories:
1. Effectively Connected Income (ECI): For example, income from services physically performed within the United States.
2. Fixed, Determinable, Annual, or Periodical income (FDAP): Such as dividends, interest, rent, or royalties from U.S. sources.
Even if your income is exempt under a tax treaty, you are often still required to file a return (using Form 1040-NR) to claim the exemption.
Our recommendation: U.S. tax rules for non-residents are complex. We strongly recommend consulting a qualified specialist to avoid penalties and ensure full compliance with IRS regulations.
What is the difference between W-2 and 1099?
W-2 and 1099 are key U.S. tax forms that represent two very different types of work relationships and tax responsibilities.
If you receive a W-2: Your taxes are partially handled for you, as your employer withholds them automatically.
If you receive a 1099: You are considered self-employed. You must set aside money for taxes and likely make quarterly estimated tax payments to the IRS. You are also responsible for paying the full self-employment (FICA) tax.
Our recommendation: If you work as an independent contractor, we highly recommend consulting a specialist for proper tax planning and deductions.
Can you handle bookkeeping and taxes for my small business?
Absolutely! This is our core specialization.
We provide full-service financial support tailored for small businesses, startups, and sole proprietors in the U.S.
Our approach includes:
1. Bookkeeping: Accurate and consistent financial records on a monthly or quarterly basis using tools like QuickBooks Online.
2. Tax preparation and filing: From business returns (Forms 1120, 1120-S, 1065) to personal returns (Form 1040).
3. Strategic tax planning: We help you legally minimize taxes and avoid surprises.
You focus on growing your business — we handle your financial clarity and compliance.
What is included in your bookkeeping services?
Our bookkeeping services ensure accuracy and peace of mind, keeping your business financially organized.
Our package includes:
1. Transaction recording: Accurate tracking of all income and expenses.
2. Bank reconciliation: Matching your bank and credit card statements with records.
3. Financial reports: Monthly or quarterly P&L and Balance Sheet reports.
4. QuickBooks management: Setup and optimization of your accounting system.
5. Tax readiness: Organized data for smooth tax filing.
We turn your numbers into business insights.
What documents do I need for tax preparation?
It’s simpler than it seems! You mainly need records of your income and expenses.
• Income: W-2, 1099, K-1 forms, plus any investment, rental, crypto, or foreign income records.
• Expenses: Receipts, statements, or reports for deductions (business, medical, education, mortgage interest, etc.).
• Other documents: Property sales, retirement contributions (IRA), or state tax payments.
Our approach: After you book a consultation, we provide a personalized checklist tailored to your situation.
Book a consultation and let’s get started!