Holistic Tax Partner for Your Peace of Mind

• Federal, State and Local Tax Returns
• ITIN Application & Assistance
• Filing for Taxpayers Living Abroad
• Filing for Self Employed Persons and Small Business Owners

At NextVision Tax, we understand that filing your US Individual Tax Return can be a complex and daunting task. Our mission is to simplify the process and ensure you receive the maximum benefits. We offer customized tax preparation services that take into account your unique financial situation. By carefully analysing your income, expenses, deductions, and credits, we ensure that your tax return is accurately prepared and optimized to maximize your tax benefit. Our team of experienced tax professionals meticulously reviews every detail of your return to ensure accuracy. We are committed to meeting all deadlines so you can rest assured that your tax return will be filed on time.

Federal Tax Returns

Navigating the complexities of federal tax laws can be overwhelming. Our team stays up-to-date with the ever-changing tax codes to maximize your deductions and credits. We handle all aspects of federal tax filings, ensuring that you benefit from every available tax advantage.

State Tax Returns

Each state has its own set of tax laws and regulations. Whether you reside in one state or have multi-state tax obligations, we've got you covered. Our expertise in state tax matters ensures that you remain compliant while optimizing your tax liabilities across different jurisdictions.

Local Tax Returns

Local taxes can often be overlooked but are just as crucial as federal and state filings. From city income taxes to county taxes, we provide comprehensive support to ensure all your local tax obligations are met promptly and accurately.

At NextVision Tax, we specialize in helping you secure an Individual Taxpayer Identification Number (ITIN) swiftly and efficiently. Our team of experienced professionals guides you through every step of the application process, ensuring you meet all requirements and avoid common errors.

Why You Need an ITIN

• Tax Filing: An ITIN is essential for anyone who needs to file a U.S. federal tax return but doesn't have a Social Security Number (SSN). Whether you're an international investor, a non-resident alien, or have dependents without an SSN, we help you meet your tax obligations.
• Financial Transactions: An ITIN is critical for opening bank accounts, applying for mortgages or personal loans, and engaging in various financial activities. Ensure your financial dealings are smooth and compliant with U.S. regulations.
• Healthcare: Certain health insurance plans and medical services require an ITIN. Securing your ITIN can help you access the healthcare services you need.

Our Comprehensive ITIN Services

• Form W-7 Assistance: We provide expert guidance on completing Form W-7, the application for an ITIN. Our team ensures your form is accurately filled out to prevent delays or rejections.
• Document Verification: Proper verification of your identity and foreign status documents is crucial. We assist you in collecting and submitting all necessary documents to the IRS.
• Follow-Up: Once your application is submitted, we monitor its status and provide regular updates. Our proactive approach ensures you stay informed and your ITIN is processed as quickly as possible.
• Renewal Services: ITINs need to be renewed periodically. We remind you when it's time to renew and assist with the renewal process to ensure you remain compliant.

Living overseas brings many exciting opportunities, but it also introduces complexities to your tax situation. The IRS requires U.S. citizens and Green card holders to report their worldwide income, regardless of where they live. By filing tax returns, taxpayers comply with these legal obligations, demonstrating adherence to U.S. tax laws. Non-filing or incorrect filing can lead to severe penalties and interest.

Preventing Double Taxation for U.S. Taxpayers Living Abroad

Double taxation occurs when the same income is taxed by two different countries. To address this issue, the IRS provides several mechanisms:

• Foreign Earned Income Exclusion (FEIE) and Foreign Housing Exclusion: This allows U.S. taxpayers to exclude a portion of their foreign-earned income from U.S. taxation, significantly lowering overall taxable income.
• Foreign Tax Credit (FTC): The FTC allows taxpayers to claim a credit for taxes paid to a foreign country, reducing U.S. tax liability and ensuring income is not taxed twice.
• Tax Treaties: The U.S. has tax treaties with many countries to prevent double taxation and promote cooperation in tax matters.

Self-Employed Individuals

Self-employed individuals, including freelancers, entrepreneurs, independent contractors, and small business owners operate their businesses independently. Unlike traditional employees, they don't have taxes automatically withheld from their income, requiring careful attention and accurate reporting.

Tax Filing for Self-Employed

Self-employed individuals file their taxes using Form 1040, Schedule C (Profit or Loss from Business), and Schedule SE (Self-Employment Tax). They also file Form 1040-ES to make quarterly estimated tax payments throughout the year.

Sole Proprietorship

A sole proprietorship is owned by one person with complete control over all aspects of the business. From a tax perspective, the business income and expenses are reported on the owner's personal income tax return using Schedule C along with Form 1040.

Single-Member LLC

A single-member LLC combines the benefits of a sole proprietorship with liability protection. For tax purposes, single-member LLCs are generally 'disregarded entities,' meaning the IRS treats the LLC as the same as its owner. Income and expenses are reported on the owner's personal income tax return.

Multiple-Member LLC

A Multiple-Member LLC is owned by two or more members. For tax purposes, it is treated as a partnership and must file Form 1065 (U.S. Return of Partnership Income). Each member receives a Schedule K-1 detailing their share of the LLC's income, deductions, and credits.

Partnerships

A partnership is a business arrangement where two or more individuals share ownership and management responsibilities. Partnerships are pass-through entities — income, deductions, and credits flow through to the partners, who report their share on personal tax returns via Form 1065 and Schedule K-1.