Accelero A Tax Guide for American Citizens in CA.pptx

American citizens living in Hyderabad may face difficulties while ensuring compliance with tax obligations imposed by the United States and the tax laws of India. The IRS demands that U.S. citizens file their income taxes, no matter where they live.

1. eS

A

A Tax Guide for American
Citizens in CA

2. Introduction

American citizens living in Hyderabad may face
difficulties while ensuring compliance with tax
obligations imposed by the United States and the tax
laws of India. The IRS demands that U.S. citizens file
their income taxes, no matter where they live. The
essential items one should consider while staying
compliant include several key tax obligations,
deductions, and filing requirements. This guide
elaborates on U.S. Tax Services in Hyderabad, and
some essentials need to be considered by American
citizens residing in California (CA).

3. Understanding U.S. Tax
Obligations

Worldwide Income Taxation: All your worldwide income, including
salary, investments, and rental income, is required to be reported to
the IRS.

Foreign Earned Income Exclusion (FEIE): You may exclude up to
$120,000 (2023 limit) from taxable income under the FEIE if you
meet residency qualifications.

Foreign Tax Credit (FTC): To avoid double taxation, you can claim
credits for taxes paid to the Indian government.

FBAR & FATCA Compliance: If you have foreign bank accounts
exceeding $10,000, filing FinCEN Form 114 (FBAR) is mandatory.
FATCA reporting (Form 8938) may also be required.

4. Tax Filing Procedure for US
Citizens

© Determine Filing Status: Decide if you need to file as
single, married filing jointly, or head of household.

© Calculate Income and Deductions: All sources of
income earned abroad and in the US should be
considered. All relevant exclusions and deductions
should be taken into account.

5. © File Necessary Forms: You must file Form 1040,
along with the appropriate forms like 2555 (FEIE
or 1116 (FTC).

© Meet Deadlines: Deadlines apply for U.S. tax due
dates with an automatic six-month extension to
June 15th if overseas, and another six months to
October 15th if needed.

6. How USA Citizen Tax Services in
Hyderabad Can Assist

Accurate Filing: Compliant with both U.S. and Indian tax filing.
Accurate Filing: Compliant with both U.S. and Indian tax filing.

Optimization Strategies for Taxes: Limite liabilities through credits, exclusions,
and deductions.

FBAR & FATCA: Assist with foreign asset reporting requirements.

IRS Audit Support: In case of audits or tax disputes, it guides them.

7. Conclusion

Being an American citizen in Hyderabad,
navigating the tax requirements in the United
States is very demanding and requires
compliance with both the U.S. and Indian tax
regulations. Outsourcing tax services to a
specialized firm can ease the process, reduce
tax burdens, and comply with IRS rules. Proper
guidance can help American citizens manage
their tax responsibilities while abroad.

8. Contact Us

97041 07806
[email protected]

https://accelero-corp.com/

280, First Floor, Sri Shyam Nagar,
Telecom Nagar Extension,
Gachibowli, Hyderabad, Telangana
500032

0800

9. Thank You for
Your
Attention

(9) 280, First Floor, Sri Shyam Nagar, Telecom Nagar
Extension, Gachibowli, Hyderabad, Telangana 500032