Areas of Expertise
As a small business within the service industry ourselves, we at Advocate feel a special satisfaction in assisting clients in this same position to help insure sustainable profits arise from their endeavors. We are uniquely able to understand the needs of homegrown, service-based businesses. We know that this type of business is usually built up from scratch rather than purchased, and often, their only inventories are the interpersonal relationships which allow their services to florish. When small businesses are run in a tax-savvy manner, it benefits not only the business owner and his or her family, but also the business's employees, their customers, the regions within which the business operates, and the entire U.S. economy. Advocate CPA Group is proud to specialize in providing the critical link of warm, interpersonal communication to promote the success of small, service-based businesses similar to our own.
At Advocate, we understand that those who make a living from their art put most of their energy into their creations, so we are happy to help people with creative minds seeking tax preparation and tax planning to understand tax issues. Businesses based on the arts look to professionals to guide them in creating the financial side of their endeavor. Advocate is proud to provide guidance to artists, keeping an eye on their bottom line through the process of choosing an entity (LLC, sole proprietor, etc.) which will help ensure sustainable profits arise from the pursuit of their creative passions.
Advocate CPA Group is small enough to truly relate to individuals seeking tax guidance, yet expansive enough to handle a wide range of complex situations that can arise in taxes of individuals, including those with a high net worth. Our individual clients throughout the United States, Europe and Japan are as diverse as these countries themselves, and in turn, our clients rely on us for a diverse range of services. We are fully equipped help our individual clients with everything they might need assistance with, including bookkeeping, tax planning, finding missing refunds and addressing various types of notices, to name just a few. We assist people seeking tax preparation and consulting to forecast their tax needs so that there are no surprises come April 15th. We also assist individuals in planning for contingencies to help their tax matters remain stable and secure should unforseen circumstances arise.
Non-Married Couples Sharing Assets
When tax laws in the United States were written, few people remained unmarried for long. The tax laws reflected these conditions, focusing primarily on married couples. Things have changed in today's world, however: the U.S. Census Bureau accounted for 6.8 million unmarried-partner households in the U.S. in 2010. A common mistake among this demographic is not seeing an accountant who is an expert in this area, to consider whether they should engage in tax planning with their partner as opposed to planning separately as individuals. Non-married couples who share assets and/or children should be aware that tax planning for them as a unit is imperative.
Tax Planning for Engaged Couples
The federal and New York State marriage penalty is alive and well in the present day. This penalty rears its ugly head when two unsuspecting people get married without carefully considering the tax consequences that their legal union might bring. As with tax planning for non-married couples sharing assets, the necessity of tax planning for couples engaged to be married is usually unforeseen by other tax professionals, resulting in a surprise attack on the happy couple's nest egg come tax time. To avoid this unfortunate consequence, Advocate invites you to consult with our experts while planning the timing of your nuptials.
International Tax Assistance
Often, individuals from other countries relocate to the U.S. without fully understanding the complex waters of the U.S. tax system. Advocate helps foreign businesses and individuals navigate the complex tax territory surrounding physical or professional international relocations. We offer tax treaty analysis, which may allow reductions or exemptions on income taxes of foreigners for certain sources of income based within the U.S. We also help those new to the U.S. with social security totalization agreements, which can eliminate dual social security taxation as well as help fill holes in benefit protection for those who work both in the U.S. and abroad.
Obtaining a Sailing Permit
According to a 2015 report by the Congrssional Budget Office, 41 million foreign-born people resided in the United States in 2012, comprising 13% of America's total population of 314 million. This percentage represents the largest contribution foreign-born people have made to the total population living in the U.S. at any time in our nation's history since 1920. If you yourself 1) were born in another country, are living in America as a resident or nonresident alien, 2) are also be looking to vacate Uncle Sam's property either temporarily or permanently, and 3) have income subject to U.S. tax, you will probably need to obtain a "Sailing Permit" or "Departure Permit" before you leave the U.S.--or any of its territories, for that matter. And even if you have no taxable income, you might still need to obtain this permit! A Sailing Permit is a tax clearance document, which proves to the government that you have met all federal tax requirements. To get it, you'll need to file either Form 2063, the U.S. Departing Alien Income Tax Statement, or Form 1040-C, Departing Alien Income Tax Return, depending on your tax status. But the process of dealing with these forms and the IRS to obtain your Sailing Permit can be daunting and complex. That's where Advocate can help. Our experience in helping clients get their Sailing Permit can make all the difference in making sure your departure is "smooth sailing"!