Citizens of the United States are taxed on their worldwide income despite their residency status. Certain exclusions for foreign earned income and tax credits may apply. Also, territories and possessions of the United States tax their residents differently than the 50 states.
When it comes to state residency, there are significant differences in tax rates. Some states, in fact, have no individual income tax. OnTarget CPA is familiar with the rules of residency and factors that would come into play should your residency ever be challenged. Residency can also be a factor when someone dies as some states have an inheritance tax and real estate taxes are often lower on primary residences than second homes.
OnTarget CPA is a certified public accounting firm offering business accounting services and tax preparation. Consult with OnTarget CPA for guidance on efficient and profitable business operations and strategies to achieve corporate growth objectives.
Call to schedule a free consultation with our professional staff today. Whether you need business accounting services, personal tax preparation, or other financial services, OnTarget can help with your accounting needs.