Blog - CLT NY INC.

Claiming Dependents Without an SSN? ITIN (Individual Taxpayer Identification Number) Acquisition Guide and Benefits: Procedures to Make Spouses and Children Without a Social Security Number Eligible for Dependent Tax Credits (e.g., Credit for Other Dependents).

For taxpayers in the U.S. who wish to claim a spouse or child without a Social Security Number (SSN) as a dependent, obtaining an ITIN (Individual Taxpayer Identification Number) is essential. This article, written by a U.S. tax professional, explains how to obtain an ITIN, its benefits, and the specific procedures for claiming dependent tax credits like the Credit for Other Dependents.

Claiming Dependents Without an SSN? ITIN (Individual Taxpayer Identification Number) Acquisition Guide and Benefits: Procedures to Make Spouses and Children Without a Social Security Number Eligible for Dependent Tax Credits (e.g., Credit for Other Dependents). 続きを読む »

Missed the April 15th Deadline? How to File for a Tax Extension with Form 4868 and Understand Penalties: The Crucial Rule That Extends Filing, Not Payment

Blog (EN), US Tax Compliance / yukimoto

If you can’t meet the April 15th tax deadline, Form 4868 allows you to extend your filing time. However, it’s vital to remember that this extension does not extend your payment deadline. Failure to pay your estimated tax by the original due date can result in penalties and interest. This article explains the extension process and the penalty system.

Missed the April 15th Deadline? How to File for a Tax Extension with Form 4868 and Understand Penalties: The Crucial Rule That Extends Filing, Not Payment 続きを読む »

Standard vs. Itemized Deduction: What’s Best After the Trump Tax Cuts?

Blog (EN), US Tax Planning / yukimoto

The Tax Cuts and Jobs Act (TCJA) significantly increased the standard deduction, leading fewer taxpayers to itemize. However, itemized deductions can still be advantageous in specific situations, such as having high medical expenses, substantial charitable contributions, or significant home mortgage interest. This article explores the current landscape and scenarios where itemizing might still be your best option, emphasizing the importance of tax planning.

Standard vs. Itemized Deduction: What’s Best After the Trump Tax Cuts? 続きを読む »

【Essential Guide】What is Form 1040? Structure and Critical Basic Items You Must Not Get Wrong

Blog (EN), US Tax Compliance / yukimoto

A professional explains Form 1040, the primary document for filing US individual income tax, covering its basic structure, crucial items like name, address, and SSN, and the general flow of income and deductions. This essential guide covers key points you need to know for accurate filing.

【Essential Guide】What is Form 1040? Structure and Critical Basic Items You Must Not Get Wrong 続きを読む »

Are Japanese Pension & Insurance Surrender Proceeds Taxable in the US? Form 1040 Treatment for Green Card Holders and US Citizens Under the US-Japan Tax Treaty.

Blog (EN), International Tax / yukimoto

If you’re a US green card holder or citizen receiving a Japanese pension or surrendering a life insurance policy, how is that income taxed in the US? This article explains the filing methods on Form 1040 based on the US-Japan Tax Treaty.

Are Japanese Pension & Insurance Surrender Proceeds Taxable in the US? Form 1040 Treatment for Green Card Holders and US Citizens Under the US-Japan Tax Treaty. 続きを読む »

Expat Must-Read! Foreign Tax Credit (FTC) vs. Foreign Earned Income Exclusion (FEIE): Which to Choose? A Simulation for Those Receiving Salary from a Japanese Company.

Blog (EN), US Expat Tax / yukimoto

US expatriates often face a critical choice between the Foreign Tax Credit (FTC) and the Foreign Earned Income Exclusion (FEIE). This article provides a detailed comparison and simulation for individuals receiving salaries from Japanese companies, helping them make an informed decision.

Expat Must-Read! Foreign Tax Credit (FTC) vs. Foreign Earned Income Exclusion (FEIE): Which to Choose? A Simulation for Those Receiving Salary from a Japanese Company. 続きを読む »

Side Hustle & Freelance in the US: Schedule C Expenses, Self-Employment Tax, and Home Office Guidelines for Uber Eats, Online Sales, and More

Blog (EN), US Tax Guide / yukimoto

Navigating US taxes for your side hustle or freelance business? This guide covers Schedule C expense deductions, Self-Employment Tax, and crucial guidelines for what qualifies as a business expense, including the strict rules for home office deductions, for income from platforms like Uber Eats or online sales.

Side Hustle & Freelance in the US: Schedule C Expenses, Self-Employment Tax, and Home Office Guidelines for Uber Eats, Online Sales, and More 続きを読む »

Single? Married? How Your “Filing Status” Choice Can Save (or Cost) You Thousands: Understanding Single, Married Filing Jointly, Head of Household, and Key Considerations for Expatriates on Single Assignment.

Blog (EN), US Tax / yukimoto

Your U.S. tax filing status is more than just a declaration of your marital status; it’s a critical decision that directly impacts your standard deduction, tax rates, and eligibility for various tax credits. This choice can lead to thousands of dollars in tax differences. We’ll explore the main filing statuses, with a special focus on common points of confusion for expatriates on single assignment, particularly regarding the Head of Household status.

Single? Married? How Your “Filing Status” Choice Can Save (or Cost) You Thousands: Understanding Single, Married Filing Jointly, Head of Household, and Key Considerations for Expatriates on Single Assignment. 続きを読む »