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Living abroad? U.S. ties could leave you feeling taxed

As a United States citizen living outside the country, you may have had many exhilarating experiences in your time abroad. Your new country of residence may have cultural and governmental differences that allow you to gain knowledge on the various workings of another place. However, living abroad does not completely sever your ties to your native country, especially when it comes to taxes.

If you earn an income while living abroad, the United States will still tax your income. Only the U.S. and one other country impose taxes on their citizens while those citizens live in another country. Therefore, you may wish to understand how living abroad could affect your taxes before the next filing season.

Audit appeals could give you a tax advantage

Handling taxes can make anyone anxious as finances and dealing with a government institution can both induce stress. Even if you have completed your tax forms and filed them to the best of your ability, you may still fear that the IRS will find issue with your return and conduct an audit. If you do find yourself in this situation and the results of the audit indicate that you owe more money to the government, you may wish to review the results further.

Rather than simply accepting the outcomes of the audit, you do have the option of filing for an appeal. Certain advantages and disadvantages exist relating to this approach, but with the right help, you may have the opportunity to reverse the audit decision and improve your situation.

4 frequent tax mistakes that could affect your filing

With tax season well underway, you may find yourself putting off filing your taxes because of inconvenience or confusion over how to file. Though many tax professionals offer assistance with this endeavor, you may wish to remember that anyone could make mistakes when it comes to filing your taxes. If mistakes do go overlooked, you could face considerable issues with your tax return, ranging from unaccepted filings to potential audits.

Because a simple mistake could lead to unnecessary complications, you may wish to look out for some of the most frequent errors.

Make the most of tax time for your small business

With tax season comes the annual gathering of documents and receipts. Now that you own your own business, things may be a little more complicated than when you were simply doing your personal taxes. To make matters worse, tax laws change frequently, and what worked last year may not work for your business this year.

However, change can be good. It's possible that you can shave a considerable amount off your tax bill if you claim as many deductions as possible. Of course, this means knowing about those deductions and using them to your advantage.

4 reasons to seek a tax professional's help in 2017

It's beginning to look a lot like... tax preparation season. Your mailboxes are flooded with documents in January: 1099s from different sources, W-2s and other forms.

You collect everything you think you need in one place for when you're ready to get started working on your 2016 return. You're planning to use Turbotax or other, similar tax-preparation software. Great idea, in some respects: but in others, you might end up shortchanging yourself. Do you know all the new tax laws that may apply to you?

Making a list: year-end tax tips in the spirit of Santa

In American folklore, Santa Claus has his naughty or nice list, guiding the delivery of appropriate presents (or lumps of coal).

You've probably got your own to-do list this time of year. It may or may not include tax matters. As a business owner in the Bay Area, however, it's important to be reminded of what you need to do now to make tax planning and filing as painless and productive as possible in the New Year.

Here's a checklist to get you started.

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