Income Tax Service offers professional tax
preparation with a focus on individuals; however, we
also prepare corporate, partnership, estate and trust
income tax returns.
We offer the following services:
- US Tax Returns
- Federal and State
- Current or prior years
- for expats or foreign nationals with US income within or outside the US
- German Tax Returns
of Tax Problems & Assessments
- Federal or State, any year
- IRS Offers in Compromise and payment plans
- Tax Planning
- Refund of German Social
- IRS Certifying ACCEPTANCE AGENT for ITIN (Individual
Tax Identification Number) applications
about the German "Abgeltungsteuer" or Withholding tax -
in effect as of January 1, 2009
- all investment income
that is incurred within Germany will be subject to
the withholding tax
- the investment income will be subject to a flat
25% tax, in addition to the Solidarity tax and
church tax for a total of approx. 28%
- The bank or
financial institution will withhold the tax and
forward to the German tax authorities.
- This investment
income and the withholding tax will not be required
to be reported in the income
- If the investment income is from outside
of Germany, and if Germany has the right to tax
this income according
to the tax treaty with the country in question,
then the income must be reported on the income tax
and will be taxed at the 25% flat rate.
- The speculation
term of one year for stock and security transactions
will no longer apply; and the
exemption of EUR 512 for capital gains on security
transactions will no longer be valid.
and capital gains no longer come under the "Halbeinkuenfteverfahren"
or half income system,
and will be completely taxable.
- The tax exemption
on dividends and interest, as well as the income
related expenses will now be composed
of one tax free allowance for savers of EUR 801
for single filers and EUR 1602 for joint returns.
from the sales of stocks can be offset from the
gains from sales of stocks if the stocks
were acquired after December 31, 2008.
- Losses from
stocks, securities and futures can be used to offset
income from all categories of investment
income (ie/ interest, dividends, etc).
- If the investors
income tax rate is below the flat 25%, he or she
can request a refund of the withheld
tax by including the income on the income tax return
- the actual income related expenses (ie/ banking
fees) can no longer be deducted on the income tax