iainshaw

I moved to the US in April 2018 and work as a journalist/writer on an O1 visa. I want to be on top of my taxes ahead of filing my first tax return, and am considering speaking to an accountant.

A few questions:
1. Does anyone have experience with using an accountant to help with tax filing? Any advice on this, like how to choose, what to look for, red flags?
2. How much should I expect to pay?
3. I was thinking it would be better to find an accountant who has experience dealing with international clients and understands the unique tax implications they might face compared to a US citizen who has no interests or experience abroad. Are there accountants who specialize in expat taxes, and is it preferable to use somebody with this specialization? Does it matter?

My finances are not particularly complicated in terms of assets, and I'm single, but: 1. I write for multiple clients; 2. I have bank accounts in the UK and China, where I lived for over a decade before moving to the US; 3. I'm considering setting up an LLC

Any advice appreciated, thanks.

mrken30

When seeking a CPA, make a note if they mention FBAR and tax treaties.

lansbury

I use a CPA and have done since we got here. My wife and I both have income from UK and USA and we pay $300 to have our taxes done, and estimated payments worked out for the current year. Having said that last time we went there the CPA started to contradict himself about the way he had reported some things, which had me a bit worried. So this year I'm taking the plunge and using TurboTax and doing it myself.

mrken30

I use turbotax to do my filing. I also use H & R Block , just to double check the numbers. Hopefully doing the entry twice using will catch any discrepancies. If you use the online version you do not have to pay anything unless you file. Beware of State differences, for example Oregon does not allow you to offset foreign taxes like the feds do.

Hotscot

Investments and a Business.

TurboTax. Lot's of gotcha's though but they have good forums.

tom169

TurboTax. Have done since moving here. Just have to do some research yourself sometimes. Good online knowledge base.

iainshaw

Thanks for all of the replies – very useful information.

Those of you who use TurboTax - do you pay to use the service?

I'm guessing I would need to use the option for filing as a self-employed person, which comes with a charge.

Hotscot

You need the version for the specific year, costs around $70.00 but you often get deals in Costco among other places.

The first time you use it can be a little overwhelming/frustrating but you get better every year. It's worth it to learn the process especially when your maximizing your deductions etc.
Also being self employed you need to pay estimated taxes in advance throughout the year and TT calculates all that for you.
Having my own business I am also self employed so yes, there is a version specific to that.

Regarding estimated taxes, if you muck this up the IRS and the State can fine you but here's the thing, there is a little known Get Out of Jail Card for asking for an exemption on fines. So just be aware of that.
In any case I've found the IRS fine to deal with as long as you're nice to them.

mrken30

Amazon has the best deals this year so far. You either pay in time or money. It's much easier and safer to purchase software and do some research. You can also subscribe to IRS tips, https://www.irs.gov/newsroom/e-news-subscriptions