Klemsen Consulting and Tax Uncomplicated are proud to offer a comprehenive set of services so you can live where you want to and file taxes where you have to. If you don't see the service you need listed below, just contact us as ask!
Services 1. Expat package (Federal)
150.00~ / 150,000~
The standard expat package suits most clients. It's for clients that have income from their salary, and not investments, rental properties, etc.
This includes Form 1040, Schedule A, Schedule B, Form 2555, and Form 8965. We also provide a disclosure explaining to the IRS how and why we file the way we do. This helps answer questions they might have before they have to ask. This package includes healthcare paperwork which became mandatory in 2014.
For the 2018 tax year, and beyond, Schedule 1 (and Schedule 6 for 2018) are included.
*This package does not include the Fbar.
Services 2. Streamline package
$700.00 / 700,000 South Korean Won
The streamlined package is perfect for expats who have fallen behind 5 or more years in filing federal taxes. When approved, the streamlined foreign offshore procedure will essentially wipe the slate clean. Once you file this package, your back taxes are no longer an issue. It's meant to help well-intentioned tax payers get back in contact with the IRS. This package can help save some clients A LOT of money in filing fees. If you have 5 or more years of unfiled taxes, this is something to consider.
This package includes the certification, current year federal tax package (see services 1) and three back years of federal taxes. Fbar reporting may be required, and would add an addition 25.00 / 25,000 KRW per Fbar.
This process requires the client to write a detailed and extensive tax narrative, or essay. Sample essays are provided.
Services 3. Spousal visa package
150.00 - 420.00 / 150,000 - 420,000 South Korean Won
Depending on your tax and salary history, and how you plan to go about obtaining the spousal visa, one - three years of tax history can be requested.
Contact us and let us help you prepare for re-entry to America with your spouse.
Services 4. Back taxes
150.00~ / 150,000~
If you have failed to file taxes in the past, we can help and back file for you. We include a detailed explanation of why and how you are filing late, and do all we can to avoid penalty. The comprehensive manner in which we file back taxes all but assures success!
This package includes 1040, Schedule A, schedule B, 2555-ez, form 8965 (Obamacare) and a rock-solid disclosure.
The first year is charged at full price, and a discount is given for each additional year filed at the same time.
* no client we have served has been fined or penalized for late filing
Services 5. State taxes
Starting at 60.00 / 60,000 South Korean Won
In most cases, expats are not required to file for state taxes, but sometimes they must.
Currently, fifteen states and the District of Columbia have an estate tax, and six states have an inheritance tax. Maryland and New Jersey have both. While estate taxes are charged against the estate regardless of who inherits the assets, inheritance taxes are levied on the transfer of assets to heirs, based on the relationship of the inheritor to the deceased. In the case of inheritance taxes, spouses, children, or siblings often have different exemptions.
If you have questions or concerns about state tax, contact us!
Services 6. Fbar reporting
$25.00 | 25,000 South Korean Won
Commonly known as an FBAR, this report is required if at any time you have had $10,000 US dollars or more in one account, or a total of $10,000 US dollars spread over several accounts, in a foreign financial institution such as a bank or a brokerage firm. It doesn’t matter if your balance was only briefly over $10,000, it doesn’t matter if the money in your account wasn’t all yours, an FBAR still needs to be filed. Back FBARs can also be filed to get you up to date.
Services 7. Schedule C, D or E
$60.00 | 60,000 South Korean Won
A schedule C is for profit or loss from a business. Use this schedule to report income or loss from a business you operated or a profession you practiced as a sole proprietor. Any work which does not fall under the foreign earned income exemption may need to be filed here.
The Schedule D form is what most people use to report capital gains and losses that result from the sale or trade of certain property during the year. Capital gains and losses are generally calculated as the difference between what you bought the asset for. If that sounds familiar, then you might need a schedule D.
If you own a home in the US and receive rent, you'll need a schedule E. Up to 3 properties can be filed on each schedule E.
Services 8. Stock sales, mutual fund sales, and other security sales – per each Form 8949
$60.00 | 60,000 South Korean Won
Up to 14 short term sales and up to 14 long term sales can be reported on a single form. (Short term sales are for securities owned less than one year, long term sales are for securities owned more than one year.)
There is no extra charge to file the accompanying Schedule D.
Services 9. Extension for new Expats
$50.00 | 50,000 South Korean Won
If you have recently moved abroad and have not yet filed a tax return, you will almost certainly need to file a special extension in order to avoid paying US federal taxes on your overseas salary. We’ll explain all the tax benefits of living and working overseas and will help you develop a comprehensive tax plan as part of our standard service. We can bundle this with 1-2 years of federal tax filings to save you even more money.
* This is the special extension you need if you moved to Korea in the middle of a tax year.