Working in two different cities always presents issues and complexities, but it becomes a completely different headache when one of those cities is in a different country altogether. This becomes even more complicated once you introduce real estate and other location specific deductions.
A few years ago a Wall Street banker came to us and expressed his frustrations with his tax situation. He was splitting time between NYC and London, and was generating income in both locations. By the time we met with him, he was already three years late on filing returns and unsure how to address the issue.
We took the time to adequately research the client’s issues, and developed schedules to accurately allocate all relevant deductions and credits. We were also able to use the foreign income exclusion, the housing allowance, and other deductions to generate over $10,000 in tax savings.
If you are working in two cities, states, or countries, you may need assistance to attain full compliance in all of those locations. Give us a call at Tax Solutions and we can look at your situation and give you quality, relevant advice.