The 2017 US tax filing season is officially underway, and millions of United States citizens have begun the process of submitting their 2016 tax returns before the deadline of 15 June for those living abroad (17 April for those living in the US).
US citizens or green card holders who reside in Cayman are reminded that they are still subject to US taxation on their income – even if they are no longer in the United States. This also applies to Caymanians who are in possession of a US passport.
For those unsure about the process, accountancy firm BDO Cayman will be offering free 30 minute sessions of tax-advice during the month of February. Individuals are encouraged to phone ahead to book an appointment with one of the firm’s tax specialists.
“Filing for taxes can be a daunting process for some,” commented Cori McGuffie, BDO Tax Administration. “This is where our specialists come in. BDO’s free February sessions are the perfect opportunity for anyone to come in and speak to us about their questions or concerns.”
Last year, the IRS processed more than 152 million returns, with the average refund being $2,860 per taxpayer. Those who intend to prepare their taxes and file for returns this year are warned not to wait until the last minute.
“If you’re pressed for time and you rush through the filing process, you could end up making mistakes that cost you a tax refund,” explained Ms McGuffie.
Those seeking to book a free appointment with BDO should contact Cori McGuffie on 1-345-815-4532, or email email@example.com.