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TFX - Commonly used terms and definitions - YouTube
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hi are you not quite sure what this
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sentence means that's why I'm here today
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to go over some of the common terms you
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might hear when working with your tax
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preparer to complete your tax forms tf-x
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or TFE that's US taxes for expats TQ
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that's your tax questionnaire e l stands
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for engagement letter and F I is our
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abbreviation for final instructions if
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you have questions about a specific term
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I've identified the terms we'll review
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today along with the time location you
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can find them within this video now
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let's look into more detail on all of
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these terms the first term is tax
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questionnaire this is our form that
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taxes for expats that we use to collect
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the information from you that your tax
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preparers will use to create your tax
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forms you'll complete one tax
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questionnaire for each year that you
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request to be filed our tax
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questionnaire is quite comprehensive we
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do ask you to complete it as much as
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possible even though you don't need to
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complete every question please complete
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those most relevant to your situation as
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well as any mandatory questions this
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will help your tax preparer to analyze
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your situation and optimize your results
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income calculator the tax here in the
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country that you're currently living may
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be different from the tax year in the
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United States which is January 1st
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through December 31st that taxes for
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expats we provide you with a handy
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income calculator to help reconcile
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those tax years engagement letter once
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you have submitted your tax
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questionnaire or if you're filing for
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more than one tax year tax
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questionnaires plural you will receive
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an engagement letter within three days
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from your tax preparer the engagement
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letter will state the services being
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offered and the price is associated with
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those
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services this is basically your contract
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with taxes for expats prepayment when
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you receive your engagement letter
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you'll notice there is a dollar amount
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it's not required that you make payment
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at this time however you can make a full
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or partial payment the choice is yours
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if you chose not to make a prepayment
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when the first draft of your tax returns
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is ready for viewing you'll receive a
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notification you'll also receive a bill
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you can go to your client portal log in
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and pay your bill we have numerous
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options for you to pay your bill you can
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pay by credit card paypal wire transfer
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we usually suggest transferwise if you
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have any questions on these just contact
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us once we have received your approval
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and answered any questions you have
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about your tax forms we will
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electronically submit your tax forms to
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the IRS this is e file or efiling this
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leads me to our next term the
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confirmation is the IRS confirmation
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that they have received and accepted the
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e filing that we submitted on your
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behalf this will be uploaded to your
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client account the e-file confirmation
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is our confirmation from the IRS that we
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have successfully he filed your tax
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forms or it could be coming from the
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Treasury if it's the F bar that we're
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filing for you you may receive one two
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three or maybe even four confirmations
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depending on if you have state filings
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needed federal filings and F bar so if
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we can file these confirmations will be
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uploaded to your client to kill
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the file cabinet this is your client
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account you may hear from your tax
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preparer asking them for you to go into
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your file cabinet and update your tax
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questionnaire or a review documents or
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make a payment
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the final instructions are likely to be
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our last step with you for your tax
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returns for this year once your tax
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preparer has received your approval on
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the tax forms they've created they will
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submit them to the IRS for a filing if
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possible they will receive back the
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confirmations they will upload those
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confirmations to your client portal it
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will upload final instructions it's
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important that you review these final
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instructions as it will indicate any
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documents that you need to Mel and the
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mailing address that you need to mail
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them to
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so I hope this helped to answer
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questions you may have had if there's
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other words you're not sure of please
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feel free to email me and my team at BM
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at Texas for expats calm thank you
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