USA Crew Tax Preparation and Advisory
Tax Residency and Compliance
Assess tax residency using factors like the substantial presence test and time abroad
Advise on federal and state income tax compliance and ensure accurate, timely filings
Foreign Earned Income Exclusion (FEIE) & Self-Employment Tax
Evaluate eligibility for FEIE to reduce taxable income for crew working overseas
Guide independent contractors on self-employment taxes, estimated payments, and deductions
Social Security, Medicare, and State Tax
Address Social Security and Medicare tax obligations, including totalization agreements
Manage state tax requirements for crew maintaining U.S. residency, including non-resident filings
FBAR, FATCA, and Double Taxation Relief
Assist with FBAR filings and FATCA compliance for offshore accounts
Advise on foreign tax credits and treaty benefits to avoid double taxation
Retirement and Investment Income
Guide crew on contributing to U.S.-based retirement accounts (IRAs, 401(k)s) while working abroad
Ensure compliance with reporting capital gains and foreign investment income
MFS specializes in tax preparation and advisory services for U.S. yacht crew members, ensuring compliance with complex tax regulations. We tailor our services to accommodate the unique schedules and lifestyles of yacht crew professionals:
McGregor Financial Services (MFS) offers specialized tax preparation and advisory services tailored for U.S. yacht crew members, ensuring they navigate complex tax regulations and remain compliant across multiple jurisdictions. Our approach begins with Assessing Tax Residency, taking into account factors such as the Substantial Presence Test and time spent abroad, to determine global income tax obligations. We provide comprehensive support in Federal and State Income Tax Compliance, ensuring accurate and timely filings. For crew members working overseas, MFS evaluates eligibility for the Foreign Earned Income Exclusion (FEIE) to help reduce taxable income and offers guidance on Self-Employment Taxes, including estimated payments and applicable deductions for independent contractors.
In managing Social Security and Medicare taxes, MFS advises on international totalization agreements and addresses state tax obligations for crew members who maintain U.S. residency, including non-resident filing requirements. We also assist with offshore account compliance by guiding clients through FBAR (Report of Foreign Bank and Financial Accounts) and FATCA (Foreign Account Tax Compliance Act) reporting, ensuring IRS requirements are met. To prevent double taxation, we help crew members apply for foreign tax credits and treaty benefits. Additionally, MFS supports Retirement Planning by advising on contributions to U.S.-based accounts such as IRAs or 401(k)s, enabling crew to secure their future while working abroad. Our services extend to reporting Investment income and Capital Gains, ensuring full compliance with U.S. tax laws. Through expert guidance, MFS helps yacht crew members minimize tax liabilities and build long-term financial stability.
