Summer usually feels far removed from tax season, but the IRS says several common summer activities can affect next year’s return. Its recent tax tip highlights marriage, summer day camp, business travel, part-time work, and certain home improvements as examples of summer events that can carry tax consequences. For taxpayers, and especially for Americans living…
What Is the 330-Day Rule? The 330-Day Rule refers to the physical presence test used by some taxpayers to qualify for the Foreign Earned Income Exclusion. To meet the test, a taxpayer generally must be physically present in one or more foreign countries for at least 330 full days during any period of 12 consecutive…
Tax Residency Can Begin Earlier Than Expected Moving to New Zealand is an exciting adventure. However, relocating changes your tax situation. Understanding how both the U.S. and New Zealand tax systems interact can help you avoid costly surprises. Tax Residency Can Begin Earlier Than Expected Americans moving to New Zealand must determine when their local…
Americans in the UAE Still Have U.S. Filing Duties The United Arab Emirates attracts American professionals and entrepreneurs because of its global business environment and historically limited personal income taxation. However, moving to Dubai, Abu Dhabi, or another emirate does not end U.S. tax obligations. U.S. citizens and resident aliens abroad generally remain required to…
Understand Tax Residency Before Moving to Italy Italy is a popular destination for American professionals, retirees, business owners, and families. Before moving, it is important to understand that immigration residency and tax residency are not always the same. Italy generally considers an individual tax resident when at least one of its tax residence conditions applies…
Foreign pensions and retirement accounts are among the most complicated parts of U.S. expat tax reporting. A plan that receives favorable treatment in another country may not get the same treatment under U.S. tax law. In fact, these accounts can trigger multiple U.S. tax issues. Depending on the country and the account structure, you may…
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