Our team at Expatriate Tax Returns would like to wish everyone a Happy New Year 2022!
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Reintroducing Ourselves
Happy New Year! We wanted to take this time to introduce ourselves to any new clients that may have joined us this past year. Welcome! We are happy to have you. We are Expatriate Tax Returns, and we are proud to have assisted both individuals and small businesses in filing their taxes for over 25 years. We are headquartered in Michigan and have satellite offices in Florida and London. We can work with clients anywhere around the world using the most up-to-date and efficient technology to share information securely. In addition to tax filings, we offer services to assist with audits, trusts, and estates. We are well versed in all things expatriate taxes and can explain any laws and forms necessary to your filing. Our website is full of information about us, and we welcome you to take a look around. We are always available to answer questions and provide assistance in a variety of areas. If we don’t know the answer right away, we promise we will find it. We look forward to working with you soon.
Renouncing Your Citizenship
A record number of United States citizens made the decision to renounce their citizenship in 2020. If you are considering renouncing your United States citizenship, consider the below list of requirements and obligations before you do so.
- Your United States taxes must be fully paid and up to date. Renouncing your citizenship does not void your unpaid taxes.
- The act of renouncing your citizenship comes with a fee. The charge totals $2350 and must be paid. Additional charges may occur based on your income.
- The act is not reversible. Once you give up your citizenship, you can not get it back.
- You are not required to become a citizen of another country, but it is recommended.
If you ultimately decide to remain a United States citizen during your time abroad, we would love to help you. Visit our website for a list of our services.
Happy Holiday 2021!
Our team at Expatriate Tax Returns would like to wish everyone a Happy Holiday 2021!
IRS Rolls Out New Digital Security Tools
The IRS is implementing tools to reduce the possibility of identity theft. Over the next year, users will begin using ID.me to access digital tools including any online accounts and the Child Tax Credit Update Portal.
The IRS is focusing on security improvements over the next year to ensure that “taxpayer information is provided only to the person who legally has a right to the data.” (IRS)
According to the release, those who already have IRS accounts can log in as normal until next summer but are encouraged to create an ID.me account as soon as possible.
To set up an account, users will need proof of identity in the form of a driver’s license or passport.
The IRS has created a website to assist with the ID.me sign-in process.
Click the link below to learn more.
Year-End Tax Preparation
It’s the holiday season, which means year-end is fast approaching. In between holiday gift shopping and decorating, spend some time prepping your taxes for the end of the year. Whether you are an individual or a small business owner, you can take proactive steps for tax season.
- Create a checklist: Make a list of all documents you need to file your taxes. Reference last year’s tax return and note when and how you will receive these forms.
- Be sure your personal information is up to date: Did you have a name or address change over the past year? Make sure to update the IRS with any new information.
- Keep your receipts handy: Organize your paper or digital copies to help track your expenses. Keeping these documents organized year-round can help your tax provider easily reference information, but a year-end clean-up is always beneficial.
As always, we are here to help with any tax services all year round. We are gearing up for an exciting and busy 2022 and we can’t wait to get started.
