Many Americans think because they live abroad they don’t have to file or owe US taxes, especially if they are paying taxes in their host country. This is far from the truth. Many expats end up falling behind on their taxes with fees and penalties accruing causing stress and anxiety.
At Expatriate Tax Returns we don’t want you to lose sleep over it. We will help you come up to date and to stay on top of it. We understand it is important to be up to date if you are trying to sponsor a non-resident spouse or for applying for a loan or anything of that nature.
To file late returns, you will need to fill out the required forms and schedules for US expat taxes. Part of it will include proving you are an expat. This can be done by providing travel documents and information, housing expense receipts, income statements in the host country, any taxes paid to the foreign country, and anything else you pay for or make abroad.
We have previously discussed the Bona Fide Resident test / the Physical Presence Test. You need to qualify to be able to take the deductions and exclusions to save you money on double taxation. You have to provide the correct documents for this each year.
Moving on to the necessary IRS forms. The Expat forms are as follows: Form 1040 Form 2555 (Foreign Earned Income Exclusion / Foreign Housing Deduction) Form 1116 (Foreign Tax Credit)
Some of the schedules you need to file may be: Schedule A – Itemized DeductionsSchedule B – Interest & Dividend IncomeSchedule C – Income & Expenses from Self-Employment Schedule D – Capital Gains / LossesSchedule E – Own rental property
If you would like Start Now. At Expatriate Tax Returns we are efficient and reliable and can handle all the work for you. Don’t be confused by any of the process. We will help you navigate it safely.