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Expatriate Tax Returns

Child Tax Credit

Will You Owe Taxes?

In another year that seems different than anything we are used to, some expatriates may find themselves owing taxes this time around. If expatriates received an advanced payment of the Child Tax Credit, you could owe taxes if your income changes. The original amount paid out for the Child Tax Credit was based on tax returns from previous years. However, if your take-home pay increased substantially, you may no longer be eligible for the amount you received. In this case, you will have to pay that money back. This example is just one of the many uniquenesses expatriates will experience when filing taxes this time around. If this is your first time, or you are just looking for that extra vote of confidence in your tax preparation, we are here to help. Give us a call or visit our website today for more information.

Child Tax Credit

Earlier this year, Congress approved the Child Tax Credit (CTC) to assist millions of families who have been financially affected by the pandemic.
As of September 15th, those who qualify for the CTC can expect to receive their September payment. Those who have requested paper checks should allow for a few more days, although some recipients have reported delays. The payment is the third installment of the CTC, and additional payments are scheduled for October and November.
Those who qualify will receive $300 for each child under age 6 and $250 for those ages 6 to 17.
If you think you may qualify but have not yet signed up, it is not too late. If you have not filed a 2020 tax return or are not required to do so, you may use IRS.gov to sign up. Visit the Child Tax Credit Update Portal for additional information.  (https://www.irs.gov/credits-deductions/child-tax-credit-update-portal)
Users can utilize the portal to view payments, update mailing addresses, unenroll from the payments, and locate all information related to the Child Tax Credit.