The 2020 tax filing deadline has passed and many expats missed it. Sometimes life happens and people overlook getting their taxes filed. Expatriate Tax Returns understands and will help you recover quickly, so that you are in good financial standing with the IRS with no tax worries. No matter how many months or years you are behind, you can rely on Expatriate Tax Returns to get you back on track. It’s easy to get started, click here to begin the Expatriate Tax Return Secure Quick Start Now form.
Expat Tax Filing
|Expatriate Tax Returns makes tax filing easy! Our job is to help American expats file their taxes efficiently and properly no matter where they live around the world. With the current pandemic, we want to make this process as stress free as possible. You have enough to worry about, let us handle your taxes. Get started now!|
Typically, to meet the physical presence test, you must reside in a foreign country or countries for a minimum of 330 full days during a 12-month period. Days can be counted spent abroad for any reason, as long as your tax home is in a foreign country. The 12-month period can start any day of the month, so that it provides you the greatest exclusion. In IRS Revenue Procedure 2020-27, the IRS waived the time requirements outlined in the Bona Fide Residence and Physical Presence tests if you returned to the United States because of the COVID-19 pandemic emergency. Need help filing? Contact Expatriate Tax Returns!
Filing by the deadline is essential and can save you money. The IRS charges interest for any balance left unpaid after the deadline, so if you miss the deadline not only will you be paying late fees, but you will also be paying extra interest. Filing by April is always a smart choice (or June in 2020), but if you are struggling to gather your information on time, you can estimate a payment to the IRS and reduce overall interest until it is fully paid. Please note most expats do not owe U.S. taxes. If you want peace of mind and are in need of tax assistance, get in touch with Expatriate Tax Returns.
There are several ways that you can save money when filing your taxes depending on your individual circumstances. These include the Foreign Earned Income Exclusion, Foreign Tax Credit, and Foreign Housing Exclusion. The FEIE reduces your income by paying housing expenses. If you qualify and file on time, you can save big on your taxes. Most of our clients do not owe the IRS anything. If you’d like to learn more about these forms or want us to file on your behalf, contact Expatriate Tax Returns.
- Each state has their own policy for abroad taxation. Some U.S. states do not tax overseas (Florida, Nevada, Washington), while other states require tax filing while overseas (South Carolina, California, Virginia). Stay up to date on how your state handles expat taxes and adjust your plan accordingly. Want to learn more? Contact Expatriate Tax Returns.
- You may be able to apply for special credits and exclusions. There are two important forms that you will need to consider when completing your taxes. Those forms are the 2555 and the 1116 forms, which can help to reduce the amount of taxes you pay. Keep in mind that most U.S. expats do not owe money to the IRS but are required by law to file. If you need assistance or would like to learn more about these forms, contact Expatriate Tax Returns.
- You need to report your foreign bank accounts and assets when living abroad. The two forms that apply are the FBAR and the Special Foreign Financial Assets form. If you need support with these forms, get in touch with expatriate tax returns.
- Find a licensed CPA specializing in expat taxes. Don’t stress and worry if you are filing correctly, especially now if you think you qualify for the stimulus package. Use Expatriate Tax Returns experienced expat tax accountants. We are able to help you utilize all of the necessary forms and credits for the lowest possible taxes you can get. Most of our clients do not owe any money to the IRS. Need help, contact Expatriate Tax Returns.
- U.S. filing dates. The U.S. tax filing date is in mid-April usually on April 15th, unless it falls on a holiday or weekend. In 2020, it was extended to June 15th due to COVID-19. For expats the final date is ALWAYS June 15th. Expats are allowed a two-month delay on the deadline that allows for delayed paperwork as a result of living overseas. We recommend that you don’t take advantage of the delay and file on time in April. If you need help filing your taxes, get in touch with Expatriate Tax Returns