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Expatriate Tax Returns

Expat Tax Returns

Lookout for 1099-Ks if You Received Over $600

Be mindful of your taxes! The IRS sent out another reminder and notice for independent workers. Expatriate Tax Returns has the information you need for filing your taxes.

Taxpayers who sold goods or provided services that received over $600 from digital transactions will receive a Form 1099-K. This is a significant change in amount compared to previous reporting threshold requirements and is required to be reported on your tax return.

Taxpayers must make estimated tax payments if the following applies:

  • Generally, if a taxpayer earns income throughout the year
  • If the withheld income tax from one’s salary or pension is not sufficient
  • If other forms of income such as dividends, interest, alimony, capital gains, awards, and/or income from self-employment are received
  • If the taxpayer is in business for themselves

Taxable income qualifications remain the same. Taxpayers who earn income from jobs (full-time and part-time) and sales are still required to file for those amounts. Money from relatives, friends or other personal expenses is not usually taxable.

If you have more questions about tax filing your taxes visit www.expatriatetaxreturns.com.

The IRS Warns Taxpayers About Increasing Texting Scams

Text messages themed like IRS announcements are on the rise according to the Internal Revenue Service. Thousands of scammers have already attacked taxpayers in 2022 through MMS and SMS text messages. Scamming through text messages is known as Smishing. Many smishing campaigns are often masked as Covid relief announcements, help establishing an IRS account, or tax credits. Expatriate Tax Returns has the best advice for you to protect yourself against phishing.

While observing October’s Cybersecurity Awareness Month, it is crucial to be cautious about scams. Smishing technology is now industry standard and can put thousands of people at risk. The messages often ask people to click a link in which phishing websites collect personal information. Taxpayers should never feed these databases with their personal information, especially since the IRS would never contact taxpayers through text message. Mark these messages as scam if your phone has flagging features.

The IRS noticed the increase in phishing in the fall of 2020. The best action to take when dealing with phishing is reporting it to phishing@irs.gov. In order to submit an effective report where the IRS can take action, provide the phone number, email address, along with the date and time the phisher reached out. In addition to reporting to the IRS, report to the Internet Crime Complaint Assistant (www.ic3.gov) and Expatriate Tax Returns (www.expatriatetaxreturns.com).

If you have more questions on what to look for during this time of increasing smishing, visit www.expatriatetaxreturns.com to connect with expert tax specialists.

Tax Advice for Americans Living in South Korea

Are you an American living abroad in South Korea? South Korea is the next hotspot for American life considering its thriving economy. A common question many Americans living there ask is “should I file my taxes with the South Korean or US government?” Expatriate Tax Returns is here to answer your questions and help you with your tax needs.

If you are an American living in South Korea, Expatriate Tax Returns is the perfect company to file your taxes with. We service all people with American citizenship no matter their location. Filing with us is easy and our staff is happy to help answer any questions or resolve any tax concerns.

The South Korean tax calendar follows the same deadlines as the American format: January 1 to December 31. Tax returns must be filed by the 31st of May in the following year. The only difference is that residents in South Korea must pay 50% of their taxes by the 30th of November in the year that the taxes are due.

Americans living in South Korea must also file using specific documents. These documents include but are not limited to:

IRS Form 1040 (tax returns for individual income)

IRS Form 8938 (Specified Foreign Financial Assets; FATCA)

FinCEN Form 114 (Foreign Band and Financial Accounts FBAR)

Expatriate Tax Services is helping Americans all around the world. If you are in South Korea, a different foreign country, or even America, visit www.expatriatetaxreturns.com to connect with a professional tax specialist.

Tax Day 2022

Monday, April 18, is Tax Day 2022. Tax Day is the deadline to file your taxes or file for an extension. Don’t let this day approach without a plan to file. Expatriate Tax Services is here to assist you with your tax filing. No matter how complex your situation may be, we can complete taxes on your half with just a few forms and pieces of information. Visit our website to determine what documents we will need based on your needs. If you have a unique tax situation, give us a call, and we will help you choose the best process to move forward. Don’t delay your taxes any further. April 18 is fast approaching.

2020 Tax Filing Is In Full Swing!

Expatriate Tax Returns American Expat Tax Filing Is in Full Swing

Tax Season has begun. We understand that this produces anxiety for some. Please don’t fret or procrastinate. Let our tax experts help you get this done and out of the way. If you are a U.S. expat or green card holder, you must file U.S. taxes. The good news is that most of our clients OWE NO TAX. Expatriate Tax Returns makes tax filing easy and assures that it is done accurately, adhering to the most recent U.S. tax laws. Contact us to get started.

Choosing a Reputable Tax Preparer

Expatriate Tax Returns Tips to Finding the Right Tax Preparer

Choosing the right tax preparer is an important decision. It involves finding a knowledgeable and trustworthy company. We understand that finding the right professional is essential. Whether it is your first time working with a tax professional, or you have always used one, it is crucial to make sure you make a smart and safe choice when using a professional. Expatriate Tax Returns is licensed, experienced and knowledgeable. We make sure your tax filing is done right and on time.

If you need assistance with your tax filing, contact Expatriate Tax Returns. We are owned and operated by a licensed CPA. We do our own tax work right in house for over 25 years and all preparers work directly for Expatriate Tax Returns. We adhere to IRS strict guidelines. Contact us today for an easy and accurate tax filing.