Foreign Housing There are two different aspects related to foreign housing: deductions and exclusions, although they do have similar tax implications. The main difference between the two is that the exclusion must be employer-provided while the deduction requires the taxpayer to have self-employment income. Foreign Housing Deductions For the foreign housing deduction it only…
US Citizens Turning in their Passports The number of Americans choosing to give up citizenship has risen this past year to over 1,000 Americans! This is caused by the government implementing a new disclosure laws intended to stamp out tax evasion. Some Americans are hoping to avoid the disclosure requirements; while other Americans abroad say…
Top Ten Reasons to File Your US Tax Return 1. It is your responsibility as a citizen of the United States. 2. In order to qualify for any tax benefits, like the child or education credits, you must request/apply for them through the filing of a US tax return. 3. As an expat, it is…
What Do You Know About FATCA? Well, the IRS is up to their tricks again, making life a little more difficult on our expat citizens. The Foreign Account Tax Compliance Act is designed to improve tax compliance regarding offshore bank accounts. An interesting statistic…of the 7.2 billion expats, the US Department of Treasury has only…
Individual Taxpayer Identification Number (ITIN) An ITIN is an individual taxpayer identification number and it is a tax processing number supplied by the IRS. It will always be a nine-digit number and start with the number 9. The IRS issues ITINs to individuals who need to have a U.S. taxpayer identification number for tax return…
Estimated Tax Payments Estimated tax is a process to pay quarterly tax payments on income that is not subject to withholding. The income that is included is from self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes and awards; you may also have to pay estimated tax if the amount of income…
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