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Expatriate Tax Returns

filing your expat taxes

Renouncing Your Citizenship

A record number of United States citizens made the decision to renounce their citizenship in 2020. If you are considering renouncing your United States citizenship, consider the below list of requirements and obligations before you do so.

  • Your United States taxes must be fully paid and up to date. Renouncing your citizenship does not void your unpaid taxes.
  • The act of renouncing your citizenship comes with a fee. The charge totals $2350 and must be paid. Additional charges may occur based on your income.
  • The act is not reversible. Once you give up your citizenship, you can not get it back.
  • You are not required to become a citizen of another country, but it is recommended.

If you ultimately decide to remain a United States citizen during your time abroad, we would love to help you. Visit our website for a list of our services.

 

Stay Organized for Tax Season

It’s back-to-school season! Use the cooler temperatures and time away from the kids to get organized. We always like to keep taxes top of mind and have perfected a few organizational tips that help us stay on track. Here are a few tips that we find work for our customers and ourselves:

  1. Designate a Space: Keep all of your tax documents in one place. A simple file folder with all of the necessary forms will keep you from running around attempting to locate everything come April.
  2. Label Your Things: Divide your receipts into separate sections, with everything nicely labeled with a system that works for you. Keep childcare expenses separate from medical, or create categories that you find helpful.
  3. Find Some Time: Don’t let tax season sneak up on you! Carve out some time on your calendar of choice. If it’s an hour per month or 5 minutes a day to stay organized, make sure you keep yourself ahead of the game.

Are You Considering Becoming an Expat?

Expat Living continent country destination

Living out of the U.S. can be a fun, exciting, and an interesting adventure however, there are factors to consider when living in a different country besides missing the comradery and support of friends and family. Read our check list below.

  • job opportunities
  • take home salary
  • cost of living
  • safety
  • childcare and education
  • quality of life
  • climate
  • culture
  • language

IRS Amnesty Program: Streamlined Filing and How It Helps Expats Pay Taxes

Expatriate Tax Returns IRS Amnesty Program 2018

Moving to a foreign country can be exciting. During a time when many expats are learning a new way of life, they may forget about old responsibilities. This can lead to overdue taxes. The IRS’s Streamlined Filing Procedures may be able to help.

How Does Streamlined Filing Work?

Today’s Streamlined Filing Procedures were introduced in 2012. The new system was intended to provide an alternative to previous programs, which missed the mark by excluding many of the expats who needed them.

Streamlined Filing Procedures encourage expats to catch up on their taxes. To do this, the program reduced the number of previous years’ returns that are required. In order to use the new procedures, you will need:

  • Federal Returns – You must submit three years’ worth of returns. These must be the most recent three years and can include amended returns.
  • FBAR Forms – Six years of FBAR forms are required. The FBAR is usually only needed if your non-U.S. bank accounts total $10,000 or more. Streamlined Filing Procedures require FBAR forms even if you have less than $10,000.
  • Signed Form 14653 – You must submit a Certification by U.S. Person Residing Outside of the U.S. statement that is signed. This will certify that you are eligible, have filed all FBAR forms, and that your failure to file taxes was not intentional.

Do I Qualify for Streamlined Tax Filing?

Restrictions were removed in 2014, which means that you may be eligible now even if you weren’t over five years ago. If you can produce the items listed above, you may qualify. You must show that you did not file because you were not aware that it was required.

If you have questions about using Streamlined Filing Procedures, let us know. Expatriate Tax Returns can help you navigate the U.S. tax system and get caught up on your financial responsibility.