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Expatriate Tax Returns

Moving Abroad

5 Tax Tips When Moving Abroad

Expat tips on how to save money

  1. 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. 
  2. 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. 
  3. 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. 
  4. 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.
  5. 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

The Big Move Means Big Decisions

Now is the time of year that many big corporations are discussing HR changes for the fall. If you’re involved in these discussions, you could soon be contemplating a big move overseas.

If you plan to move abroad this year, it will be an exciting and challenging time. There are many factors to consider like what your spouse will do overseas and where your kids will go to school. There are also a plethora of opportunities and experiences to look forward to as an American expatriate. After accepting a new job overseas or a job transfer to a country outside the United States, it’s important to create a long “To Do List” with critical items like finding a place to live, forwarding mail, and finding a physician in your new country. Selecting a trustworthy and dependable CPA firm with experience working with expats is also essential.

Expatriate Tax Returns has many years of tax planning and preparation experience, specifically for expats. We put that knowledge to work for you — our clients. It’s critical to inform the Internal Revenue Service (IRS) that you are moving abroad and to call our accounting team to make sure you’re prepared before you make the big move.

A few things to remember before you become an expat: update your contact information with the IRS so they can properly send your refund or any future correspondence. You can update your address with the IRS by completing Form 8822, Change of Address at any time during the year. Failure to notify the IRS of an address change can be costly. For example, it can keep you from contesting a lien for unpaid taxes. At Expatriate Tax Returns, we understand that planning for the big move abroad is challenging and there are already so many things to think about. We can help you alleviate the stress by walking you through this journey hand-in-hand. We’ve helped thousands of U.S. expatriates successfully transition to their new country and we’ll help you too.

No matter where you are in the process of your preparation for becoming an expat, call us for trusted, professional assistance. There are some many wonderful advantages to being an expatriate, but it’s also a time full of important decisions to make. Here’s an easy one: Call ExpatriateTaxReturns.com today at 877-382-9123 or fill out the form on our Website. We’ll be with you every step of the way.

When Moving Abroad Plan Ahead

Heading overseas can be an exciting experience, but it certainly isn’t hassle free. Whether you are married, have a family, or are single, there are a lot of important elements that go into preparing for a move abroad.

After accepting a new job overseas or a job transfer to a country outside the United States, it’s important to create a long “To Do List” with critical items like finding a place to live, forwarding mail, and finding a physician in your new country (here’s a full planning checklist). One often overlooked item on the “To Do List” is informing the Internal Revenue Service (IRS) that you are moving abroad.

Expats Moving Abroad

It’s important to update you address information with the IRS so they can properly send your refund or any correspondence. You can update your address with the IRS by completing Form 8822, Change of Address at any time during the year.

Failure to notify the IRS of an address change can be costly. For example it can keep you from contesting a lien for unpaid taxes. At Expatriate Tax Returns, we understand that planning for the big move abroad is challenging and there are already so many things to think about. We can help you alleviate the stress by walking you through this journey hand-in-hand. We’ve helped thousands of U.S. expatriates successfully transition to their new country and we’ll help you too.

No matter where you are in the process of your preparation for becoming an expat, call on us for trusted, professional assistance. We’ll be with you every step of the way. Call us today at our Support Hotline: 877-382-9123 or fill out the form on our website: www.expatriatetaxreturns.com.