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Expatriate Tax Returns

tax filing deadline

Tax Season Has Started

The IRS is officially accepting tax returns as of January 24th. What does this mean for you? Let us help! Due to the record number of returns last year, the IRS recommends getting your return in as soon as possible. If you have not yet organized your tax documents, it is time to do so. If tax season has you worried or stressed out, start a checklist of all the documentation you will need. The faster you can get your information to us, the faster we can process your return. Is your first time filing as an expatriate? We have everything you need to make your tax process run smoothly. Whether you find your returns either simple or complex, we can assist. Our website covers everything that we both need to get this process started. We encourage you to begin with our Expatriate FAQ to get an idea of what to expect, and we’ll take it from there!

How to Avoid Late Tax Payments and Fees

Expatriate Tax Returns Will Help You Avoid Late Fees by Filing On-Time

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.

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.

Understanding the Tax Fairness for Americans Abroad Act of 2018

Expatriate Tax Returns Tax Fairness for Americans Abroad Act

The Tax Fairness for Americans Abroad Act of 2018 (H.R. 7358) was introduced last December. This legislation applies to anyone with a non-resident citizen status. Ending citizenship-based taxation would require rewriting almost all the current tax code. Instead, steps are being taken to help address issues for expats who live overseas.

What Does the Tax Fairness for Americans Abroad Act of 2018 Change?

If you qualify as a non-resident citizen, you are still expected to pay based on the core tax code. The Tax Fairness for Americans Abroad Act of 2018 changes the way your financial responsibility is calculated.

The Act adds Sec. 911A which amends the code to allow non-resident citizens to be taxed based on their United States-sourced income only. That means any income coming from foreign countries can be excluded.

Do I Qualify for Non-Resident Citizen Status?

You may qualify as a non-resident citizen if you meet the following requirements:

  • You are a citizen of the United States
  • You live in a foreign country which is your “tax home”
  • You are fully compliant through the previous three tax years
  • You are not a U.S. federal employee

You must also meet all requirements outlined by the bona fide residence or physical presence tests. If you meet the criteria, you can elect to receive non-resident citizen status. It’s important to remember that you must be in a non-resident citizen status to exclude the sale of personal property.

If you have questions about your status, let us know. Expatriate Tax Returns can help you learn more about your financial responsibility and U.S. taxes.

Here Comes August 8th… HAPPINESS HAPPENS DAY!

Expatriate Tax Returns Happiness Happens Day 2019

2019 marks the twentieth year anniversary of this exuberant holiday, so get ready to put that smile on your face!

This holiday is based on the premise that happiness is unlimited and contagious. It can bring a lot of joy to you and others.

While being happy can mean different things to different people, Happiness Happens Day encourages people to take stock of their lives and try to do or think about things that make them happy.

Here ‘s a few ways to celebrate this happy day:

  • Do something nice for yourself. Happiness begins at home.
  • Do something nice for others such as donating your time or money to your favorite charity.
  • Do something that is helpful to your community like volunteering to pick up trash, weeding, or mowing lawns.

During this time of strong political differences and a world of unrest, join us at Expatriate Tax Returns celebrating happiness every day. As we all know, a smile is worth a thousand words!