The leaves are changing in America and falling to the ground. No matter where you currently live and work, autumn in America means it’s expat tax time. You might miss the changing colors of fall in the U.S., but you CANNOT miss your October 15 deadline as an American expatriate.
Taxes
Expats: Do You Know What You’re Entitled To?
As an American expatriate living abroad, you have a unique opportunity to claim a Foreign Tax Credit. By doing so, you will avoid dual taxation, which is when two different countries impose taxes on the same income. No one wants to be doubly taxed of course, but if you’re caught unaware you could be subject to this potential unfairness.
Expats should understand how important it is to complete Form 1116. This form is then attached to your U.S. expat tax return. Then you’ll be able to claim this credit and avoid paying United States taxes on income that you have already paid on in your foreign tax home.
In order to qualify for the Foreign Tax Credit expats must have earned income, have paid tax or acquired a tax liability that you will have to pay in the future and live legally in the foreign country as an American expat.
Claiming the Foreign Tax Credit directly offsets your U.S. taxes for any income earned overseas. This can only be used to offset U.S. taxes on your interest, dividends or compensation earned abroad. It cannot exceed the amount of U.S. taxes you pay on the foreign income. If it does exceed that amount, you can carry forward the balance to future tax years.
The talented team at Expatriate Tax Returns will be able to quickly determine if you are eligible for this credit and if you are, a tax expert will walk you through this process. We don’t want you to be unfairly double taxed and that is why it is critical to know about the Foreign Tax Credit before filing your expat tax returns.
Contact Expatriate Tax Returns for more information by calling 877-382-9123 toll free.
Responsibility for Expat Taxes
President John F. Kennedy said, “Let us accept our own responsibility for the future.” The key word is responsibility. In today’s world, far too few individuals are willing to accept responsibility.
In politics, it seems like members of both political parties find it much easier to just blame the other for the ills in our government. Employees often blame coworkers when something goes wrong. Professional athletes will blame everyone and everything else when the game doesn’t go their way.
When it comes to taxes, responsibility is the principle of both country and community. Tax document preparation is something that we feel very strongly about at Expatriate Tax Returns. Our professionals take their responsibility to our clients very seriously and we understand the trust our clients place in us can never be taken lightly. As expats, your tax returns are your own responsibility, but you have placed the trust in us to prepare them efficiently and effectively.
Our team of tax experts feels that sense of responsibility for your tax returns. We are cognizant that you have a responsibility to the U.S. government to file your expatriate tax returns in a timely manner. When we all place value on being responsible, we are all successful. Your tax returns to the U.S. are filed and paid on time, and we maintain the trust that you have placed in us.
No matter where in this world you currently live and work, the expatriate tax laws must be respected. It can certainly be a hassle to have to file these taxes each year, but we thank you for placing that trust in us and know that we will honor and respect your trust by serving you to the best of our ability at all times. This is the cornerstone of what we stand for at Expatriate Tax Returns — your expatriate tax professionals. Call us today at (877) 382-9123.
Love and Marriage: An Expat Married to a Non-U.S. Citizen
A recent article in the Wall Street Journal titled “Tax Life Can Be Complicated When You’re Married to a Non-U.S. Citizen” looked at the difficulty many American expatriates have when they are married to a spouse who doesn’t have United States citizenship. As if it wasn’t challenging enough to be an American citizen living and working abroad with Expat Taxes, these expats face an additional layer of complexity when they file their taxes.
The first question the article addressed is whether these expats should they file “married jointly” or separately. At Expatriate Tax Returns, we know that many of our clients faced this same confusion. There are advantages and disadvantages to the way you file, so it’s important to know what makes the most sense for you. There are significanttax implications for either situation.
Many expats need to know whether they can put bank accounts in the name of a foreign spouse and whether it is worth it to do this. Many of our clients also ask us about the Foreign Bank Account Report (FBAR), which was introduced by the IRS to battle offshore tax avoidance. The FBAR requires you, as a U.S. citizen abroad, to reportfinancial accounts held abroad. Additionally, you’ll want help determining whether your non-U.S. citizen spouse’s income should be included in your tax return. There also might tax implications based on how you file as it could move you into a higher tax bracket.
A lot of evaluation is required to know how best to handle the situation of an American expatriate filing expat taxes when married to a non-U.S. citizen who is also living and working outside of the United States. The best way to handle this is to allow tax professionals to handle these variables. At ExpatriateTaxReturns.com, no client is treated with a cookie cutter. We look at each client’s needs and situation before evaluating how best to handle their tax preparation and filing. The topic of expat taxes is always complicated, but we have the years of experience to handle it in the most professional, thorough and successful manner. Trust the professionals. Visit our website at www.expatriatetaxreturns.com and fill out the simple form for more information.
Love and Marriage: An Expat Married to a Non-U.S. Citizen
A recent article in the Wall Street Journal titled “Tax Life Can Be Complicated When You’re Married to a Non-U.S. Citizen” looked at the difficulty many American expatriates have when they are married to a spouse who doesn’t have United States citizenship. As if it wasn’t challenging enough to be an American citizen living and working abroad with Expat Taxes, these expats face an additional layer of complexity when they file their taxes.
The first question the article addressed is whether these expats should they file “married jointly” or separately. At Expatriate Tax Returns, we know that many of our clients faced this same confusion. There are advantages and disadvantages to the way you file, so it’s important to know what makes the most sense for you. There are significant tax implications for either situation.
Many expats need to know whether they can put bank accounts in the name of a foreign spouse and whether it is worth it to do this. Many of our clients also ask us about the Foreign Bank Account Report (FBAR), which was introduced by the IRS to battle offshore tax avoidance. The FBAR requires you, as a U.S. citizen abroad, to report financial accounts held abroad. Additionally, you’ll want help determining whether your non-U.S. citizen spouse’s income should be included in your tax return. There also might tax implications based on how you file as it could move you into a higher tax bracket.
A lot of evaluation is required to know how best to handle the situation of an American expatriate filing expat taxes when married to a non-U.S. citizen who is also living and working outside of the United States. The best way to handle this is to allow tax professionals to handle these variables. At ExpatriateTaxReturns.com, no client is treated with a cookie cutter. We look at each client’s needs and situation before evaluating how best to handle their tax preparation and filing. The topic of expat taxes is always complicated, but we have the years of experience to handle it in the most professional, thorough and successful manner. Trust the professionals. Visit our website at www.expatraitetaxreturns.com and fill out the simple form for more information.
We’ve Got the Time for You
Time. We all talk it about and yet it’s one of those things we can’t change. We each have 24 hours in our day no matter how wealthy, busy, lazy or productive we are. At Expatriate Tax Returns we want you to get the most out of your daily allotment of time. We know you’re busy, successful individuals who are living and working abroad. We don’t want you to be bogged down dealing with your expat tax returns or trying to figure out the intricate tax laws of the IRS as they pertain to American expatriates.
Now that April has arrived and “tax season” is in full effect, we want to remind you that our tax professionals at ExpatriateTaxReturns.com are capable and willing to take the extra time to help you — our clients. Preparing tax returns for U.S. expats requires an added level of dedication and that’s why we prefer the mantra “Going the extra mile for our clients.”
There are certain tasks that people like doing themselves. These can be enjoyable responsibilities like mowing the lawn, painting the kid’s room or making dinner. The task of dealing with your expat tax returns is one that no one finds enjoyable. Trust us, it’s best to let the pros take care of it. We’ll be thorough, accurate and timely as we put our decades of tax experience to work in preparing your expatriate tax returns. Then you’ll have time back on your side!
Call Expatriate Tax Returns today to see how we’re going to go the extra mile for you. That’s our pledge and you can hold us to it! Simply fill out the easy form on the front of our website or call our Support Hotline today: (877) ETAX-123 or (877) 382-9123.