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.
- 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.
- 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.
- 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.
- 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.
- 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
All United States citizens and green card holders must file taxes every year as written in U.S. law. Yet, many individuals are unaware that they need to file, usually because they are unaware of the law. Thankfully, due to United States policy dual citizens will not be double taxed. To start the filing process, you will need your social security number and U.S. passport information. If you are in need of assistance and want to make sure that your taxes are filed correctly, get in touch with Expatriate Tax Returns.
The United States has approximately 9 million expats living overseas. Some are relieved that they are living abroad while others are concerned about their own healthcare if they should need it and worry about family back in the U.S. COVID-19 has made many Americans reevaluate living out of the country due to potential restriction to travel, access to healthcare, and changing financial circumstances. WILL YOU CONTINUE TO LIVE ABROAD?
It’s March and that means we’re still at the beginning of the new year, but we’re already seeing some changes to the tax laws for U.S. expats. This is nothing new; it happens each year.
Expatriate tax laws change often and it can be a full-time job just to keep up with them. These expat taxes are confusing and require more than just a layman’s understanding of them. For whatever reason, each year the Internal Revenue Service (IRS) updates and amends its tax filing regulations and procedures for Americans living and working abroad.
While a minority of American expats might be able to navigate these updated tax procedures on their own, for most expatriates it is necessary to hire a tax professional with specific expertise in U.S. expatriate tax law. ExpatriateTaxReturns.com has been helping American citizens living overseas for many years and makes it a top priority to discover and master the new tax laws that are changed each year.
For example, it’s essential to know the current tax year’s policy on U.S. expat foreign bank, financial and asset reporting. Over the years there have been huge increases in the number of audits of U.S. expatriates due to the U.S. Government Accountability Office’s (GAO) discoveries of inaccurate claims by expats. It’s important to report all foreign assets and income in your tax filing.
It’s 2015 and that means the rules once again have changed for expat taxes. That can be confusing and a hassle for you to have to stay current. So why don’t you let us do what we train to do? We stay current so you don’t get audited. Call us today to get started and rest assured that your expatriate tax returns will be in good hands. Call our support hotline toll-free at 877-382-9123.