Category: Expatriate Tax Preparation
How to Claim Tax Treaty Benefits for U.S. Expats
Sep 20, 2024
The United States has income tax treaties with a number of foreign countries. One of the tax treaty’s primary benefits is that it gives contracting country residents the security that they will not…
How to Claim the Foreign Housing Exclusion for Expats
Sep 13, 2024
The Foreign Housing Exclusion complements the Foreign Earned Income Exclusion (FEIE), with both claimed on Form 2555. Together, they can significantly reduce your U.S. tax bill. The Foreign Housing Exclusion allows eligible U.S.…
4 Options for Delinquent FBAR Submission for Expats
Aug 28, 2024
The Report of Foreign Bank and Financial Accounts (FBAR) is a Treasury information form separate from your annual IRS income tax return. It requires U.S. persons, including expats, to report their involvement with…
How to Determine State Income Tax Residency For U.S. Expats
Aug 22, 2024
Many overseas taxpayers have questions about their filing requirements and potential tax liability as it pertains to filing a state income tax return during periods when they are residing overseas. Most people incorrectly…
Online Tax Preparation – Should I Self-Prepare My Return?
Aug 06, 2024
Online tax preparation has become increasingly popular among taxpayers who prefer the convenience and cost-effectiveness of filing their returns themselves. The appeal of using online tax software lies in its user-friendly interface, step-by-step…
The Ultimate Guide to Filing Your Non-Resident Tax Return
Jul 19, 2024
The American tax code is one of the most complex systems in the world. Each year, anyone who has earned income in the U.S. must determine their tax liability. This obligation extends to…
The Foreign Tax Credit: An Ultimate Guide for U.S. Expats
Jul 12, 2024
The United States taxes its citizens and residents on their worldwide income, regardless of where they live. This means that even if you’re living abroad, you might still owe U.S. taxes on income…
FBAR Filing — a Guide to Reporting Foreign Accounts for U.S. Expats
Jul 12, 2024
For U.S. expats, managing tax obligations can be particularly challenging, especially when it involves foreign financial accounts. The Foreign Bank and Financial Accounts Report (FBAR) filing, or FinCEN Form 114, is a crucial…
Passive Foreign Investment Company | Practical Info You Need To Know
Jun 15, 2024
Many portions of the U.S. tax code contain confusing and sometimes harsh rulings. The rules for passive foreign investment companies (PFIC) are incomparable in their complexity and almost draconian features. Countless times, Americans…
Ignorance: A Flimsy Excuse for Not Filing FBARS
Feb 07, 2024
Here’s one of the most frequent questions people ask me about Foreign Bank Account Reports (FBARs). ‘‘I recently learned about the need to file an FBAR for overseas accounts with over $10,000. I…