How does the US tax its citizens?

2 min
Published on: 10-05-2016 Last modified on: 23-04-2024

What about taxes in the USA? The US is the only developed country in the world where your tax duty is based on citizenship rather than where you live or work. This implies that every US citizen (also those with dual nationality) wherever they are born, based, or work, has to file US taxes yearly.

Whether this implies a tax payment in the US is strongly dependent on your personal situation. Not filing taxes in the US is considered a criminal offense.

Taxes in the USA

The question of whether the US should now switch to the residency model has been generating more debate in recent years. Particularly as the US has stepped up tax enforcement on its non-resident citizens with FATCA. Americans Overseas have renounced their citizenship in greater numbers over the last couple of years because of taxes in the USA.

Questions about taxes in the USA?

Want to know more about taxes in the USA and the IRS? The IRS is aware of the fact that many Americans living abroad are unaware of their American tax return obligation, but due to the introduction of the FATCA legislation and the communication from the banks, many Americans are suddenly faced with this duty. That is why the repentance program or amnesty program, Streamlined Foreign Offshore Procedure, was started.

Americans Overseas

Being Americans living abroad ourselves, we learned the hard way about US tax obligations and taxes in the USA, so we are now here to help you.

If you have any questions about taxes in the USA can contact Americans Overseas. Two dual nationals living abroad founded Americans Overseas. In the costly and exhausting process of finding the right experts, they realized they had not only accumulated a mountain of knowledge but also built up a solid network of tax and legal experts. Do not hesitate to contact us if you have any questions about taxes in the USA.

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