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You must file a US tax return, wherever you call home. If you are considered a US Person or you have an (expired) Green Card you are obliged to file a yearly US tax return detailing your worldwide income. A US tax return consists of a Form 1040 with additional schedules and forms, depending on your financial situation the appropriate schedules and forms will be prepared. Not filing can cause high fines and penalties.
Americans Overseas offers US tax return services for American expats, Americans living and/or working abroad, Accidental Americans, digital nomads, and (expired) Green Card holders. The deadline for filing for Americans abroad is annually around June 15th, with a 4-month extension available to be requested. And another extension can be requested until December 15th if necessary.
Most Americans living abroad who file tax returns with the IRS don’t have to pay any tax, due to tax treaties with the US that prevent double taxation. If there’s no treaty or the tax rate is lower in their country of residence, they may have to pay. An experienced CPA can reduce the amount due to zero in 90% of cases by properly preparing the return, including selecting the right forms such as Form 2555 (Foreign Earned Income Exclusion) and/or Form 1116 (Foreign Tax Credit), and considering differences in passive and active income.
In addition to filing a US tax return, one must also file an FBAR form. Unlike the US tax return, there is never any tax owed on the FBAR, it is simply a reporting to the US Treasury with information about (bank) accounts at financial institutions outside of America. It is important to know that despite there never being any tax owed, the penalties are exorbitantly high if an FBAR is filed incorrectly or not at all.
Are you behind on your American tax returns or have you never filed them? You may be eligible for an amnesty program offered by the IRS. Such a program, for example, the Streamlined Procedure, gives you the opportunity to return to compliance without penalties for not reporting your American taxes.
Don’t just file a Form 1040 and FBAR if you’re behind. It’s best to get proper information and use an amnesty program if you’re eligible. The penalties, particularly on FBAR, are extremely high and can easily be prevented.
Americans Overseas can assist with your U.S. tax return through their network of trustworthy and skilled CPAs who are carefully assessed for quality and cost-effectiveness. We cater to individuals with various financial situations, from straightforward to complex, including those who have multiple businesses in different countries. Our aim is to provide excellent tax returns at reasonable rates.
Contact us, free of charge and without any obligation and find out the best way to deal with your tax question(s). We are at your service.
Contact us about your situation and we will get back to you as soon as possible.
You can fill in the contact form, send us an e-mail or give us a call.
After we received your information, we’ll set up a consult – free of charge and any obligation – to fully asses your situation and to give us a better understanding of how we can help you.
Based on the complexity of your situation, we’ll provide the right information that you need or set you up with a specialized tax advisor that will help you further.
Understanding the US tax system, the obligations and all the additional terms can be difficult. Especially if one lives outside of America. Is your question not answered? Contact us.
U.S. citizens and resident aliens who live abroad are generally required to file a federal income tax return and pay taxes on their worldwide income.
Read more... about Who is required to file taxes in the US?Yes, US citizens are required to file taxes on their worldwide income, regardless of where they are living.
Received an American check? You can cash your check in the following ways: cash the check at your own bank, transfer to another person (endorsement), cash checks using an online service or cash the check by another bank.
Read more... about How can I cash my US check?US citizens living abroad may be required to file Form 2555 and/or Form 1116 to claim the foreign earned income exclusion.
Read more... about Are there any special tax forms required for US citizens living abroad?FBAR (Foreign Bank Account Report) filing is the requirement for certain U.S. individuals and entities to report their foreign financial accounts to the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury. The FBAR filing requirement applies to U.S. persons who have a financial interest in, or signature authority over, one or more foreign financial accounts, if the aggregate value of those accounts exceeds $10,000 at any time during the calendar year.
Read more... about What is FBAR filing?