Tax Filing For Dual Citizenship
Regardless of where they live in the world, U.S. citizens need to pay U.S. taxes. That's true of expats, permanent residents, green card holders and dual citizens who have citizenship in the U.S. and another country.
Can Expats Collect Social Security?
Taxes are complex for expats, who may find it difficult to keep up to date with changes to tax law. For example, they may want to know, “Can expats collect Social Security?” Determining how your Social Security taxes and benefits are impacted takes research and expertise that many expats prefer to leave to a CPA. Below, we’ll explore the relationship between taxes and Social Security benefits for expats, then discuss how a CPA can help.
How To Calculate Maximum Account Value For FBAR
Expats must report foreign income and assets, including foreign bank accounts, when filing taxes in the U.S., provided the balance of accounts exceeds $10,000. Since the IRS penalizes expats who have not filed FBAR, read on for more details about who needs to file, FBAR maximum account value and how to file.
IRS Reporting Relief For Foreign Trusts
For years, the IRS has required that expats report foreign retirement trusts, despite offering little guidance on mandated reporting. This year, the rules have changed. Here's what expats need to know about tax-favored foreign retirement trusts, reporting requirements and exemptions.
Foreign Earned Income Exclusion
Expats who are living and working abroad need to pay U.S. taxes on their earnings. However, the matter can be confusing since expats are also taxed by their country of residence. So individuals are not taxed twice on the same income, the IRS allows expats to exclude foreign earnings, provided they meet certain criteria.
Coronavirus (COVID-19) Tax Deadline Changes For US Expats
The coronavirus pandemic has changed all aspects of modern life, including tax season. The U.S. government has changed the tax deadline from April 15 to July 15 to reflect the disruptive circumstances posed by the coronavirus.
Reporting Foreign Rental Income
The U.S. treats foreign rental properties in the same manner it treats domestic rental properties — when the property in question is owned by a U.S. citizen or green card holder. Expats who invest in rental properties while living abroad must report earned rental income on U.S. taxes. The matter can be confusing since there are many intricacies, depending on the country where the property is owned.
Foreign Bank Account Reporting Requirements
The U.S. requires citizens to pay taxes on money they earned, even if they are living overseas. This simple truth also applies to foreign assets, including foreign bank accounts. Learn when expats are responsible for reporting foreign bank accounts and other assets, foreign bank account reporting (FBAR) filing requirements, and how Expat CPA can help.
Understanding The U.S.-Canada Income Tax Treaty
The United States has tax treaties with several countries, which affect how American citizens operate outside the U.S. For example, American expats in Canada must file taxes in Canada and in the U.S.
Tax Tips For Americans Living In England
If you live and work in the U.K., then you should pay only U.K. taxes, right? If you're an American expat, this faulty line of thinking may lead to thousands of dollars in penalties for missed tax obligations. American citizens must file U.S. taxes, even if they live and work in the U.K.
E-Commerce Sales Tax
E-commerce used to be exempt from the sales tax that would affect brick-and-mortar businesses, but that’s no longer the case. Brush up on e-commerce sales tax rules to make sure you’re running your business by the books and avoiding a hefty fine or lawsuit from non-compliance.
Beginner’s Guide To Filing Taxes For U.S. Expats
If you are a U.S. citizen living abroad, you must file U.S. taxes. Failure to do so could lead to costly penalties. Brush up on everything you need to know as an expat filing U.S. taxes, including how to avoid a double tax from both countries.