01/15/2023
Taxes for expats tend to be complicated, especially for US expats. If you’re a US citizen living abroad with questions about what the expat tax filing requirements are, you’re not alone. Some expats aren’t even aware they need to continue filing US tax returns while living overseas. Expatriate tax is a complicated realm for Americans […]
12/01/2021
The Foreign Bank Account Report (FBAR) is filed using FinCen Form 114, though much about this US reporting requirement is misunderstood. In the following article, we dive into the essential elements of FinCEN Form 114, providing key background information, and detailing who must file and deadlines in 2024. Ensuring adherence to these regulations is key […]
11/25/2021
The Streamlined Filing Compliance Procedures (SLP) provides a light at the end of the tunnel for qualifying global US taxpayers seeking IRS amnesty from late-filing US tax penalties. As a US citizen or permanent resident living overseas, getting a handle on your tax responsibilities is essential. The program offers a streamlined process for expats to […]
09/30/2021
You may already know that Americans who earn above a certain threshold must file US tax returns, even if they live abroad. However, if you haven’t heard of FATCA before, you’re not alone. Even among expats who know they must file a US tax return, few understand the full extent of their US expat tax […]
12/24/2024
Although everyone hopes their investments will increase in value, it’s possible for them to dip below their purchase price. Even if that’s not ideal, you may be able to use your losses to your advantage. Tax-loss harvesting is a tax strategy that allows taxpayers to claim losses that reduce their tax liability — potentially resulting […]
12/13/2024
Being an expat, freelancer, or small business owner comes with plenty of perks—freedom, flexibility, and the ability to take charge of your lifestyle. But with those benefits comes the responsibility of navigating complex tax forms. One form that often trips people up is Schedule 1, an attachment to Form 1040. Whether you’re filing as a […]
12/05/2024
For many expats with supplemental income, no tax return is complete without IRS tax form Schedule E. Not only can failing to file this form result in IRS penalties and audits — it may also prevent you from claiming deductions that can lower your taxable income. To reach full compliance and minimize your tax burden, […]
11/27/2024
If you’re a freelancer, independent contractor, small business owner, or expat subject to self employment tax, you’re probably familiar with the freedom that comes with being your own boss. But with that freedom comes a less glamorous reality: the responsibility to pay self-employment taxes. Unlike traditional employees, who share the cost of Social Security and […]
11/20/2024
Given the flexibility and autonomy it offers, it’s no wonder that so many expats are small business owners, freelancers, independent contractors, or otherwise self-employed. But even though self-employment comes with benefits, it can complicate your tax obligations. Those with self-employment income are often subject to additional filing requirements, like Schedule C. While it might all […]
11/15/2024
If you’re interested in growing your wealth while living in a safe, beautiful, and affordable country, it’s well worth considering Portugal’s golden visa. In exchange for investment funds of at least €250,000, you and your family can work, live, and study in Portugal for up to two years. And as long as you stay in […]
11/11/2024
The US has tax treaties with dozens of different countries. If you live in one of those countries, it may be worth claiming the tax treaty’s benefits. Keep in mind, though, that each tax treaty is slightly different. As you can imagine, some US tax treaties are more advantageous than others. Below, we’ll give a […]
11/08/2024
As a business owner or self-employed expat, you’re likely at least vaguely familiar with the various tax forms you’re required to file with the IRS on an annual basis. If your business pays independent contractors for their services, one of the most important forms you’ll need to evaluate as part of your filing requirements is […]
11/05/2024
It’s usually not ideal to withdraw from retirement accounts before you reach retirement age. For one, withdrawing these funds early means you miss out on the exponential tax-free growth they can accrue over decades. What’s more, the IRS levies both a 401(k) early withdrawal penalty and an individual retirement account (IRA) early withdrawal penalty. With […]
10/31/2024
Most Americans know basic tax concepts and terminology, like income, credits, deductions, and exclusions. Phrases like modified adjusted gross income (MAGI), on the other hand, aren’t always as well-known. If you’re not familiar with MAGI, it can benefit you to read up on the concept. After all, understanding your MAGI can help you reduce your […]