Bright!Tax US Expat Tax Blog

US Expat Taxes 2024: 12 Tips from the Best Expat Tax Service

Woman living overseas successfully files taxes for expats by partnering with Bright!Tax.

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 […]

FBAR Filing 2024: Clarifying FinCen Form 114 for Expats

US global taxpayer does his FBAR filing at a laptop in a cafe.

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 […]

Streamlined Filing Compliance Procedures (for Expat Amnesty)

US expat makes power pose after successfully catching up on taxes by partnering with Bright!Tax to complete the Streamlined Filing Compliance Procedures

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 […]

FATCA – Everything Expats Need to Know

FATCA Foreign Account Tax Compliance Act Guide for US Expats - Tax Professional

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 […]

Schedule SE: What Independent Contractors Need to Know

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 […]

Schedule C: A Guide for Expat Freelancers & Small Business Owners

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 […]

Portugal Golden Visa: What US Expats Need to Know

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 […]

401(k) & IRA Early Withdrawal Penalties: an Expat’s Guide

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 […]

Modified Adjusted Gross Income (MAGI): What US Expats Should Know

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 […]

RMD Taxation for US Expats Near Retirement: a Guide

After years of saving for retirement, if you hold qualified US retirement accounts, you’ll need to take required minimum distributions (RMDs) at some point. While the rules around RMDs and RMD taxation are complex — especially if you live outside of the United States — they’re also essential to understand when retirement planning in order […]

ISO Taxation 101: a Guide for US Expats

At tech companies, startups, large publicly traded companies, and many other employers, incentive stock options (ISOs) are a common offering. If you’re a US expat with ISOs, you may stand to benefit financially from them in a significant way — especially if you keep ISO taxation in mind. The way the US taxes ISOs can […]