10/21/2021
Millions of Americans are based abroad but work for an American company, and a common question they ask is whether they still need an IRS Form W-2 when filing their US taxes from overseas. All American citizens and Green Card holders are required to file a US federal tax return every year, including those living abroad, […]
10/15/2021
The Bright!Tax Global Scholar Initiative was founded in 2016 to enable exceptional young Americans to further their studies abroad. Living abroad is a golden opportunity to broaden our horizons by immersing ourselves in another culture, far from the familiarity and security of our homes, families and friends. More often than not, it is life-changing. Bright!Tax […]
10/07/2021
In this article we look at what Americans living abroad need to know about the upcoming October 15 2021 IRS tax filing deadline. Do Americans living abroad have to file? All Americans have to file US taxes every year if their income exceeds IRS minimum thresholds. The thresholds are either the Standard Deduction amount, which […]
10/01/2021
Thursday October 7 at 1pm New York / 6pm London / 7pm Paris. Bright!Tax is partnering with the American Magazine to present a webinar on Thursday October 7 2021 about catching up with your U.S. taxes if you’re behind. American citizens and Green Card holders living abroad are required to file a U.S. tax return […]
09/23/2021
A Foreign Bank Account Report or FBAR is a filing requirement for Americans with overseas registered financial accounts. The FBAR filing requirement was introduced as part of the 1970 Bank Secrecy Act, and it was intended to reduce offshore tax evasion by resident Americans. Many Americans living abroad fall into the same net: even if their foreign […]
09/17/2021
Many Americans living abroad have heard of an IRS tax exemption for overseas income, so they assume that don’t have to file a US tax return from abroad if their income is sourced overseas. The truth, however, isn’t as straightforward. While it’s true that there’s an IRS exemption available for overseas income, it has certain […]
09/09/2021
All Americans have to fulfill the same annual federal US filing requirements, including those living abroad. This includes reporting certain capital gains. A capital gain is the increase of the value of an asset that you realize when that asset is sold. Capital gains (and losses) are reported on Form 1040 Schedule D, however the […]
09/02/2021
Wells Fargo’s US expat clients have until the end of September 2021 to move their brokerage accounts to another provider or face closure. Wells Fargo isn’t the first bank to turn away expats though. In this article we look at why banks and brokerage firms are denying services to Americans living abroad, and what options […]
08/26/2021
While the US taxes all US citizens on their worldwide income, including expats, most Americans living abroad won’t have to pay US gift tax, although they may have to report some gifts they make to others. What is the gift tax? The US has a federal gift tax on transfers of money or property to […]
08/19/2021
Many expats were early adopters of cryptocurrencies such as Bitcoin, and as all American citizens, including expats, have to file a US tax return every year, how to report Cryptos is a pertinent question for many Americans living abroad. In 2021 in particular, cryptos have frequently featured in the news due to dramatic value changes. With many […]