09/11/2024
Serving your country overseas comes with its share of challenges, but one you might not expect is navigating the complex world of US taxes. As a member of the US military deployed abroad — one of thousands of Americans working as military personnel supporting US armed forces in combat zones abroad — you’re still required […]
09/04/2020
American expats have to differentiate between US and foreign source income when they file their US taxes. All Americans, including Americans living abroad, have to file US taxes, due to the fact that the US taxes based on citizenship. American expats also have to report their foreign registered businesses, and financial (i.e. bank and investment) accounts and […]
08/01/2024
Many Americans living abroad get the opportunity to acquire foreign investments at some point in their fiscal journey. While investing in financial vehicles outside of the US can play an important role in diversifying your portfolio and aligning your investment strategy to the economy of your host country, it’s important to understand how foreign holdings […]
10/21/2020
The majority of Americans use tax software to file their US taxes. In the light of this, it’s strange that the IRS has been changing Form 1040 over the last couple of years, as very few people use it. Instead, the majority either employ a tax preparer, who uses software, or input their information into […]
10/21/2020
There are several routes to American citizenship, but the main one is that if you’re born in the US then you automatically become an American citizen. Some people are born in the US to foreign parents who may be there temporarily though, perhaps studying, on a temporary work assignment, or just on holiday. These families […]
09/03/2020
As we approach the end of year holidays, it’s a good time for expats to take stock and do some year-end tax planning. Year-end tax planning for expats falls into two broad categories: minimizing year 2019 taxes, and planning ahead for 2020. Minimizing year 2019 taxes Ensure that you qualify for the Foreign Earned Income […]
09/03/2020
Each year the IRS adjusts tax brackets, the Standard Deduction, and exclusion thresholds for inflation. Last week the IRS announced the new figures for 2020. These will be applied to the year from January 1st to December 31st 2020, the 2020 tax year, for which expats (along with Americans living stateside) will file in 2021. […]
09/03/2020
Following recent news that the IRS wrote to over 10,000 Americans (including expats) whom they believe hold Bitcoin or other virtual or cryptocurrency accounts informing them that they may owe tax, the IRS provided new guidance last week on how to report cryptocurrencies and in what circumstances they may be liable to taxation. Furthermore, the IRS […]
07/18/2020
Expats often ask whether Americans are still required to pay Medicare Tax if they live abroad. In this article we delve deeper into some different scenarios where they may have to. General US tax rules for Americans living abroad The US requires all Americans to file US taxes every year, reporting their global income. This […]
09/03/2020
All American citizens and Green Card holders are required to file a US federal tax return every year, reporting their global income, even if they live abroad. Americans may also have to report any foreign registered businesses, financial assets, and bank or investment accounts that they may have. Neither international tax treaties nor filing foreign […]