11/02/2020
The IRS has announced federal Tax Rates and Brackets, the Standard Deduction amounts, and the Foreign Earned Income Exclusion threshold for US expats for tax year 2021 (so for filing in 2022). The figures for tax year 2020, for filing in 2021, were announced a year ago. The 2021 figures may still change, however, if […]
10/22/2020
American expatriate tax laws are unusual, in that they apply to all Americans citizens around the world, rather than just US residents. US expatriate tax laws can be divided into two categories: laws relating to tax filing and financial reporting requirements for Americans living abroad, and laws relating to Americans renouncing their US citizenship. US […]
10/01/2020
This year, while the world has been preoccupied with the Coronavirus pandemic, the IRS has also been quietly increasing its focus on enforcement of Bitcoin and other Cryptocurrencies holders. The IRS sees virtual currencies as an area of potential tax avoidance. In 2019, for the first time in five years (during which time the profile […]
09/28/2020
If you’re a non-US national who lives or works in the US part-time, or if you have US-source income, you may very well need to file a US nonresident alien (“NRA”) income tax return. Filing this return correctly and on time is essential — otherwise, you may face significant fines and penalties. The US tax […]
09/24/2020
The US requires all American Citizens to file US taxes, reporting their global income, wherever in the world they live or receive income. Because many American expats have to file foreign taxes in another country too, the IRS has introduced some provisions that expats can claim when they file to avoid double taxation. The two […]
09/21/2020
Americans living abroad who previously lived in California may still be liable to pay California state income taxes. California is among the states with the most stringent income tax regimes, and similarly to the Hotel California lyric, you can check out any time you like, (yet when it comes to taxes), it can be hard […]
09/10/2020
Republicans Overseas, a political organization representing the interests of Americans living abroad, has hand-delivered a letter to White House Chief of Staff Mark Meadows requesting that the President alleviate aspects of expat taxation by Executive Order. Republicans Overseas was founded in 2014 with one of its express aims being repealing the 2010 Foreign Account Tax […]
09/07/2020
When most people think about income taxes, they think of the taxes automatically withheld from their paycheck — or, if they’re self-employed, the quarterly tax estimates they pay. But, what about taxes on unearned income? Unearned income — also known as passive income — refers to the income you don’t actively work for. This can […]
08/31/2020
Millions of Americans live and work abroad. They may have been posted abroad by a US firm or the US government, they may have moved abroad and found employment with a foreign firm, or they may be self-employed or own and run their own business. In every situation though, Americans working abroad are required to file […]
08/10/2020
All Americans have to file US taxes on their global income, wherever in the world they live. Many American expats own rental property, either in the US or overseas. The way foreign rental property is treated for US tax purposes is different compared to US rental property though. Rental Property Depreciation for Expats Rental Property […]