Freelancers and Small Business Owners

Taxes for US Expat Entrepreneurs

Over 9 million Americans live abroad, and it shouldn’t be a surprise that a large number of them are entrepreneurs, as they are all adventurous by nature. American expats are still required to file US taxes though, wherever in the world they may live.

Tax Strategies for Expat Entrepreneurs

The US taxes all US citizens and green card holders around the world, including their businesses, so it’s important for US expat entrepreneurs to contact a US expat tax specialist and put in place the right structures and strategies to minimize their tax liability.

IRS Form 8992 GILTI – What Small Business Owners Should Know

US expat completing IRS Form 8992 (GILTI)

A consequence of the Tax Cuts and Jobs Act in 2017 was the introduction of IRS Form 8992: Global Intangible Low Taxed Income (GILTI). While its purpose was to discourage multinational corporations, like Apple,1 from evading US taxes, this legislation inadvertently impacted American expat small business owners worldwide. For US business owners operating as Controlled […]

Social Security for Self-Employed Americans Living Abroad

Social Security for self-employed US expat

If you’re a self-employed US expat, understanding your tax obligations is essential. Self-employed US expats are not only subject to income taxes but also Social Security taxes. Unlike working for an American employer (or some foreign employers1), you are responsible for keeping track of Social Security taxes when you’re self-employed. This is best done proactively […]

New Proposed GILTI Guidance Benefits Many US Expat Business Owners

New Proposed GILTI Guidance Benefits Many US Expat Business Owners

Last month, the IRS released final proposed guidelines relating to the taxation of GILTI (Global Intangible Low Tax Income) on certain foreign registered businesses. The 318 pages of IRS guidelines contain some welcome news for many US expat business owners. Background Before the Trump Tax Reform (the Tax Cuts and Jobs Act of 2017), Americans […]

Treasury Eases GILTI Tax Burden for US Expat Small Business Owners

Bright Tax Expat Small Business Owners

Breaking News: Expat small business owners were celebrating today as the Treasury announced relief for individual American owners of foreign registered corporations from the new GILTI tax introduced in the Trump Tax reform. Deep within 177 pages of Proposed Regulations released by the Treasury on March 4th 2019 dealing with the application of changes made under […]

US Expat Sues IRS Over New Transition Tax

IRS sign expats transition tax

All Americans, including expats, have been required to file US taxes, reporting their worldwide income, since the nineteenth century. It’s only over the last few years though that, due to foreign banks and governments now sharing expats’ financial data with the IRS the federal government has been able to enforce the requirement for expats to […]

New Form 1040 in 2019 – Everything Expats Need to Know

new form 1040 for expats in 2019

Living abroad is the opportunity of a lifetime, however it can be slightly marred for American expats because they are required to continue filing a US tax return from overseas, reporting their worldwide income.   Expats filing in 2019 however will find that form 1040 is new, for the first time in decades. Will new […]

Do US Expat Entrepreneurs Pay Self-Employment Taxes?

expat entrepreneur paying self employment tax

Expats are the new pioneers, forging out into the unknown on a journey of discovery and unforeseen opportunity. The desire for and ability to not just survive but thrive in new environments makes expats well suited to being entrepreneurs, explaining why millions of American expats choose to start their own business.   Americans are more […]