10/03/2022
Are you a small business owner living overseas? Do you earn income or pay contractors through third-party payment processors, such as Stripe or PayPal? On top of your standard paperwork, such as Form W-9, and confidentiality agreements, there’s another document many small business owners might also have to consider when thinking about taxes: Form 1099-K. […]
09/12/2022
First things first – US citizens living abroad must file a tax return and declare their worldwide income. That’s because the United States is one of the only countries that apply citizenship-based taxation, which leaves many expats wondering if they’ll have to pay taxes twice on the same income. Thankfully, the Foreign Earned Income Exclusion […]
09/02/2022
Because of citizenship-based taxation, US expats must still file a tax return to the IRS even while living overseas. This leaves many dual resident taxpayers worried that they’ll be paying taxes twice on the same income, which is where tax treaties sometimes help. The United States has tax treaties with 69 other countries. Thanks to […]
08/16/2022
Moving overseas is a major life goal for many Americans. According to a Gallup poll, over 16% of Americans would like to move out of the US in the future. Further, that number is increasing year over year as Americans embrace location-independent work post-COVID. Whether it’s to retire early or escape the current political climate, […]
08/05/2022
Last updated on January 26, 2023 If you work as a freelancer, independent contractor, gig worker, or are otherwise self-employed, the phrase “1099 form” is almost certainly familiar to you. That’s because any client from whom you’ve received at least $600 is obligated to send you a 1099-NEC, a tax form that is used to […]
07/08/2022
Filing your US taxes as an expat can get complicated – even more so if you start a business while you’re abroad. As a US citizen who owns a foreign business, you have additional tax reporting requirements. US taxes are based on citizenship status, not residency. Therefore, Americans living abroad who own businesses (even sole […]
07/05/2022
Many American entrepreneurs who move overseas continue doing business by registering a company in their new home country. What many expats overlook, however, is that owning a foreign corporation also comes with various tax obligations they may have never even heard of. Since the US has a citizenship-based taxation system, American expats must declare their […]
06/27/2022
Missing the tax deadline could lead to IRS penalties. If you’re a US expat, the tax filing date was June 15th. Unless you filed for an extension, that means your US taxes are technically late, if you haven’t filed yet. Filing your taxes late often comes with penalties for each month you’re late. There are […]
06/24/2022
Uncle Sam and American expats aren’t exactly the best of friends. Regardless of where they live, American citizens have to declare their worldwide income to the IRS, and many aren’t even aware of this. Yep, you heard that right. That’s because the United States is one of only two countries that applies citizenship-based taxation. And […]
06/10/2022
If you’re an American citizen that lives overseas, then you need to know about IRS Form 1116. It’s the form that helps you claim the Foreign Tax Credit (FTC), which can save you from having to pay taxes both in your new home country and the US. Don’t forget that the US has a citizenship-based […]