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
Form 5471, which the IRS calls “Information Return of US Persons With Respect To Certain Foreign Corporations”, is an informational return that US taxpayers with shares in a foreign corporation must file. Whether you need to file Form 5471 depends on the percentage of stock you own in a foreign corporation.
06/27/2022
While it may not seem fair, all Americans — even those living abroad — who earn above a certain threshold must file a US tax return. If you didn’t previously understand your tax and reporting obligations, though, you’re not alone. Fortunately, you may be able to catch up penalty-free with the help of IRS Form 14653. […]
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 […]
06/02/2022
Americans living overseas may not be aware of a key rule: all US expats are required to file a US tax return. If you’re an American expat living abroad, Tax Day, June 15, 2022, is approaching fast. But, if you’re not quite prepared to file your tax return, you have some options. While you can […]
10/21/2021
Many aspects of filing US taxes change drastically when living abroad. However, if you continue to work for an American company abroad as a W-2 employee, one thing will remain consistent: Filing an annual US tax return to report your income. Navigating the realm of expat taxation can be a perplexing journey. For example, even […]
09/09/2021
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 calculations to arrive at the capital gain or loss are reported on IRS Form 8949.
08/26/2021
This article was updated on March 2, 2023. Giving cash or presents to the important people in your life can feel like a win-win for everyone. But as the old saying goes: No good deed goes unpunished. When it comes to gifting, a generous spirit can create additional tax filing requirements with the IRS. Depending […]