09/25/2026
FATCA exemptions can remove certain foreign accounts and assets from your reporting requirements, saving you from filing paperwork you don’t actually need. Whether one applies depends on what you hold, where it’s held and how the account or institution is classified. The tricky part—and something we regularly untangle with our clients at Bright!Tax—is that FATCA […]
09/08/2026
Missed the October 15 tax deadline? You haven’t missed your chance to file. The IRS still accepts late returns, and the sooner you submit yours, the less expensive the delay may be. You should still file even if you can’t pay your full tax bill. Filing and paying are separate, and waiting until you can […]
09/04/2026
October 15, 2026, is the filing deadline for many Americans abroad who requested extra time to submit their 2025 U.S. tax return. If that includes you, there’s still time to get everything in order. One thing to know upfront: an extension gives you more time to file, not more time to pay. Here’s what’s due […]
09/04/2026
If you’ve filed and paid your U.S. taxes on time for the past three years but slip up once, the IRS may now waive certain penalties automatically. The change comes from a new program called Automatic Exemption from Penalty (AEP), announced in July 2026. Starting with eligible 2025 tax returns, the IRS will check whether […]
06/15/2026
Americans abroad often pay tax where they live and still have to file with the IRS. The Foreign Tax Credit exists for that overlap. It can reduce your U.S. tax bill when you’ve paid eligible income tax to another country, making it especially useful for expats in higher-tax countries. But it isn’t a blanket credit […]
06/15/2026
Two Americans abroad can earn the same income and still need different tax strategies. One may save more with the Foreign Earned Income Exclusion, which excludes qualifying foreign earnings from taxable income. The other may do better with the Foreign Tax Credit, which reduces U.S. tax based on eligible foreign taxes paid. For 2026, the […]
06/09/2026
Leaving the U.S. does not end your U.S. tax filing obligations. Americans abroad still have to report worldwide income, even when that income is earned and taxed in another country. The Foreign Earned Income Exclusion can reduce that burden. For the 2026 tax year, qualifying taxpayers can exclude up to $132,900 of foreign earned income […]
06/15/2026
Selling a house should be the simple part. You find a buyer, agree on a price, sign approximately nine hundred documents, and wonder why everyone in real estate owns the same navy blazer. Then the tax question arrives: did you inherit the property, or was it gifted to you? That detail can change everything. Selling […]
05/22/2026
Leaving New York doesn’t automatically mean you’re done with New York income taxes. Even after moving abroad, you can still be treated as a resident — and taxed like one — depending on how your ties to the state are structured. This is because the New York State Department of Taxation and Finance applies its […]
09/18/2026
You may need to file an FBAR if your foreign financial accounts held more than $10,000 combined at any point during the year. That’s across your accounts—not $10,000 in each—and the requirement applies even if you owe no U.S. tax. Here at Bright!Tax, we see how easily this gets overlooked. You’ve filed your tax return, […]