Happy new year from the team at Bright!Tax!
What’s new at Bright!Tax
2018 was another exciting year for Bright!Tax, as we continued to grow, hone our client experience, and win further recognition for our services, notably when we were named Highly Commended in the Tax Provider of the Year category in the London FEM EMMA Awards, ahead of all other non-corporate expat tax providers.
We’ve also been busy preparing to welcome you back in 2019, making your experience filing US taxes from abroad with us even smoother and easier.
We have enhanced our proprietary secure Online Client Organizer, both aesthetically and functionally, as well as our mobile app, which as well as letting you easily scan and send us documents from your phone or tablet now lets you access your Client Organizer account from your mobile device, should you wish to.
We’ve also formed partnerships with other, complimentary service providers, allowing Bright!Tax clients to apply for banking services from anywhere in the world alongside UN employees thanks to our partnership with the UNFCU.
We’ve also partnered with the renowned retirement abroad magazine International Living, co-authoring a definitive tax guide for Americans who live, work, or retire abroad.
What hasn’t changed is our commitment to your total satisfaction when working with us. Bright!Tax clients will always enjoy personal support from a highly qualified, expat expert American CPA, whom they can contact any time and however is most convenient for them and expect a prompt, accurate, clear and friendly response.
“We are deeply grateful to all of our valued clients for choosing us, and we will always endeavor to provide them with the best possible service and experience, filing in their best interests to save them time, hassle and money.”
– Greg Dewald, Bright!Tax CEO
What’s new in expat tax filing
There are several changes expats should be aware of regarding filing US taxes in 2019 (for year 2018) compared to last year.
Firstly, for those expats who claim the Foreign Earned Income Exclusion, the threshold has risen in line with inflation and is now $103,900, up from $102,100 for year 2017.
The Trump Tax Reform meanwhile came into affect in January 2018 and some of the provisions in it will affect many expats.
Tax rates and thresholds have changed, and while most expats don’t end up owing any US tax if they claim one or more of the exemptions that the IRS has made available for them when they file, they may still be affected (for example they may have more excess tax credits if they claim the Foreign Tax Credit, or it may now be more beneficial to claim a different exemption, depending on their circumstances).
Another change that will affect many expat parents is that the Child Tax Credit has been reformed and now provides a tax refund for expats with American dependents who claim the Foreign Tax Credit, meaning a boost to their finances this year.
Expats with more than 10% ownership of a foreign registered corporation meanwhile have been caught in the Apple Tax net, and if they haven’t already they should contact an expat taxes specialist as soon as possible to understand the changes and take the best course forward possible.
What can expats do to get ready to file?
Before filing, we recommend that expats gather the relevant documents, such as foreign tax, bank and investment statements if applicable, and proof of income, to make providing us with this information quicker and easier when the time comes.
While 2018 filing isn’t open yet, our registration process is, so you can book your tax project with us now even if you aren’t ready to file (many expats have to file their foreign taxes first, after all).
Your Bright!Tax CPA is ready and enthusiastic to work with you again in 2019!