12/09/2019
Because the US taxes based on citizenship, American expats have to file US taxes from abroad, reporting all of their global income. Many Americans also have to file foreign taxes too, depending on the rules in the country (or countries where they live). Americans also often have to report their foreign registered bank and investment […]
12/05/2019
If living abroad requires courage and mental fortitude, in return it rewards expats with the experience of a lifetime. Americans who live abroad still have to file US federal taxes though, reporting their global income. Many also have to file foreign taxes in the country where they live, and possibly US state taxes too. This […]
12/02/2019
The US – Spain tax treaty was originally signed in 1990, with an additional protocol signed in 2013 but only ratified in 2019 that reduced withholding taxes on dividends, interest and royalties, as well as increasing tax information sharing between the two countries. The purpose of the treaty is to prevent double taxation for Americans […]
11/28/2019
An estimated 700,000 UK citizens live in the US, and the majority have relocated to further their careers. When UK citizens move to the US for work, they often already have a work permit or Green Card. This places them within the US tax system. The US tax system has significant differences and is generally […]
11/25/2019
The Bright!Tax team wishes all US expats around the world a very Happy 2019 Thanksgiving! Thanksgiving abroad as an expat can be an unusual experience, celebrating in a place where few other people celebrate and often without access to the traditional ingredients. As expats though, we have a lot to be thankful for. Being an […]
11/21/2019
The IRS Streamlined Procedure is an IRS amnesty program that lets US expats who haven’t been filing a US tax return from abroad, because they weren’t aware that they have to, to catch up without facing any penalties. Because the US taxes based on citizenship, all Americans are required to file US taxes, reporting their […]
11/18/2019
As we approach the end of year holidays, it’s a good time for expats to take stock and do some year-end tax planning. Year-end tax planning for expats falls into two broad categories: minimizing year 2019 taxes, and planning ahead for 2020. Minimizing year 2019 taxes Ensure that you qualify for the Foreign Earned Income […]
11/14/2019
Each year the IRS adjusts tax brackets, the Standard Deduction, and exclusion thresholds for inflation. Last week the IRS announced the new figures for 2020. These will be applied to the year from January 1st to December 31st 2020, the 2020 tax year, for which expats (along with Americans living stateside) will file in 2021. […]
11/11/2019
Charles Schwab, the US brokerage firm, has written to its European based clients, including many US expats, to tell them that it’s shutting down its UK operations. According to American Expat Finance, Charles Schwab clients in the UK and the rest of Europe are being informed that they have until the end of the year […]
11/07/2019
FATCA is an acronym for the Foreign Account Tax Compliance Act, a 2010 law that had (and continues to have) a profound effect on US expats around the world. FATCA had an even wider impact beyond just on US expats though, as it inspired a global endeavor known as the Common Reporting Standard whereby around […]