03/22/2021
Tax compliance is a major consideration for any business owner, particularly when dealing with international tax obligations. Form 1120-F, U.S. Income Tax Return of a Foreign Corporation, plays a crucial role in how foreign corporations with U.S. business activities report their income and calculate their tax liabilities. Despite its importance, many international business owners are […]
03/18/2021
Over the last few years, lots has been written about moving to Puerto Rico as a tax haven. Around 2,000 Americans are known to have moved to Puerto Rico for this reason to reduce their US tax bill. The only reason more haven’t joined them is that to take advantage of the tax breaks Puerto […]
03/18/2021
Adjusting to living abroad takes planning, especially when it comes to your finances and health. Healthcare and health insurance, in particular, come with their own challenges abroad. In this article, experts from International Citizens Insurance share the most common insurance challenges and solutions for American expats. Challenges of Local healthcare abroad Healthcare in the United States ranks as one […]
03/18/2021
(Article contributed by Jason Landrum a OFX International Money Transfers.) In today’s international job market, global mobility has allowed Americans to move around the world. The ability to work from a beach bungalow or a mountain retreat is an appealing notion. And, for many, living abroad can only be possible with “money mobility.” Whether you’re […]
03/15/2021
Bright!Tax Partner Katelynn Minott will be joining Brian Dunhill, founder of Dunhill Financial, to provide advice for U.S. expats filing, investing, and retirement planning in 2021. The agenda will include guidance for filling taxes from abroad this year, investment considerations, IRAs, pensions and more. Brian Dunhill is a Financial Planner with a core emphasis on […]
03/15/2021
After six months of wrangling, a second stimulus check for Americans affected by the Coronavirus pandemic was announced at the very end of December 2020. The second check was smaller than the first, being worth just $600 per person, compared to the original $1,200. This was despite President Trump as well as the Democrats supporting a […]
03/11/2021
Dual citizens, or dual nationals, are citizens of two different countries. Dual citizenship was prohibited in most countries in the nineteenth and early twentieth centuries, however the United States has allowed Americans to be dual citizens since 1967. Dual nationality is most often acquired either through parentage, or through naturalization (obtaining a second citizenship through […]
03/08/2021
According to the IRS, round a million Americans are living abroad and not filing US taxes. (Would it help us to cite your source?) The requirement for Americans living abroad having to file US taxes on their global income was introduced way back during the Civil War, however it’s only in the last few years […]
03/04/2021
The two most common reasons why Americans move abroad are for a career opportunity, or for romance. Moving abroad doesn’t mean stopping filing US taxes though, as the American tax system requires all Americans citizens and Green Card holders to report their worldwide income every year, whether they live in the States or overseas. Historically, […]
02/25/2021
A gift to a foreign spouse (a Nonresident Alien or NRA spouse in IRS speak), can be an effective strategy for Americans living abroad to reduce their US tax bill. Americans living abroad married to a foreign spouse are required to file US taxes on their global income every year. This is true of all […]