Does the US Tax Foreign Mutual Funds?

Does the US Tax Foreign Mutual Funds

A mutual fund is a financial vehicle that allows a group of investors to pool their money to invest in stocks, bonds, and other funds. The advantage of investing in a mutual fund is that by pooling you obtain the benefits of larger investors, such as diversifying your investments and paying lower fees for expert […]

When Should US Expats File IRS Form 1118?

When Should US Expats File IRS Form 1118

Americans who move overseas have to continue filing US taxes from abroad, as the US taxes based on citizenship rather than on residence. This means that many Americans living abroad have to file both foreign taxes in their country of residence, and US taxes too. To avoid double taxation, American expats in this situation can […]

May 17 Tax Filing Deadline – What Expats Need To Know

May 17 Tax Filing Deadline for Expats

Tax Day was moved this year for all Americans, due to the impact the pandemic has had on both the IRS and taxpayers. The IRS in particular has been unusually overwhelmed this year, due to distributing stimulus checks, the fact that many IRS staff are still working remotely, and due to having to enact changes created […]

Retire Abroad US Tax Guide

Retire Abroad US Tax Guide

Over a million Americans have retired abroad, and millions more aspire to. The most common benefits include a better climate, affordable healthcare, and a better standard of living on retirement income. The most popular destination for Americans retiring abroad is Mexico, due to the twin appeals of its proximity and affordability. Many folks move there […]

Is There a Foreign Tax Credit Limit?

Is There a Foreign Tax Credit Limit?

Americans living abroad still have to file US taxes, even if they have to file foreign taxes too. This is because the US taxes based on citizenship and regardless of residence. As a result, expats have to file a US federal tax return every year reporting their worldwide income. To avoid US taxation on their […]