10/29/2020
The US tax system is based on citizenship, which means that American citizens living abroad are required to file US taxes every year, reporting their worldwide income. As American expats often have to file foreign taxes too (depending on the rules in the country where they live), they get longer to file, with expats’ tax […]
08/10/2023
If you’re an expat business owner, the 962 election is one of several tax provisions you may need to wrap your head around. This is especially true if you earn GILTI, Global Intangible Low Taxed Income. As a reminder, in 2017, the US government introduced the Tax Cuts and Jobs Act (TCJA), which initiated GILTI. […]
08/11/2024
Tax season is approaching, and your return isn’t quite ready? No need to panic — this happens to many Americans living abroad. Many are not even aware they’re still subject to US taxes even though they live in another country. Luckily, the IRS provides expats an extra opportunity to collect all the necessary documentation and […]
10/01/2020
This year, while the world has been preoccupied with the Coronavirus pandemic, the IRS has also been quietly increasing its focus on enforcement of Bitcoin and other Cryptocurrencies holders. The IRS sees virtual currencies as an area of potential tax avoidance. In 2019, for the first time in five years (during which time the profile […]
02/28/2024
If you’re a non-US national who lives or works in the US part-time, or if you have US-source income, you may very well need to file a US nonresident alien (“NRA”) income tax return. Filing this return correctly and on time is essential — otherwise, you may face significant fines and penalties. The US tax […]
09/24/2020
The US requires all American Citizens to file US taxes, reporting their global income, wherever in the world they live or receive income. Because many American expats have to file foreign taxes in another country too, the IRS has introduced some provisions that expats can claim when they file to avoid double taxation. The two […]
09/21/2020
Americans living abroad who previously lived in California may still be liable to pay California state income taxes. California is among the states with the most stringent income tax regimes, and similarly to the Hotel California lyric, you can check out any time you like, (yet when it comes to taxes), it can be hard […]
07/05/2024
When most people think about income taxes, they think of the taxes automatically withheld from their paycheck — or, if they’re self-employed, the quarterly tax estimates they pay. But, what about taxes on unearned income? Unearned income — also known as passive income — refers to the income you don’t actively work for. This can […]
12/19/2024
What if we told you there was a three-page tax form that could potentially save you tens of thousands of dollars on your US tax bill? While it may sound too good to be true, it’s not. Qualifying expats can use IRS Form 2555 to claim a couple of major tax breaks, allowing them to […]
12/17/2024
You may already know that Americans who own rental property in the United States can claim depreciation to reduce their tax liability. What you may not realize, though, is that US expats can also claim depreciation on rental property based abroad. While foreign rental property depreciation has some unique nuances, we’re here to walk you […]