02/10/2020
There are an estimated nine million Americans living overseas, and all of them who earn over $12,200 (in 2019, globally), or just $400 of self-employment income, are required to file a US federal tax return. When they file, expats have to file additional IRS forms to reduce their US tax bill, such as Form 2555 […]
02/06/2020
If you’re having trouble choosing from a sea of CPAs and tax preparers, we’ll tell you exactly why expats prefer to work with Bright!Tax team.
02/03/2020
If you’re a self-employed US expat, understanding your tax obligations is essential. Self-employed US expats are not only subject to income taxes but also Social Security taxes. Unlike working for an American employer (or some foreign employers1), you are responsible for keeping track of Social Security taxes when you’re self-employed. This is best done proactively […]
01/30/2020
With over 800 different IRS forms and schedules, it’s easy to feel overwhelmed. Of course, you don’t need to be an expert on all of them — but it is a good idea to familiarize yourself with the most relevant ones to you. As a US expat, two essential forms to be aware of are […]
01/27/2020
2020 US tax filing season has officially begun. As of today, the IRS is now accepting returns for the 2019 tax year. For Americans in the states, the 2020 filing deadline is Wednesday April 15th, and while expats receive an automatic 2 month extension until Monday June 15th, they still have to pay any tax […]
01/24/2020
Good news for American expat small business owners: US tax attorney Monte Silver has won a significant milestone in his lawsuit against the IRS over it’s application of the new Transition Tax (part of the recent Tax Reform, and often referred to as the Apple Tax) to small businesses. Background – Tax Reform and Unintended […]
01/22/2020
(Contributed by Emmy Carson.) Tax season doesn’t come easy to the regular American — but even more so for American expats. With CNBC revealing that over 9 million U.S. citizens live overseas, these expats have to go through a lot of additional reporting and filing of documents that their domestic counterparts get to skip. This is […]
01/16/2020
It’s common for longtime US expats to consider the pros and cons of renouncing US citizenship. The annual filing requirement can take a toll on both nerves and patience, leading many to question why, exactly, they maintain their US citizenship. Contrary to popular belief, however, renouncing is a time-consuming process rife with bureaucratic hurdles. To […]
01/13/2020
Two years after Donald Trump signed into law his Tax Reform, in the last few days of December 2019 he signed another law called the SECURE (Setting Every Community Up for Retirement Enhancement) Act. The law comes into immediate effect in 2020. It is designed to allow American taxpayers, including expats, to better plan and […]
01/09/2020
Given the complicated nature of US expat taxes — with unique tax breaks, reporting requirements, and deadlines — many Americans abroad choose to hire a specialized expat tax professional. Those who have never worked with a professional specifically versed in taxes for Americans abroad often wonder how to choose a CPA who will be the […]