All US citizens and green card holders have to file a US federal income tax return every year if their income is above the minimum threshold of around $10,000, irrespective of whether they live in the States or abroad. The threshold applies to worldwide income, and it doesn’t matter if you live in another country and have already paid taxes there.
Bright Tax offers a complete range of US expat tax return preparation services, including federal and state returns, catching up on previous years, FATCA and FBAR, and foreign corporations returns.
US Expat Federal Tax Return – $429
Our flat fee includes forms 1040, 2555, 1116, schedule C, one rental property, up to 5 bank interest/dividend entries, and up to 5 brokerage transactions. If you have more than these, don’t worry, we can easily accommodate your particular circumstances.
Additional US Expat Federal Tax Returns – $289
Catching up with previous years’ returns and helping you to become fully compliant is one of our areas of expertise, and we will do it quickly, in your best interest, and ensure that the process is stress-free.
State Tax Returns – $159
Some US states require expatriates to file and pay income taxes, even when they’re no longer living there. The rules are different for each state, and we are able and happy to give you authoritative advice for your particular situation.
FBAR Reporting (FinCEN form 114) – $99
An FBAR, or Foreign Bank Account Report, should be filed by individuals with more than $10,000 in total in foreign accounts at any time during the year. Our fee includes up to 10 accounts per reporting year.
IRS Streamlined Procedure – $1431
The Streamlined Procedure is an IRS amnesty program that allows expats to catch up with their US tax filing and become fully compliant without facing any penalties. It requires that expats file 3 years of back taxes and 6 years of FBARs (Foreign Bank Account Reports, required if you have a total of $10,000 or more in foreign accounts at any time during the year).
Our headline Streamlined Procedure price of $1431 includes 3 tax returns and 6 FBARs. If you need to file less FBARs (or none), deduct $79 per FBAR.
FATCA Reporting (Form 8938) – $149
FATCA, or the Foreign Account Tax Compliance Act, requires additional filing if you have assets abroad worth over $50,000. FATCA is a relatively new law that the US government is enforcing vigorously.
Foreign Corporation (form 5471) – $479
Foreign corporate returns are required for all US persons who own 10% or more of a corporation overseas. While our flat fee assumes that your corporate accounts are in relatively good order, we will confirm your final fees based on your individual circumstances before starting any work.
Individual Consulting – $110 / 30 minutes (1 hour minimum)
If you require a consultation, you can communicate with a Bright!Tax expat tax expert one to one via phone, Skype, or chat. Bright!Tax experts are all CPAs, many of them are also MBAs, and they have years of American expatriate tax experience.