U.S. Income Tax Return: Do I have to file when I live outside the United States? When you’re living abroad, the U.S. income tax return process can be super stressful. Trying to find out which forms you need to complete is hard enough and that’s before you’ve got started on the international tax treaty, exchange […]
Expat Tax Guides ➥ Do I have to file? Do I have to file? That depends if you are a US citizen or a US Green Card holder. The general answer is yes. It is dependent on your income level and your filing status as well. But assuming your income is over a relatively small […]
Foreign Investment Fund in the United Kingdom Are you looking to broaden your foreign investments? Perhaps extend your portfolios into the UK? If you are then you might want to sit down for this. The fundamentals of investment require individuals to educate and familiarize themselves with laws governing investments as well as the tax implications […]
IRS Tax Forms and Instructions ➥ Do I have to file a US tax return ➥ FinCen form 114 US taxpayers report any foreign financial accounts by filing an FBAR (Foreign Bank and Financial Accounts Report) on FinCen Form 114. Whether you live in or outside of the US, you may have FBAR filing requirements if you […]
Expat Tax Guides ➥ Stimulus Payment for Americans Abroad ➥ Adjusted Gross Income (AGI) We hear from Tanveer – a highly experienced EA for 13 years – and provide clarity on AGI, who can receive Stimulus Payments, and what the process is. Many Americans living abroad assumed they wouldn’t be eligible, but they are, and […]
Country Guides ➥ Do I need to file a US tax return if I live in UAE? AM I ELIGIBLE FOR FOREIGN EARNED INCOME EXCLUSION? Learn from Tanveer Mannan, a highly experienced IRS Enrolled Agent based in Dubai. Having worked at EY and PWC before joining Expat Tax Online, Tanveer has 15 years’ experience of […]
Country Guides ➥ Do I have to file a US tax return ➥ Form 3520 & Form 3520-A The short answer is… not if you only have an RESP. The new IRS Revenue Procedure 2020-17 issued in 2020 basically stops all Foreign Trust reporting of RESPs… GREAT NEWS! If you have a TFSA, then the answer is […]
FATCA is the Foreign Accounts Tax Compliance Act, F.A.T.C.A. Agreements have been signed between Canada (and many other countries) and the United States whereby the banks in those countries will disclose the information about the Americans with accounts held at the banks. Now ultimately, they will be in a big matching exercise for the US […]
Understanding Form 8832 What is Form 8832? Form 8832, Entity Classification Election, is used by some domestic and foreign businesses to choose how the IRS classifies them for tax purposes. Business owners wishing to change their business tax model do not need to start a new enterprise or business entity. By filling out Form 8832, […]
Income Level Tax Brackets What are the current income tax rates? In the UK, income is taxed progressively – meaning that the more you earn, the higher tax rate that is applied to you. Taxpayers in the UK must file an annual income tax return. If you are employed, your employer does this for you, […]
