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 […]
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 amount given your filing status and if you are […]
How Much Do I Need To Retire? No matter your age, retirement is a great goal to save for. The earlier you start saving the more time your money has to grow and compound. It can be difficult working towards this goal because it isn’t always clear where or how much you should invest. Vince […]
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 have assets or accounts based in a foreign country. Foreign financial accounts, such as bank accounts, mutual […]
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 a lot more people can receive the stimulus payments than many think. What is […]
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 helping Americans get the correct advice when they come to work in UAE. Getting the correct tax […]
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 maybe. There […]
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 […]
5471 Filing Requirements Form 5471 provides the IRS with a record of US citizens and residents who have ownership in foreign corporations. The IRS is therefore able to prevent people from hiding foreign assets. As Form 5471 is informational, it typically does not affect your tax payments – only when you fail to file Form […]
Capital Gains Tax on Property in Australia When you leave the U.S. for Australia and intend to stay indefinitely, you might wonder how much of what you own will be potentially subject to U.S. capital gains tax. As an American living in Australia, it’s important to know about the taxes imposed by both of your […]