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 Long Does It Take the IRS to Process a Tax Return? Tax returns in the U.S. are a massive part of your yearly financial planning. You will need to complete a tax return each year by June 15 if you’re living abroad (outside of the United States) for the previous year to declare any […]
The Third Economic Impact Payment. Did You Get It? In June 2021, the IRS had issued $390 billion in Third Economic Impact Payments (also known as Stimulus Payments). These payments were put in place to help businesses who had suffered as a result of the Covid-19 pandemic and the employees of these businesses who may […]
How Do I Report Crypto On My U.S. Tax Return? Tax season is right around the corner, which means that you’ll need to start preparing your US tax return and report your crypto transactions. However, with limited guidance and information available about how to do so, figuring out what you need to report can be […]
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 have assets or accounts based […]
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 a lot more people can […]
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 […]
