Millions of Americans living abroad are working as freelancers. Some work mainly for one or more American firms, others freelance for foreign firms or provide services directly to small firms or individuals. Many are settled permanently in one foreign country, others are intending to return to the U.S. after a few years, or they may be Digital Nomads, roaming between Wi-Fi hotspots in different countries providing freelance services online. Read More
There are lots of scare stories going around about the possible consequences for not filing U.S. taxes as an expat. You may have heard for example about U.S. passports being revoked, sizable FBAR penalties, and banks closing expats’ accounts because of FATCA. So if you’re an expat who’s behind with their U.S. tax filing, you may well be at least a little bit concerned. Read More
Americans living abroad are still required to file a U.S. tax return, and furthermore they may have to report their foreign bank and investment accounts by filing a Foreign Bank Account Report, or FBAR.
Due to the 2010 Foreign Account Tax Compliance Act (FATCA), most foreign banks and other financial firms are now reporting their American account holders account balance and contact details to the IRS. Read More
IRS form 5472 is a U.S. filing requirement that affects some Americans living abroad who own or part-own corporations.
Form 5472 must be filed by U.S.-registered corporations that are 25% or more owned by a foreigner, and foreign corporations that trade in the U.S., that make any ‘reportable transactions’ during the filing period. A ‘reportable transaction’ typically means that they have received or transferred any money or assets. Read More
American expats are, unfortunately, still required to file U.S. taxes from abroad. Thankfully though, there are several exclusions that reduce or in most cases eliminate their U.S. tax liability. The foremost among these is the Foreign Earned Income Exclusion. Not owing U.S. taxes doesn’t exempt expats from having to file a U.S. tax return though, as the exclusions that reduce or eliminate U.S. tax liability for expats must be claimed each year when expats file their federal return. Read More
American expats living in London find themselves in the unenviable position of having to file both U.S. taxes as a U.S. citizen, and UK taxes as a UK resident, on their worldwide income.American expats living in London find themselves in the unenviable position of having to file both U.S. taxes as a U.S. citizen, and UK taxes as a UK resident, on their worldwide income.
To complicate things further, the UK tax year runs from April 6th to April 5th, rather than being the calendar year. Read More
Retiring abroad is more popular than ever, thanks to perceptions of a better quality of life, more affordable health care, and a warmer climate.
Americans living abroad earning over $10,000 a year (or just $400 of self-employment income) are still required to file a U.S. tax return though, declaring their world wide income. This includes expats who have retired or settled permanently abroad. Read More
For decades, U.S. expats lived in peace, beyond the reach of the American tax system, despite being theoretically obligated to file U.S. taxes on their worldwide income from abroad by American’s citizenship based taxation regime.
Then came FATCA, the 2010 Foreign Account Tax Compliance Act. Designed to address tax evasion in the wake of the 2008 financial crisis, FATCA requires all foreign banks and investment firms to provide details of their American account holders to the IRS. Read More
Living in Greece is an incredible experience for a number of reasons, including the friendly locals, the culture, history, architecture, climate, beaches and islands, not to mention easy access to the rest of Europe. As an American expatriate living in Greece though, what exactly do you need to know regarding filing U.S. expat (and Greek) taxes? Read More
The U.S. tax system is different to every other developed country’s, in that America taxes based on citizenship rather than on residence. That means that whereas most countries only tax residents (and non-residents who have income arising in the country), the U.S. taxes all U.S. citizens wherever in the world they live. Read More
Do I still have to file and pay U.S. taxes if I live abroad?
This is the most common tax question that U.S. expats ask. Unfortunately, the U.S. tax system is based on citizenship rather than residence, so it doesn’t discriminate where in the world you live.
As a result, expats have to file and pay U.S. taxes on their worldwide income if they earn over $10,000 (or just $400 of self-employment income).
Americans living abroad are still required to file U.S. taxes. The U.S. is the only country that requires its expats to file. It is because the U.S. taxes based on citizenship rather than on residence. Read More
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