American Expat parents can potentially take advantage of not just one but three U.S. Child Tax Credits, depending on their circumstances: the Child Tax Credit, the Additional Child Tax Credit, and the Child and Dependent Care Credit. In this article we outline when and how all three can be used, and what conditions need to be fulfilled to claim them. Read more
Tag Archive for Americans Abroad
Americans abroad have just about had it with Uncle Sam’s tax filing requirements.
Those were the findings from a recent survey of more than 2,100 U.S. expatriates, according to Greenback Expat Tax Services, which specializes in working with American taxpayers residing overseas.
Just over 4 in 10 respondents said that while they aren’t planning to renounce their U.S. citizenship, they wouldn’t rule it out, and 19% said they’re seriously considering it. Read more
It’s tax reform season and Senator Orrin Hatch wants to hear from you (again).
As reported on the Isaac Brock Society and other digital resources for those impacted by U.S. taxes, you have until July 17, 2017 to tell Senator Hatch what you think needs to be changed in the Internal Revenue Code. After great deliberation, it occurred to me that people who either are (or are accused of being) U.S. citizens or Green Card holders living outside the United States, might want the USA to stop taxing them. After all, they already pay taxes to the countries where they reside. This is your opportunity to “Let your voices be heard” (well maybe). 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
The importance of income tax treaties should not be underestimated when considering the U.S. tax implications of living abroad. U.S. and foreign tax laws often fall short of ensuring that U.S. expats are on equal tax footing with their non-expat counterparts. In such case, a relevant tax treaty may be available to pick up the slack. Read more
The purpose of this post is to explore how inflation results in the facilitation of enhanced penalty collection in America today.
What is inflation? “Inflation is defined as a sustained increase in the general level of prices for goods and services in a county, and is measured as an annual percentage change. Under conditions of inflation, the prices of things rise over time. Put differently, as inflation rises, every dollar you own buys a smaller percentage of a good or service. When prices rise, and alternatively when the value of money falls you have inflation.” Read more
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
An interesting read by the Telegraph that walks an Accidental American through the process of renunciation of American citizenship to avoid paying a life time of US taxes, penalties, interest, and potentially criminal offences for non-filing. Read it here. Excerpts below:
When in Rome, live as a Homelander” does, when elsewhere, live as they live elsewhere.
Americans abroad are constantly told that they should “come clean”. They should file their U.S. taxes. This assumes that they are somehow “unclean” or perhaps “dirty”. The life of an “American abroad” is about three things:
1. “Thinking Clean” – The importance of “thinking clean” while living abroad. Read more