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The following article was published in our article directory on August 31, 2012.
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Tax concerns Unites States citizens should be aware of before moving abroad.

Article Category: Advice

Author Name: Loren Gill

Tax issues follow individuals that move abroad. There are lots of explanations for why people leave the United States to go live as expatriates (Expats) in different nations. Explanations can be for anything from military service, business opportunity, aid work, retirement or any other explanation.
Prior to moving overseas you could have heard that your wage is all or partly "tax free." If you fulfill certain requirements, it is true that you might not owe any United States income tax on your foreign earned income. Nevertheless, you still need to file a United States tax return every year, even if you owe no taxes.
Your "tax free" portion of your income is not instantly offered simply because you moved abroad. When you file your income taxes you have to file for the "Foreign Earned Income Exclusion (IRS Form 2555)." In order to have the ability to file the exclusion you initially have to pass one of two eligibility tests. Basically you will have had to live continuously in the foreign nation or nations for almost a year. For even more information google form 2555. Only the very first part of your income is tax free. The maximum for 2012 is $95,100, however this quantity rises slightly every year.
The Foreign Earned Income Exclusion only applies to your Federal income tax liability and does not impact your self-employment tax. If you live overseas and are self-employed you will should send taxes quarterly just the same as if you lived in the U.S. Not withholding this has actually gotten many people in trouble with the IRS resulting in charges and interest.
In addition to the exclusion, there is also the Foreign Tax Credit. This only applies if you pay taxes to a foreign government. You might have the ability to take a credit for the taxes you paid to a foreign government against your U.S. taxes. Basically this saves you from double taxation on the same income. Nevertheless if you utilize the Foreign Earned Income Exclusion, the Foreign Tax Credit is typically not very useful or can be completely immaterial as you may not utilize the Foreign Tax Credit against income that you already excluded. In unusual instances the Foreign Tax Credit could be more useful than the Foreign Earned Income Exclusion.
The U.S. government has become a lot more worried about "offshore accounts" recently. These are accounts that are commonly made use of for tax evasion. So if you relocate overseas and open a bank account in your new nation, be aware you may be required to report that to the IRS. This would additionally be true if you were given "signature authority" over an additional individual or company's account. This is often the case when a company offers you signature authority over their accounts. At this time the magic number is $10,000. If your account or accounts at any time total $10,000 or higher throughout the year you are required to report that to the IRS.
These are just a few of the issues that can face an US citizen when they move overseas. It is best to be equipped prior to leaving the U.S. Make sure that you speak to an expert that recognizes these concerns. Due to the fact that CPA s, tax preparers, and financial advisers in the U.S. seldom manage them, they are either entirely unaware or have only a superficial understanding of the problems.

Keywords: overseas taxes, US taxes abroad, foreign tax credit, foreign earned income exclusion, moving overseas, relocating overseas, living abroad

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