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The following article was published in our article directory on May 23, 2019.
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Save Expat Tax guide for American Expat Tax

Article Category: Travel

Author Name: Save Expat Tax

Are you an American citizen and living abroad? If so, this article is for you.

If you are a U.S. citizen or a resident alien of the United States and you live abroad there are some things you need to keep in mind regarding income tax. First, you are taxed on your world-wide income, not just US sourced income. Second, tax preparation for expats is a bit more complex and third, it is important you file your return promptly and remit all taxes due.

The following types of income will be reported on Form 1040 as an expat: (Please note this is not an exhaustive list.)

• Wages and salaries
• Allowances, supplements, and payments made on your behalf to third parties
• Taxable interest – (Schedule B)
• Dividends
• Refunds, credits, or other offsets
• Alimony received
• Business income (or loss). – Schedule C or C-EZ
• Capital gains (or losses) – Schedule D
• Other gains (or losses) – Form 4797
• IRA distributions
• Pensions and annuities
• Rental real estate, royalties, partnerships, S-corps, and trusts – Schedule E
• Farm Income
• Unemployment compensation
• Social Security benefits
• Other income

If you receive income from a non-US source, you will need to keep careful records of amounts and dates received. Unlike US employers, international employers are not required to provide information documents detailing income, allowances, commissions or bonuses.

You may also be able to claim certain deductions or credits to offset some of your income, or you may be eligible to claim Foreign Tax Credits (FTC) if you paid tax to another country. There are tax treaties in place to ensure you are not taxed twice on the same income.

The following are some of the deductions or credits available:

• Foreign earned income and housing expenses (limits apply)
• Foreign Tax Credit
• Educator expenses
• Health savings account deductions
• Moving expenses for some members of the Armed Forces
• Penalty on early withdrawal of savings
• Alimony paid
• IRA contributions
• Student loan interest
• Other deductions – this is not an exhaustive list

Extensions:

As an expat living and working outside the US, you get an automatic 2-month extension to file your U.S. tax return. Many states honor this automatic extension and no additional state extension is required. If you cannot file by 15 June, an extension must be filed. This will provide an additional 4 months to 15 October to file your returns. Keep in mind this is an extension of time to file, not of time to pay.

FBAR (Foreign Bank Account Reporting):

FinCEN form 114, also known as the FBAR (Foreign Bank Account Report) may be required If the aggregate balance(s) of all your foreign financial accounts exceeds $10,000. All accounts are reported at their highest balance. It is important to remember there is no tax consequence with this reporting but penalties can be levied. Forms are due 15 October and must be e-filed. No extensions are available.

Streamlined Offshore Filing Procedures:

If you are delinquent in filing your tax returns, we can help. There is a program in place that allows you to file 3 years of Federal tax returns and 6 years of FBAR forms along with a Streamlined Certification. There may be interest on any tax liability but no penalties will be levied, either for late filing or late payment. States and municipalities are not required to accept the Streamlined Procedures, but many will. Please ask your advisor for additional information.

Why Save Expat Tax?

Save Expat Tax has lots of experience helping American expatriates come into compliance with the taxing authorities. Our preparers are all Enrolled Agents, the highest designation given by the IRS. All Save Expat Tax preparers stay up to date on changes in current tax law and advise clients of changes that may impact their tax returns. Everything is done online which ensures the preparation process is convenient, secure and hassle-free. Best of all, our fees are modest.

Please visit our website at www.saveexpattax.com or contact us at [email protected] for a free consultation. We look forward to hearing from you!

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