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When is an U.S. Expat tax return due?

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If you are a U.S. Expat living abroad you receive an automatic 2 month extension to file your tax return and pay your tax. This makes your due date June 15. No form needs to be filed to receive this 2 month extension. If you are still unable to complete your tax return by that […]

What is the FBAR and when is it due?

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The FBAR (FinCEN Form 114) is a form required of U.S persons who either own or have signature authority over foreign financial accounts, such as a foreign bank account. The form is required if at any time during the year the value of your financial accounts exceeded $10,000 in total, not $10,000 per account. The […]

Do you have a business or a hobby?

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Taxpayers who engage in side businesses sometimes run afoul of the IRS in distinguishing businesses that do not generate income, or generate consistent losses, from hobbies, instances in which taxpayers use expenses to minimize tax obligations while engaging in activities that more closely approximate recreation than livelihood. One example often relied upon for illustration is […]

Are Social Security Benefits Taxed?

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If you receive Social Security from the federal government on a monthly basis, you may be wondering if it is taxed. Some of your friends don’t get taxed, other friends do. Why? The tax treatment of your Social Security benefits is dependent upon the other income you earn individually or with your spouse. Individuals earning […]

Do I owe taxes on my crowdfunding project money?

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If your crowdfunding funds are to develop a product, whether music or a new invention, the answer is most likely yes, you will owe taxes on the money. If the funds are for yourself with nothing promised back to the contributors (fund my trip to Europe) or for a charity the answer would be no, […]