U.S. Expats

U.S. Expats around the world must still file tax returns in the United States. This is true whether you have moved overseas for a job, to start a business, retirement, or an adventure.   Complying with the law and taking advantage of potential does not have to be complicated. We can help you make sense of your filing requirements and take advantage of all possible tax savings.

The below are a few of the forms we can help you with, we also offer consulting to help you figure out where to start:

U.S. Individual Income Tax Return (Form 1040)

FORM 1040

Even as an expat the Form 1040 is the basic tax form you file to report all of your income, both inside and outside of the US.

Foreign Earned Income (Form 2555)

Form 2555

This is the form for claiming both the Foreign Earned Income Exclusion and the Foreign Housing Exclusion. If you qualify, the Foreign Earned Income Exclusion will allow you exclude up to $105,900 (2019) of income you earn while outside of the United States.

Foreign Bank Account Reporting (FBAR, FinCen 114a)

FBAR, FinCen 114a

If you are a US citizen or resident with non-US bank accounts that have an aggregate balance of $10,000 or more during the year you need to report them. The highest balance of each account during the year is what is considered.

Statement of Specified Foreign Financial Assets (Form 8938)

Form 8938

The statement of specified foreign assets is used to report certain assets that are owned outside of the United States. This form is required if you have either $50,000 of these assets if single and $100,000 if married, bank accounts are included as are other types of assets such as investment properties, life insurance, and other investments.

Foreign Tax Credit (Form 1116)

Form 1116

The foreign tax credit is designed to prevent double taxation of the same income. If you must pay taxes outside of the United States on income, that income must also be reported on your US tax return, but you often can claim a credit for the tax paid to the other country.
Contact us now if you have any questions or to get started.

Contact us now if you have any questions or to get started.