Do you live and/or work abroad, or are you planning to?
As an example, wouldn't it be great to live in Europe and be able to travel to many different countries in a matter of a couple of hours?
However, did you know that as a US Citizen or Green Card holder, you still have to file a US income Tax Return? Additionally, the rules are quite complex . So now not only do you have to learn the nuamces of the culture of your adopted country, but you have to keep one foot in the US from a tax standpoint, and that foot may be not be on very firm ground due to the nature and volume of rules involved.
Fortunately, we at John Harman CPA have helped many taxpayers navigate these rules, and we can do the same for you.
What you need to know about U.S. Taxes for Expatriates - Pitfalls and Traps
To ensure a smooth tax-filing process, you must be well informed. If you take up residence in a foreign country without exploring the tax ramifications, you may find yourself paying more than required to the U.S. government or your home state - as well as penalties and interest.
Some of the important considerations include…
How we can help: Our Expat Tax Services
Although the IRS offers numerous deductions, credits, and exclusions to expats, taking advantage of them is not straightforward.
Some exclusions vary by country, while others can only be claimed for a portion of the year. In addition, each requires supporting forms and worksheets, which can be more than cumbersome to prepare.
For people who are either planning a move or have already settled abroad, we offer the following tax services:
These are the most common expat tax services we offer - but it's not our full list. Please contact us to discuss your needs if you don't see them reflected here.
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There's no need for you as an expat to pay more taxes than required - or suffer under penalties and interest - just because the process is more confusing. In fact the IRS understands and encourages US expatriates to file all delinquent returns and even has special rules to help them get in compliance. We are very knowledgeable in this area and have helped many taxpayers get up to date on the US Tax obligations. IRS Amnesty Program: https://www.irs.gov/newsroom/irs-makes-changes-to-offshore-programs-revisions-ease-burden-and-help-more-taxpayers-come-into-compliance
Let us help you navigate the tricky waters of U.S. taxes for expats. Give us a call or send us an email today - and use more of your money to enjoy your life abroad!