As a US expat, the need to file taxes in a foreign country is one of your advantage. You are fortunate to avail of several credits, exclusions, and deductions for your tax filing. As the year begins, it is wise to be aware of these tax write-offs for you to get more savings for other […]
The record-breaking 4279 renunciations in 2015 is a sign of a trend among many expats at present. One of the reasons might be the lack of interests the government is giving for US expats concerns. Whatever reason you may have to surrender your citizenship, there are things to consider, especially those related to your tax […]
IRS already announced the figures related to tax ranges and limitations for US expat pension plan holders for 2017. Overall, the ranges increased for eligibility determination including traditional IRAs (Individual Retirement Arrangements contribution deductibles, saver’s credit claiming, and Roth IRAs contributions. Only the contribution limits for the self-employed with SIMPLE pension accounts does not change. […]
There are several ways on how to lower taxes. For US expats, the advantages are even more with the help of exclusions, deductions, and credits. Seeking employment, doing business, or studying abroad with your family can be difficult at times. But if you have a child who is not of school age and you choose […]
There are several things to consider when you plan to spend the rest of your elderly years in another country. You will make your decision upon culture differences, cost of living, weather adjustments, healthcare services, and international relationships. Aside from these factors, you also have to take into account the Social Security payments, benefits, and […]
It is always more beneficial to plan ahead. A retirement plan is one of the things that every employee or business man should already be taking into consideration. As a US expat, you must adhere to certain guidelines when it comes to choosing the most ideal retirement plan. The next, and perhaps the last, chapter […]
It is a reality! As a US citizen staying or doing business overseas, it is possible for your passport to be revoked. The Internal Revenue Service is doing its best to catch up on US Citizens who are unfaithful in paying their taxes. Aside from strict guidelines on reporting and filing foreign assets, incomes or […]
Moving back to the United States after a long stay from a foreign country can be a relief. If you have experienced certain difficulties with tax forms and payments when starting to move out of the country before, you would not want to trap yourself again in the same unnecessary tensions. More knowledge will keep […]
Individuals who have foreign-source income or assets can now have a better option for reporting such offshore financial accounts. The “streamlined” procedures for filing foreign assets offer taxpayers the chance to move away from the strict compliance procedures under the traditional Offshore Voluntary Disclosure Programs (OVDPs). Aside from avoiding criminal offenses, qualified taxpayers may acquire […]
Unintentional failure to disclose foreign assets or foreign income such as offshore bank accounts may put US taxpayers in a dilemma. The traditional offshore voluntary disclosure programs (OVDPs) come with a negativism as they often place strict compliance and consequences for such unintentional behavior. Relief is offered by the new “streamlined” procedures announced by the […]
