There are two classifications of the offshore programs under IRS. These two programs – the Streamlined Foreign Offshore Program (SFOP) and the Streamlined Domestic Offshore Program (SDOP) available to US expats when it comes to filing of tax. The two programs differ in the requirements and in the penalties attached to them. The Key Difference […]
All US taxpayers may undergo an IRS audit. Every year, 1% of all US taxpayers go through this somewhat scary process. US expats even have higher chances of going through a tax audit. If you are not careful, you may be caught up in a situation where you have to provide evidence and answer queries […]
Your US expat tax filing may undergo revisions and updates to cope up with the IRS requirements. Enough and accurate information on the guidelines set by the Treasury Department will be a great advantage for your tax compliance. In particular, foreign asset reporting through Form 8938 needs certain attention and understanding on your part. Who […]
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 […]
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 […]
