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U.S. Taxes for Expatriates - Pitfalls and Traps

Some of the important considerations include…

  Your host country. Many countries have tax treaties or conventions with the United States, which will dictate how you file your U.S. taxes.

  Amount of foreign earned income. You can deduct a substantial amount in earned foreign income from your U.S. taxes.

  Rental income and dividends/interest from assets in the U.S. You must pay taxes on these exactly as if you were living in the U.S.

  Whether you are self-employed. You must pay self-employment tax on your income, even if you can exclude it as foreign earned income on your income taxes.

  Which state you most recently lived in. Some states do not have income taxes; others make it difficult to sever your ties with that state.

  Your holdings in a foreign bank account. Any interest in or authority over a foreign financial account over a certain amount must be reported to the U.S. Treasury Department.

Our Expat Tax Services

For people who are either planning a move or have already settled abroad, we offer the following tax services:

  U.S. Tax Returns - We prepare your U.S. income tax return, including the most common schedules and forms.

  Small Business Tax Returns - We assist small business owners, self-employed individuals, or folks with significant rental property with their returns.

  State Tax Returns - Depending on which state you most recently lived in, you may need to file a state return.

  Foreign Bank Account Reporting - We file the FBAR form for individuals who had above a certain threshold in a foreign account.

  Compliance - It's not uncommon for expats to fall behind on their taxes. We help you sort through the paperwork, forms, and rules, and get you back in compliance with the IRS.

  Online Filing - When you're living in a foreign country, it's not practical to send forms and documents back and forth through the mail. Our highly secure, fully encrypted Client Portal enables the quick, free, and safe transfer of files between our office and yours.

  Consulting - If you're unsure of your need to file federal or state tax returns, give us a call. We help you get clear on your situation.

  Investors - If you are a U.S. business with foreign investors, plan to contact us for information on available services.