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Tag: filing

U.S. Citizens and Resident Aliens Abroad – Automatic 6 Month Extension of Time to File

U.S. Citizens and Resident Aliens Abroad – Automatic 6 Month Extension of Time to File

If you are not able to file your return by the due date, you generally can get an automatic 6-month extension of time to file. To get this automatic extension, you must file Form 4868. Or, you can file Form 4868 electronically (e-file), using your personal computer, or through a tax professional. You do not […] Read More

For U.S. Citizens: Filing Extensions While Abroad

For U.S. Citizens: Filing Extensions While Abroad

If you are a U.S. citizen or resident alien, the rules for filing income, estate, and gift tax returns and paying estimated tax are generally the same whether you are in the United States or abroad. Your worldwide income is subject to U.S. income tax, regardless of where you reside. When to File If you […] Read More

For U.S. Citizens: Foreign Earned Income Exclusion

For U.S. Citizens: Foreign Earned Income Exclusion

FOREIGN INCOME TAXES A limited amount of the foreign income tax you pay can be credited against your U.S. tax liability or deducted in figuring taxable income on your U.S. income tax return. It is usually to your advantage to claim a credit for foreign taxes rather than to deduct them. A credit reduces your […] Read More

Filing Taxes for U.S. Citizens: Foreign Account Tax Compliance Act

Filing Taxes for U.S. Citizens: Foreign Account Tax Compliance Act

“If you live abroad…you must submit a Form 8938 for foreign financial assets over a certain threshold” The Foreign Account Tax Compliance Act (FATCA) is an important development in U.S. efforts to combat tax evasion by U.S. persons holding accounts and other financial assets offshore. The Treasury Department and the IRS continue to develop guidance concerning […] Read More

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