U.S. Citizens and Resident Aliens 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 FileIf you are […] Read More
US Tax Returns & Expats: Trump Effect 2019 Filing and Tax Issues Seminar
Join us Tuesday for a Tax Seminar with Tina Salandra CPA while we enjoy a wonderful Cena alla Siciliana. Please sign up here so that you can reserve your spot (first come first serve). When: Tuesday, May 29th Time: 7:30pm Where: I Siciliana, Via Servio Tullio, 10, 00187 Roma RM Cost: €45 per person includes full sit down dinner. […] Read More
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
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
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
“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
Buying an Italian Property at Auction: Pros and Cons
Property auctions are not such a common occurrence in Italy and are mostly the result of court or bankruptcy proceedings. As such, they can provide endless investment opportunities, especially in a more difficult economic climate like the present one. Competition among buyers is not normally high and it is one area where the offer generally […] Read More
Italian property purchase: what is it really going to cost?
Aside from the purchase price, what other costs need to be factored in, when evaluating the purchase of a property in Italy? There is no straightforward answer to this as it depends on many variables, e.g., is the buyer eligible for first-home tax benefits? Is the seller a private individual, company or a developer? The […] Read More
Top Tax Tips for Expats in Italy
Here are my top tax tips for living or moving to Italy. Beware of the DIY approach. Always discuss your tax situation with an experienced and knowledgeable commercialista and financial planner Taxes in Italy are not that much different to other countries around Europe and you might be surprised at just how little you have […] Read More
Save thousands of dollars on your US expat taxes
Introduction to the Foreign Housing Exclusion There may be a deduction you haven’t heard of that can save you thousands of dollars on your US expat taxes. There are quite a few critical tax breaks which assist US Expats in reducing or completely eliminating their US income tax liability. There is one exclusion that doesn’t […] Read More
U.S. Income Tax Return Preparation
U.S. Income Tax Return Preparation and Advice for American Citizen Living in Italy Personal Income Tax Resident individuals are subject to a personal income tax, named IRPEF, on their worldwide income. Individuals carrying on a business or profession and/or partnerships are liable to IRAP which is not deductible from IRPEF. Non-resident individuals are subject to […] Read More
Exposing Seven Myths about the Rules of US Expat Taxes
If you are a US expat, there are a few myths surrounding US expat taxes about which you should be aware. As a US Expat, you probably receive a lot of conflicting information. There are some common myths when it comes to US expat tax laws. Here, we will expose these myths and let you […] Read More
Fixing America’s Surface Transportation (FAST) Act
On December 4th2015, President Obama signed the Fixing America’s Surface Transportation (FAST) designed to provide funding for United States Federal transportation infrastructure improving roads, bridges, transit systems and rail transportation network. This five-year, $305 billion bill, effective January 2016, will be funded without increasing transportation fees instead it will require changes to passport rules and […] Read More
U.S. Citizens and Resident Aliens 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
