Know about new US tax extension deadline for the year 2020

 Recently moved to another country for work? What you need to know about US Expat tax preparation before you go to that country. Taxpayers American living abroad have to file a US tax return if they meet certain income thresholds even if they don't owe any tax. If you are a US citizen or green card holder, then you must file a US tax return if you meet the filing thresholds.

Let's know about the tax year 2019 thresholds:

Filing Status Gross income

·         Single (under age 65) $12,200

·         Married filing jointly (under age 65) $24,400

·         Married filing separately (any age) $5

·         Head of household (under age 65) $18,350

·         If you are self-employed and had at least $400 in self-employment income, you also have to file.

To get the stimulus payment from the CARES act for COVID 19 relief, you must have filed a 2018 or 2019 tax return. Keep in mind that the more you know about the US expat tax preparation requirements before you move abroad, the better prepared you will be able to file an accurate tax return and maximize your savings. Also gather as much information as you cab before moving abroad as you want to be prepared to file your US expat taxes during the next tax year. There are certain things you must know.

·         You get special tax credits and exclusions when filing Abroad.

·         How to ensure you get your mail and leave the junk behind

·         Each state has individual regulations

·         The US filing dates

·         How your US income will be treated compared to overseas income.

Let's know about new US tax extension deadline for the year 2020

The typical extension deadline for filing US Tax Returns For Non Residents was June 15. There was the option of filing for an even greater extension to Oct 15. You will need to fill out a specific form to do that. You can use tax software for filing all your extension forms as well. But, the internal revenue system (IRS) tax authorities have initiated a new rule for tax season 2018. In addition to this, the IRS stated that the US tax extension deadline was July 15 and this goes for both filing and paying US taxes from overseas.

This July 15 deadline was for now only for this year. Now we are into 2021 taxes paying and filing deadline have moved back to their original places. If you have to file for an extension, you can do so to free via expat ts software. You need to sign in and the software will file the tax return on your behalf and fill in the right information.