Moving into a new place is not only an exciting experience but also a nervous one too and How To File US Income Tax Return Online? There are a lot of things which the person needs to take care of. One thing which must always be complied with to remain tension free is compliance with Taxes. We understand how cumbersome it is to track all the taxes and especially the Expat taxes. Expat taxes are Us Tax Returns For Non Residents and are a US tax filing that applies to Americans. If you are worried about how to move ahead with the rules for Tax filing for us citizens living abroad, then US Expat taxes is the name to trust. In this blog, we will briefly discuss 5 important things that the Expats must keep in mind.
If you are an American
who is earning foreign income from abroad then you are supposed to pay the
ex-pat taxes. The taxable foreign income may comprise Wages, Interests,
Dividends and Profits. In essence, if you are legally a US citizen, then you are
eligible to pay the Expat taxes.
Legally, you are
supposed to pay the Expat taxes if you are an American who is residing abroad,
but technically, there exists a range of standard deductions and exemptions
like the foreign tax credit, the foreign earned income exclusions, the foreign
housing exclusions and many other such exemptions and an expert and
professional tax firm can help you in getting to know all the available
options. US Expat Tax has a long experience in dealing with Expat taxes and we
try to ensure that our customers end with the lowest tax liability.
Generally, to begin with, many studies have shown that a section of Expats does not know about Expat taxes. And in general, the tax authorities may give the initial warning and let you off for the first violation but it is not the case always. Missing on the Expat tax deadlines and liabilities may attract a plethora of fines and penalties and not filing the taxes can even lead to loss of passports too! Yes, you read it correctly, so you might always try not to fail on your ex-pat taxes.
To better manage and streamline your taxes, one thing you can always do is to keep a clear track of your travel history. This becomes very crucial in the last days and that part of the year when you are supposed to file the taxes and you are going haywire and searching and looking for your travel history and then looking for what incomes were generated as a part of which travel and when. Tracking all your travel history in one place will be a great relief in the last few days.
Look for the double tax avoidance agreements and a range of other agreements like tax treaties, and other exclusions which the US has signed and ratified with other countries. This helps in getting your hard-earned income getting taxed twice. Therefore, a reputed tax firm like US Expat taxes can help you in getting these deductions as we have some of the best and renowned tax experts who have years of experience and are domain experts.
These are just a few of the things that must be kept in mind, there are plenty of others too. If you feel you need some assistance in doing your Expat taxes, then feel free to reach out to us.
