6 Vital Steps To Take Before Retiring Abroad

Retirement is a time of big change in an individual’s life when the person leaves the job, workforce and can follow other interests. Retiring in any other country and living as an expatriate can be a great choice to many people. But, relocating abroad isn't always easy as you have to consider a range of factors right from the political stability of your chosen country to the logistics of managing your belongings from afar.

The Penalties If You Don't File Your Taxes For One Year?

As a US citizen living abroad and working for many years, I have not filed the tax returns for about a year. However, I am scared now as I may face a series of consequences or penalties. While looking for solutions on the internet, I have suddenly come across Important Facts about Filing Late and Paying Penalties in the government website.

So I have decided to go deep and study how I may be framed for not paying the taxes. The failure to file the return within the deadline and the grace period comes under the assessment of the tax department and they will put me under the failure-to-file section. I have to pay about five percent of the unpaid tax and the same amount will apply to every month. However, I may have to pay hundred percent of the unpaid amount as I have failed to pay taxes for about a year now.