Tax Extension Deadline Approaches ( October 15 2012 )
September 19, 2012 No Comments
Taxpayers who filed an extension to file their 2011 tax returns in April 2012 should file their returns by October 15 2012 to avoid the following penalties:
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Why does the US tax its citizens on worldwide income regardless of where they live?
August 30, 2012 No Comments
The U.S. is the only country that taxes its citizens on their worldwide income, no matter where they live and regardless of how long they have been overseas. Well, actually the U.S. is almost the only country. Eritrea has what is known as a “diaspora tax” on its citizens.
Some Reasons for filing your past returns
August 27, 2012 No Comments
U.S. taxpayers are taxed on their worldwide income. Nevertheless, if you are a U.S. taxpayer who earned income while abroad during the tax year, special taxation rules apply in order for you to avoid double taxation (by both the U.S. and the foreign government). In many cases you may owe the IRS nothing for this income. Nevertheless, your income tax filing requirements are the same as for U.S. taxpayers who earned no income abroad.
A mistake due to ignorance should be considered a lesser offense (Tax Wise)
July 11, 2012 1 Comment
Why isn’t the IRS isn’t more understanding of the complex regulations they have set forth for Americans living and/or investing abroad and why isn’t there better information provided to understand compliance and reporting requirements? Expats are in a sense forced to fall out of compliance, as the time requirement to educate themselves and keep up with the changing regulations is too much of a burden, and often too complex to understand even if you have the time needed to attempt self study
Living abroad and have not filed US Tax returns in several years?
February 3, 2011 No Comments
What to do if you have not filed a US tax return in several years and live abroad.
What is the foreign tax credit, Form 1116?
January 4, 2011 1 Comment
The US reduces your income tax liability dollar for dollar for any taxes paid to a foreign government. This comes in especially handy when your wages exceed the foreign earned income exclusion, but there are several points to keep in mind, as the “dollar for dollar” part of the definition can’t unfortunately be taken verbatim. It was intended to avoid double taxation of US taxpayers.
United Nations Pension Plan treatment for US taxes
July 28, 2010 No Comments
UN Pension Guide (Attached) States their plan is qualified as described in section 401(a). As Such, contributions are not taxable in the year earned and
Abode (In the context of the foreign earned income exclusion)
January 4, 2010 No Comments
Everyone knows that to qualify for the foreign earned income exclusion you must meet either: – The bona fide residence test– The physical presence test.Right?Wrong.
