Because of the IRS automatic extension for Expats, today, April 16, is the first day of the Expat tax filing season. While those of us stuck in the U.S.A. must file and pay by April 15, Expats get an automatic two month extension. This two month automatic extension for Expats is more valuable than the standard
As you, the American with investments abroad, get ready to prepare your 2014 tax return, there are important new FBAR filing requirements for 2014. Some of these FBAR filing requirements are cosmetic and others could get the misinformed in hot water. Note: If you have no idea what an FBAR is, you might check out
Record numbers of Americans gave up US citizenship in 2013. As the IRS mafia becomes ever more hostile to its citizenry, Americans give up US citizenship in record numbers. In 2013, 3,000 Americans lined up at embassies around the world to renounce their citizenship and get Uncle Sam out of their pockets for good. This is
Spanish Tax Guide – this is the first in our country tax guide series. Spain emerged from five years of recession in mid-2013, and now is one of the hottest investment options around. Real estate and investment markets are still priced near the bottom, but are on the upswing, employment is improving, and the government’s
Who must pay US taxes you ask? Who is a US person for tax purposes? Who is in the crosshairs of the IRS? The answer is not quite as simple as you may think…and something that confuses many people living and operating a business in the US. Who is a U.S person for tax reporting
In most cases, you are not required to report gold to the IRS...whether it is in the US or offshore, it is exempt. Please see the full article for exceptions!
The general rule is that foreign real estate is not reportable to the IRS on Form 8938. Good news and an asset category that has been ignored by the IRS hawks trying to swoop in on as many international resources as possible. But, read on! While the default rule is that foreign real estate is
We get a lot of good questions from Expats around the globe during the April 15 and October 15 tax seasons. Here are a few from this go-round. Moving to a High Tax Country Q: “I’ve just moved to Australia in the last year. I currently have very little assets in the US and am
Thinking about moving your business offshore? If you are a US citizen, and your profits exceed $400,000, I guarantee Puerto Rico has a better deal for you. This article was published in 2013. For a more up to date post from December of 2015, see Blood in the Streets- the Puerto Rico Tax Deal and
As America hurdles towards default, more of us are considering diversifying out of the United States and planting the first flag offshore. While there may be some last minute backroom deal to stave off disaster, many of us have lost confidence in a system out of control. If this resonates with you, I suggest you
Are you tired of paying in to the Obamanation? Is most of your income from capital gains taxed at 24% plus whatever your State grabs? You can eliminate tax on interest, dividends and capital gains by moving to Puerto Rico…immediately and legally. This article was published in 2013. For a more up to date post
Do you own property outside of the United States? Are you thinking about investing in offshore real estate? Are you an offshore real estate mogul looking to reduce or eliminate your US taxes? This article will cover all areas of US taxation of offshore real estate and provide insider tips and techniques to get your
There are many US tax benefits to living, working, and/or investing offshore. This article discusses each of the Tax Benefits of Going Offshore in detail with links to supporting information. If you are considering going offshore, this is a must read.
Before you move overseas, there are certain steps you can take to protect your assets and—in some cases—minimize your worldwide tax obligations. Best first step is to consult a tax accountant or attorney—one who specializes in helping Americans organize their affairs before moving overseas. He or she will likely have some smart advice about the
Any offshore business owned and operated by a US citizen must file IRS Form 5471, an FBAR, and disclose all of its dealings to the US government. Here, you will learn how to legally reduce or eliminate these filing and disclosure obligations. Most importantly, you must file US Treasury Form TD F 90.22.1 (generally referred
The Foreign Earned Income Exclusion is the Expat’s first, and sometimes only, line of defense against the IRS. It allows you to eliminate up to $97,600 in salary from your US taxable income in 2013, and can provide additional benefits to those living, working, and operating a business abroad. Just about every tax article on
Changes to the FEIE physical presence test travel days have cost taxpayer's millions of dollars. Watch your FEIE physical presence test travel days very closely!