Filing U.S. expatriate tax returns each year on your worldwide income is a legal obligation.
However many expats find it to be overwhelming and are not sure how to file their expatriate tax return.
Let’s begin by pointing out some tips:
- Foreign Earned Income Exclusion – Even if your foreign earned income is below the exclusion limit, it can only be claimed by filing a tax return. If this is not timely you will not be able to use the exclusion.
- Foreign Bank Account – Are you relocating and moving overseas? Did you open a foreign bank account? You must file a treasury form.
- Foreign Tax Credit – Do you know that American expats might be entitled to a foreign tax credit? To claim your tax credit you will need to file a form.
- Dependency Exemption – Did you know that you might be entitled to dependency exemptions even if your dependents do not have a social security number?
- A Hidden Overseas Account to escape paying taxes is considered a fraud, and can cost you penalties or even jail time.
- Foreign Housing Exclusion – You can’t take both the foreign housing exclusion and the foreign tax credit.
- Keep Important Tax Document in Secure and Central Location – American expats need to have a secure online documents storage capacity that can be accessed from anywhere in the world. You should organize the information by year and contain key source documentation, your completed return and any correspondence with the IRS.
To complete the expatriate tax forms properly and to maximize your tax returns it is recommended to use the services of an Expat CFO expert, rather than to do it yourself or to rely on an inexperienced local tax professional, who has no experience in the foreign tax arena.
The expat CFO expert has the knowledge and experience to guide you through the complexities of the tax laws, to provide you with holistic tax solutions and to help you make good decisions for your family and your future.
This is exactly what the experts at ExpatCFO.com do – They offer American expatriates assistance with their expatriate income tax preparation as well as a way for them to manage all of their financial information in a secure location.
Once your account is set up, you can easily check how your financial portfolio is performing; access your important documents like your life insurance and banking or mortgage information; determine if you want to make additional contributions on your IRA, and much more!
If you are having difficulty understanding how the documents storage vaults works, there are special short videos that guide you through each one of the tools, and are very easy to follow.
The part I like best about this program is that you can access all of your financial information in one secure location, 24 hours a day. I don’t know of any other program like it. No longer do you have to hunt for missing files or try and keep up with website URLs, passwords, and paperwork that pertain to the financial side of your life, career and/or business. The Premiere Tax CFO Program handles it all for you.
Best of all, if you’re away and your spouse, significant other, or family member needs access to your financial info, you can authorize them to log in to your account and get what they need, regardless of their location!
Moreover, you can run any number of reports that helps you get a clear picture of your financial situation. You also have numerous research calculators at your disposal to learn how much more you should pay on your mortgage, for example, to pay it off sooner, or how much money you need to begin to set aside for your child’s college education.
I recommend you check out the site by visiting ExpatCFO.com This is really the best way to handle all your expatriate tax matters