Individual Retirement Accounts (IRAs) are an important part of retirement planning due to their great US tax advantages. Americans abroad however need to be aware of how expat tax benefits can affect retirement accounts such as Roth and Traditional IRAs. Expats who...
The Foreign Earned Income Exclusion (FEIE) is a tax benefit available to American citizens, Greencard holders, and in some cases foreign individuals that become residents. It allows an exclusion of up to $126,500 (2024) of income earned in a foreign country from US...
This article covers the tax challenges of crypto reporting and why Form 1099-B is not a solution to accurately report cryptocurrencies to the taxing authorities. While the requirement to track and report traditional investments such as stocks, bonds, interests,...
Americans living abroad still need to file US tax returns. They may also still need to pay social security taxes. Social Security totalization agreements between two countries govern where you must pay social security tax. Without a totalization agreement, US expats...
One of the most frequent questions business owners ask is which business expenses they can deduct to reduce their taxable income. If you are a US taxpayer with a business, either in the US or abroad, you can deduct a variety of expenses, but you need to identify and...
Attention US owners of foreign companies! If you haven't already heard about it, brace yourself for IRS Form 5471 - one of the most complex and constantly changing tax forms that US-owned foreign companies may have to file. Don't be fooled by thinking that filing...
The child tax credit can be a significant financial benefit for expat families abroad. Living abroad does not preclude you from claiming the child tax credit for qualifying dependent children under the age of 17. If you don’t owe US taxes, you might even be eligible...
Contrary to popular belief, American expats do not have to be stuck with a high US tax burden, when also paying high taxes in their residence country. The truth is, with the Foreign Tax Credit expats can often reduce or even eliminate their US tax. This guide explains...
Americans living abroad often consider investing in non-US investments offered by their local banks or employers. But before investing in non-US opportunities like foreign mutual funds, it is important to understand the tax implications. It could result in a much...
