By Vincenzo Villamena, CPA You would think that moving away from the United States lets you off the hook from filing US state taxes. But unfortunately, some US states require that expats pay state taxes. It is a common misconception that you only file state taxes if...
Nearly 25,000 US citizens have legal residency in Costa Rica. The US State Department estimates that nearly another 100,000 may live there as “perpetual tourists” – coming and going every 90 days but making Costa Rica their home. Living in Costa Rica can greatly...
Did you know that over 100,000 American expats live in Germany? It is a popular destination due to a strong economy, excellent public transport, a robust education system, and of course… beautiful scenery, rich culture, and fantastic festivals, to name a few. Moving...
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...
