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...
Not all American expats are employed by big companies. Actually, many run their own business while living outside the USA. If you own a business overseas or run your US business from abroad, this Guide to Business Taxes for Expats is for you. It explains tax...
Over 100,000 Americans live in Australia, many of them in Sydney or Melbourne. While it may feel far away from the United States, don’t forget about US taxes. American expats in Australia may need to file tax returns both in Australia and the US. The Australian tax...
Living abroad is an increasingly attractive option for US Americans as it offers many lifestyle benefits. In addition, qualifying as a bona fide resident in a foreign country or countries has a major tax benefit, the Foreign Earned Income Exclusion (FEIE)....
When you live or conduct business abroad, you often need a foreign bank account to make and receive payments locally. Or maybe you live in a country that requires you to set up a private foreign pension. Even when living in the US, you may have a foreign bank or...
Many Americans abroad use the Physical Presence Test to claim the Foreign Earned Income Exclusion to save on taxes. You often read in Facebook groups or other media that to qualify you must spend less than 35 days in the US per year. This sounds simple enough, right?...
