Latest Information For Expat Tax Returns

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Latest Information For Expat Tax Returns

• For U.S. citizens living abroad, taxes have
  always been an issue of contention. Even if they
  have been living away from the country for
  decades, as long as they are U.S. citizens, they
  would still need to pay their taxes on time just
  like every other citizen living on U.S. soil.

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• There are no special concessions in due dates of
  tax payments for expats. Also, in the
  pre-Internet days, filing taxes was a cumbersome
  task that often required flying to the U.S. just
  for it. That is one thing that expats today can
  thank the Internet for-that they can file their
  taxes right where they are through convenient
  online tax filing services.
• How to maximize your hard earned money
• It is but natural for expats to look for ways in
  which they can maximize the value of their
  hard-earned money. There are many loopholes in
  the system that can result in money earned by
  expats going down the drain if not filed
  properly. This is where expats can get help from
  the professional advice offered by tax return
  services that are managed by certified tax
  attorneys and experienced CPAs. Here, they can
  get all the information and advice they need
  which will help them save money on taxes.
• How the right information can help
• Sometimes all that is required is the right
  information at the right time. For example, there
  are exclusions provided by the IRS for expats
  under certain conditions. Not knowing about this
  can result in expats unnecessarily paying more
  taxes than they need to. The IRS may update these
  exclusions and tax-free earnings for U.S.
  citizens living as expats. These exclusions can
  be for earned income, housing, foreign tax credit.

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• Latest updates by the IRS for the year 2015-2016
• -Foreign earned income exclusion for the year
  2015 has been increased to 100,800. For married
  couples who are both working abroad, twice this
  amount can be excluded from their joint income.
• -Foreign housing exclusion has been raised to
  14,112. This is again based on the cost of
  living from place to place so it is best to check
  with expat tax services professionals about this
  information.
• -Foreign tax credit can now be claimed for any
  foreign income taxes which can reduce the taxable
  income overall.
• -Those who use the foreign tax credit will not be
  able to claim their child tax credit.
• All in all, it would lead to less stress to
  remember that while paying your taxes by April 15
  is mandatory, an automatic extension to extend
  the deadline till October 17th can still be filed
  if there are any extraordinary circumstances that
  do not permit you to pay your taxes on time.

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• For any U.S. citizen living abroad, there are now
  innumerable resources available on the Internet
  to help them with their tax filing, but it is
  important to remember to choose only those
  sources that are trustworthy and reliable. Look
  for companies that are managed by CPAs and tax
  attorneys that come highly recommended and you
  wont go wrong with your tax filing ever again!

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