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How to be Relaxed With Online Tax Filing Services?

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The American government expects all citizens to pay their taxes on time, even if they are living and/or working abroad. There are more than 40 countries around the world which have a tax treaty with America, which makes them liable to exchange tax-relevant information on anyone residing in the country who is an American citizen. So it makes sense to do your due diligence and file your taxes on time in order to avoid the heavy penalties that the IRS imposes on those that don’t. Residing in a foreign country doesn’t give you any leeway when it comes to filing taxes, so the best way to ensure that you file your taxes on time is through reliable online tax filing services. – PowerPoint PPT presentation

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Title: How to be Relaxed With Online Tax Filing Services?


1
How to be Relaxed With Online Tax Filing Services?
  • The American government expects all citizens to
    pay their taxes on time, even if they are living
    and/or working abroad. There are more than 40
    countries around the world which have a tax
    treaty with America, which makes them liable to
    exchange tax-relevant information on anyone
    residing in the country who is an American
    citizen. So it makes sense to do your due
    diligence and file your taxes on time in order to
    avoid the heavy penalties that the IRS imposes on
    those that dont. Residing in a foreign country
    doesnt give you any leeway when it comes to
    filing taxes, so the best way to ensure that you
    file your taxes on time is through reliable
    online tax filing services.

2
  • Tax return services help expats not just file
    their taxes on time, but also give them valuable
    advice and assistance regarding calculation of
    tax payments, claiming exclusions, earning
    thresholds, what exclusions they are eligible
    for, etc. What must be remembered is that there
    are different rules and regulations for different
    situations and these might change without your
    knowledge. For example, if you are self employed,
    having your own foreign company, and are paying
    payroll taxes of that particular country, then
    you dont need to pay social security taxes to
    the U.S. government. If, however, self employed
    as an independent contractor, then it is
    mandatory to pay the U.S. determined payroll
    taxes based on your net earnings.
  • Not knowing the full picture regarding your tax
    liabilities can result in either loss of money
    through unnecessary taxes or through penalties.
    Whatever income you have in another country,
    whether it is royalties, a trust, capital gains,
    dividends, rental income, is subject to be taxed.
    Earned income of up to a certain threshold (which
    does not include the categories mentioned
    previously) is liable for tax-free earnings. This
    is best advised by a tax attorney or CPA from
    reliable expat tax services.

3
  • One of the luxuries that the IRA gives to expats
    is that they can take 2 month extension on their
    return, which will be till June 15, without
    having to request an extension, as this is an
    automatic extension. However, this will not
    exclude you from having to pay interest on the
    tax amount that was not paid by the due date of
    April 15. However, if you are still unable to pay
    your taxes by June 15, the date of the automatic
    extension, you will have to file for an
    additional extension, which will be given till
    October 15.
  • There are a lot of such little details that make
    a huge difference in your tax filing. Some of
    these may be known to you and some may not be
    known. That is why it helps to take the advice of
    a professional and qualified CPA or tax attorney
    whose job it is to keep up-to-date with tax laws
    and regulations of the United States. Filing your
    taxes online under the guidance of these
    professionals ensures that you make no mistakes
    whatsoever.

4
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