Latest Information For Expat Tax Returns - PowerPoint PPT Presentation


Title: Latest Information For Expat Tax Returns


1
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.

2
  • 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.

3
  • 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.

4
  • 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!

5
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10 CORPORATE PARK, STE. 210 Irvine,
California 92606-USA http//locustax.com Facebook
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Latest Information For Expat Tax Returns

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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. – PowerPoint PPT presentation

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Title: Latest Information For Expat Tax Returns


1
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.

2
  • 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.

3
  • 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.

4
  • 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!

5
Contact US
10 CORPORATE PARK, STE. 210 Irvine,
California 92606-USA http//locustax.com Facebook
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