What's Important To Know Before Moving Abroad??? - PowerPoint PPT Presentation

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What's Important To Know Before Moving Abroad???

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Moving abroad, either for a job, business, marriage, or just pure adventure, is an opportunity of a lifetime. Living abroad can broaden your horizons and the sense of what is possible is redefined. For many, the move abroad has been one of the best decisions of their life. – PowerPoint PPT presentation

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Title: What's Important To Know Before Moving Abroad???


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What's Important To Know Before Moving Abroad???
  • Moving abroad, either for a job, business,
    marriage, or just pure adventure, is an
    opportunity of a lifetime. Living abroad can
    broaden your horizons and the sense of what is
    possible is redefined. For many, the move abroad
    has been one of the best decisions of their life.

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  • However, the feeling of being in paradise can get
    a rude jolt when it comes time to pay expat
    taxes! This is something most Americans are
    oblivious to or dont want to face the reality of
    when they move abroad. But, it is not wise to
    avoid tax return services which may even attract
    heavy penalties. Today, filing taxes abroad is
    not as cumbersome as it used to be with the help
    of online tax filing services. You will get all
    the advice and help you need from qualified CPAs
    and tax attorneys from expat tax services.
  • So here are the most important things you need to
    know before you move abroad as an expat
  • - Even self-employed people have to pay taxes and
    the threshold for this is 400.
  • - Taxes are to be filed on income from different
    sources, which would include even rental income,
    dividends, and any interest garnered. So its not
    just your salaried income!
  • - Even if you have made a mistake, you can still
    make an amendment and the form for this is 1040X.
  • - Most people are aware of the Foreign Earned
    Income Exclusion which can give you substantial
    deduction in taxes, but what they dont know is
    that they have to file for it with a special form
    which is the 2555 or the 2555-EZ, otherwise they
    dont get it!

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  • - You will only be eligible for the Foreign
    Earned Income Exclusion if you fulfill certain
    criteria, such as spending 330 days of the year
    in a foreign country. This is called the Physical
    Presence Test and requires careful tracking of
    your time spend traveling out of your foreign
    country.
  • - Even if you are moving out of the U.S. later in
    the year, you can still qualify for the Foreign
    Earned Income if you have filed the Form 2350
    previously.
  • - If you have dependent children, you could have
    less taxes to pay if you file for Child Tax
    Credit. This requires that your children have a
    Social Security Number from the U.S.
  • - Dont think of renouncing your citizenship just
    to avoid taxes as this requires a lot of factors
    to be put in place and you would also have to pay
    exit taxes!
  • - Even if you retire abroad, you can still enjoy
    your Social Security benefits from the U.S., so
    make sure you keep track of that as it can come
    in handy in the golden years of your life.
  • There are many more factors to take into account
    before you move abroad, so consulting with a
    reliable tax agency that specializes in expat
    taxes would be the best place to start so that
    you know exactly what you are getting into before
    you even get there!

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