Expats still need to file U.S. tax returns if you live and make money in a foreign country

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Expats still need to file U.S. tax returns if you live and make money in a foreign country

Postby fascpaconsultant » Mon Nov 23, 2020 6:28 pm

Even as an Expat, you still need to file a tax return and, depending on your income, pay taxes, as long as you have a U.S. citizenship. Your worldwide income is taxable even if you filed a tax return and paid taxes in the country where you reside. If your taxable income is over $20,000 a year and you are married; or $10,000 and single; or made over $400 per year as self-employed or contractor, you need to file a tax return.

There is a long list of tax filing requirements the IRS has determined for Expats: 

-Automatic Extension until 6/15 but pay taxes on 4/15

-Foreign Earned Income Exclusion (FEIE) of $104,100 only if the return is filed

-Spouses get another $104,100 of foreign earned income exclusion (FEIE)

-If your income is over the FEIE amount, claim a house deduction

-Credit for taxes paid in your country of residence

-Foreign Account Tax Compliance Act (FATCA) reporting requirements

-Foreign Bank Accounts Reporting (FBAR) requirements

-Foreign companies ownership involves more IRS reporting

-Foreign trust creation involves more IRS reporting

-Self-employment income is subject to FICA (social security and medicare taxes)

-The IRS is watching you

-IRS special programs for Expats

-Passive Foreign Investment Company (PFIC)

Learn more on our website: https://fascpaconsultants.com/tax-plann ... -s-expats/

Email Us Support@fascpaconsultants.com and Get A Complimentary Tax Review Today


Fulton Abraham Sanchez, CPA
FAS CPA & Consutants
9000 SW 137 Av Suite 224
Miami FL 33186
786-462-7899
fa@fascpaconsultants.com

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