Top Ten Reasons to File Your US Tax Return 1. It is your responsibility as a citizen of the United States. 2. In order to qualify for any tax benefits, like the child or education credits, you must request/apply for them through the filing of a US tax return. 3. As an expat, it is…
What to Do Tax-Wise With A Non-Resident Alien Spouse? For most, it sure is convenient to file separately from your non-resident alien spouse. If you absolutely want to file a joint return for green card application purposes, you will have to complete a form W-7. This form is an application for an ID# that will…
What Do You Know About FATCA? Well, the IRS is up to their tricks again, making life a little more difficult on our expat citizens. The Foreign Account Tax Compliance Act is designed to improve tax compliance regarding offshore bank accounts. An interesting statistic…of the 7.2 billion expats, the US Department of Treasury has only…
Individual Taxpayer Identification Number (ITIN) An ITIN is an individual taxpayer identification number and it is a tax processing number supplied by the IRS. It will always be a nine-digit number and start with the number 9. The IRS issues ITINs to individuals who need to have a U.S. taxpayer identification number for tax return…
Estimated Tax Payments Estimated tax is a process to pay quarterly tax payments on income that is not subject to withholding. The income that is included is from self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes and awards; you may also have to pay estimated tax if the amount of income…
The FBAR…No News is Good News! If you have more than $10,000 USD in foreign banks, you must file a Foreign Bank Account Report (FBAR), Form number TD F 90-22.1, reporting the financial institution(s) name, address, account number and highest balance of the year. This informational tax form is filed with the United States Department…
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