Wing to Wing LLC
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Taking the Stress Out of Small Business
Accounting Tax and Preparation
Taking the Stress Out of Small Business
Accounting Tax and Preparation
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Tax and Accounting Services for all types of Americans Abroad; Artists, Athletes, Business Owners
Tax and Accounting Services for all types of Americans Abroad; Artists, Athletes, Business Owners
Wing to Wing LLC assists Americans, US citizens, and US green card holders who are working abroad. Since taxes for American’s abroad are complicated, to say the least, please be advised on some key points:
Americans can exclude from US taxation (not foreign taxation) $108,700 when filing their 2022. You can also exclude when your income amount is equivalent to your housing expenses if your earn more than the exclusion itself. There are various exceptions, but in general, if your employer pays your rent and utilities and it is included in your income, you may have the ability to exclude the full amount of housing costs you received.
Athletes abroad are most often treated like an "employee" . What is important to know is their Clubs must provide them with signed contracts, pay slips and proof of filing a foreign tax return. This will ensure you have proof of foreign wages and taxes paid, as this is important to ensure your US return is accurate
All Americans abroad must file a US tax return every year. Failure to do so can result in excessive penalties and interest and potential issues going through immigration when you return or visit home.
Why Choose Us
Why Choose Us
Even though an individual can’t be double-taxed on the same income by two different countries, you could lose the ability to claim them if you don’t file a return in the US and claim your exclusions and tax credits. This will potentially put you at risk for significant interest and penalties on the unpaid tax.
If you make more than the excluded amount and you didn’t pay taxes in the country you are living in, you will owe taxes in the US. If you did pay taxes in the foreign country, then you would file a form that would allow you to offset your US tax liability with the foreign tax liability.
Tax and Accounting Services for Working Americans Abroad
Tax and Accounting Services for Working Americans Abroad
Worldwide passive income, such as interest, dividends, and capital gains are taxable. However, tax credits for foreign taxes paid can be used to offset US taxes so long as the return is timely filed.
There are state tax issues that can arise. The length of time you are out of the state determines your filing requirements.
There is an automatic extension until June 15 to file your returns. If you need more time, you must file Form 4868, which will extend you until October 15.
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Also, all United States persons are required to file a Foreign Bank Account Report (FBAR) if:
- The United States person had a financial interest in or signature authority over at least one financial account located outside of the United States.
- The aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported.