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Wing to Wing LLC

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Taking the Stress Out of Small Business

Accounting Tax and Preparation

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Tax and Accounting Services for Working Americans Abroad 

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) $105,900 when filing their 2019 return; 107,600 for 2020 return. You can also exclude when your income amount is equivalent to your housing expenses. 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.

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.   

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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 

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.

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Don’t put yourself at risk with the IRS by not filing or incorrectly filing your US returns while outside of the country.

We hope you found the abovementioned information useful. For inquiries and assistance, please call us at 203-249-2798 or email us at [email protected] anytime.

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