3 ms·
Every year I ask, and every year I'm disappointed, but does any good solution exist for expats? I know I shouldn't be paying taxes, since I earn under the excep
by londgine 4y ago
Every year I ask, and every year I'm disappointed, but does any good solution exist for expats? I know I shouldn't be paying taxes, since I earn under the exception limit. But I don't know all the forms I should fill out, and all of the websites dedicated to expats are expensive, almost $500.
- 70rd 4y agoWhat exception? If you are a citizen and intend on returning to the US (or even intend to renounce) you should be in good standing with the IRS (FBARs and annual filings). You owe the difference between locally paid taxes and federal taxes, and can claim overpayment as tax credits. Most low-earners don't bother with this and use the Foreign Earned Income Exclusion Act [1]. Don't forget about FBARs if you have more than 10k across foreign banks accounts. [1] https://www.irs.gov/individuals/international-taxpayers/foreign-earned-income-exclusion https://www.irs.gov/individuals/international-taxpayers/fore...
- londgine 4y agoSorry, I meant exemption not exception. I was referring to the foreign earned income exclusion act. I never have to pay US taxes due to that, however I still have to file. Since I don't know the tax law, and I would hate to be on the bad side of the IRS, I hire a CPA every year. I am hoping that this year I may find a site that supports foreign citizens.