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Domestic Expat Taxes

If you are a U.S. citizen or resident alien, the rules for filing income tax returns are generally the same whether you are in the United States or abroad.

Domestic Expat Taxes

What You Need to Know 

Just because you don't live in the U.S. anymore or have operations abroad doesn't mean that Uncle Sam has forgotten about you. There are a few critical things about foreign tax compliance that you'll definitely need to know. If your worldwide income meets or exceeds certain filing thresholds (which are generally equal to the standard deduction for your filing status), you need to file a United States tax return

Other Considerations

As stated, you'll also have to concern yourself with FBAR — or Foreign Bank Account Reporting. All American expats are required to list all of your liquid or financial assets, including, but not limited to, things like mutual funds, stocks and bank accounts if the highest account balance (or if the sum total of all accounts) is $10,000 or more. Not to mention, penalties for incompliance can be as much as 50%!

We understand that operating abroad can be an adventure — but when your taxes are concerned, it isn't always easy. That's why we want to help you make the most of a tricky situation. In the end, you'll be able to rest easier. To find out more information, please don't hesitate to contact us today. 

 

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