Don’t let the October 15th deadline for American abroad tax filings sneak up on you! Though it will be here before you know it, you can still meet this deadline, and we can help. Read below to find out how to get started.
What the American Abroad Tax Deadlines Mean
April 15th is the standard deadline for American taxes (though you might recall that it was April 17th in 2018, and then the IRS extended it to April 18th), but expats receive an automatic two-month extension until June 15th. If they choose, they can also request an extension until October 15th (via form 4868), which is the final deadline.
What You May Need to File
If you earn income, you will need to file a Federal Tax Return no matter your country of residence. Depending on which state you moved from, you may also need to file a state tax return. Additionally, you may need to file FBAR (Foreign Bank Account Report) with the Treasury Department or FATCA Form 8938 depending on whether or not your foreign accounts meet the thresholds. Other forms may also be required depending on your financial situation – for example, if you’re self-employed, a Shareholder of a Passive Foreign Investment Company (PFIC), or an owner of any foreign trusts.
If you are several years behind on your American abroad tax filing, you could opt to use the Streamlined Filing Procedures, which constitute an amnesty program offered by the IRS to help those unaware of their tax filing requirements to become compliant. However, as the IRS is closing another amnesty program, it would be best to use this program while it’s still available. The IRS can terminate it at any time.
How to Get Prepared for Your American Abroad Tax Filing
One of the best ways to get started is to make sure you have all the necessary documents. Greenback accountants have even prepared a free checklist of the materials you may need so that you can be sure you’re ready.
Ready to Get Started?
Greenback accountants are ready to make this process easy! Get started with Greenback today, and we can help you meet the deadline. Don’t wait: submit your questionnaire by October 1st to ensure we can complete your taxes before the final deadline!