The June deadline is almost here; do you have the US expat tax help you need? If not, you could read our recent article about why meeting this deadline is important. But, you’ll want to consider these five things so you are prepped for June 15th!
1: If You Bought or Sold Real Estate, You May Need Additional US Expat Tax Help
Buying and selling real estate can affect your expat taxes, and it can be complicated to figure out exactly what you owe. For instance, you must consider the effect of currency fluctuations because it affects how much capital was earned by purchasing and selling real estate overseas. Plus, gains from real estate transactions can move you into a different tax bracket and increase your US expat tax obligations. Fortunately, we’ve created a guide because we try to provide as much US expat tax help as we can! Have you downloaded it yet?
2: Renouncing Your Citizenship Won’t Immediately Eliminate Your Tax Burden
If you’re thinking to yourself that you’d rather renounce your citizenship than figure out your expat taxes, you’re in good company. However, citizenship renunciation can be a long, drawn-out process. The renunciation fee is $2,350, and it is irrevocable. Plus, before you are allowed to renounce, you must be caught up on your taxes.
3: If You Are Self-Employed, You May Be Required to Submit Extra Forms
Expats who own small businesses have an extra task at hand, depending on the type of entity of the business.
- For a single-member LLC with direct ownership, file Form 1040-NR.
- Foreign corporations should file Form 1120-F.
- A multiple-member LLC should file Form 1065. Foreign partners would receive a K-1 and need to file Form 1040-NR individually; domestic partners would include this on their Form 1040.
- Domestic corporations should file Form 1120.
Sometimes small-business owners require extra US expat tax help, so we’ve created a package specifically for them!
4: The First Step is Gathering Your Documents
If you’d like to get started, gathering your documents is a great way to expedite the process. Not sure which documents to gather? Download our checklist, and you’ll be well on your way!
5: You Could Request An Extension to October, But You May Pay More
Expats can request extensions to October; but if you owe taxes, interest has been accruing since the April deadline. So, though you are allowed to put your expat taxes off, the best option is to file by the June deadline. If you’d like an expert to file that extension for you, our team of CPAs and IRS enrolled agents are the best (and friendliest!) around. We file extensions for free for our clients, so begin entering your details here to kick off the process. We need everything by June 12th to ensure the extension is filed on time.
We Helped Barbara Meet the Deadline – and We Can Help You Too!
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