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With the Foreign Earned Income Exclusion, you can exclude the first $100,800 of foreign income from your 2015 US expatriate tax. This is a great way to eliminate or dramatically reduce your US tax liability! However, in order to claim this, you must pass one of two tests:
Regardless of which of these tests you end up using the claim the FEIE, it’s important to carefully track your travel and any time spent outside of your host country so you’ll have a record when it comes time to file taxes. This travel-tracking template will help you keep an ongoing record of all your travel, so you won’t have to dig through old travel itineraries when it’s time to do your US expatriate tax return!
As an expat, there are certain travel-related deductions you may be able to take advantage of on your US expatriate tax return. In order to qualify, these expenses must be directly related to work or the operation of your business – and you must be away from your tax home for a period of time longer than an ‘ordinary day’s work.’ First, you must determine your tax home – where you’re living and working. You may only deduct travel expenses that are required for work outside of your tax home. Specifically, these type of expenses are deductible – as long as they take place away from your tax home:
Another deduction to consider is expenses related to finding a job overseas or back home in the States. If you’re looking for a job in the same trade or business you work in, your travel expenses are deductible.
Note that there is a limitation on deductible travel expenses – they are limited to 2% of your total adjusted gross income. You can find more details on the IRS website regarding deductible travel expenses.
This is where keeping careful track of travel comes into play! When it comes time to report your travel expenses on your US expatriate taxes, you’ll be glad you have an accurate record of all travel in order to make tax time easier. Here are the forms you may need, depending on your specific situation:
Foreign Earned Income Exclusion: You’ll use Form 2555 to report your foreign earned income, if you pass either the Physical Presence test or Bona Fide Residence test.
Travel Deductions: Depending on whether you have an employer or you’re self-employed, you’ll use one of the following:
Our team of expat-expert CPAs and IRS Enrolled Agents are here to help. Contact us today and we can help you navigate the your particular expat tax situation in order to save you the most money on your US taxes!