Greenback Expat Tax Services
As an expat, no matter where you live and work, your US and foreign income is subject to taxation. The fact that the majority of countries around the world also require you to file and pay tax locally makes the matter even more complex. To avoid double taxation, the US allows you to take a…
If 2020 is anything like 2019, then we are in for another big year of tax changes. Tax changes are certainly on their way. Some will be of the regularly-scheduled variety and others may come as a surprise. Though we can’t predict the future and accountants are prone to wild speculation, let’s take a look…
As we approach the next tax season, we could all use some good news, right? Well, the IRS is making strides toward becoming less rigid, being more flexible, and saving the taxpayers time and money. The latest International Revenue Service Advisory Council (IRSAC) Public Report reviewed the IRS’ penalty process and recommended changes that might…
Anyone planning on being their own expatriate tax preparer needs to know about the bona fide residence test. The bona fide residence test is used to determine whether you meet the eligibility requirements for certain tax deductions. The most significant deduction it will qualify you for is the Foreign Earned Income Exclusion. The bona fide…
Still haven’t filed your 2019 tax for expats? Well, there’s never been a better time to do so! With the end of the year quickly approaching, becoming compliant on your tax obligations is a must in order to avoid penalties, pay less, keep your passport, and lower your audit risk. Read on for details about…
Now more than ever, the IRS has made it a priority to improve compliance with rules around the reporting of foreign assets and income. Since it’s estimated that the government misses out on billions of dollars in tax revenue a year as a result of avoidance, it’s easy to understand why. While hefty penalties or…
If you don’t keep up with IRS news these days, that’s okay, because Greenback is keeping track of it for you. This past year, the IRS shifted its focus pretty vigorously towards compliance and tax for US citizens living abroad. And recently, the IRS launched six new compliance campaigns. These campaigns give us insight into…
You are required to file US expat taxes no matter which country you live in, but how will they be affected if you’ve chosen to live in beautiful Brazil? Understanding how your US expat taxes are going to change with your move to Brazil is crucial. Find out what expats need to know. US Expat…
As a US expat, you’re probably aware that the US requires you to pay taxes on your worldwide income – and it’s one of few places in the world that do so. Fortunately, certain credits and deductions are available to help offset the potential amount owed. One of these is the Foreign Tax Credit, also…
FIRE for US expats: what does it mean? Well, for those who weren’t in the know already, FIRE stands for financial independence, retire early. Our advice below is aimed toward helping you avoid the mistakes that can make FIRE for US expats impossible. While there are numerous ways to maximize your financial savings as an…
