Tax-free savings accounts: what are they, and how will they affect your expat taxes? Read the information below before deciding whether or not American expats in Canada should contribute to a plan like this. A Brief History of the Tax-Free Savings Account The Tax-Free Savings Account (TFSA) was introduced in Canada in 2009 as a […]
Switzerland has long been considered a tax haven due to its low tax rates, special taxing regimes, and privacy policies. Many US citizens have relocated to Switzerland to take advantage of these provisions. The question that lingers is how effective Switzerland tax savings techniques are for US citizens living there. So, let’s examine the effects […]
Sifting through and understanding the US tax code can be a daunting task. And when you’re a US expat, the information is even more complex and confusing. We’ve compiled a list of the top 25 things all expats should keep in mind when filing US expat taxes to help you sort through the multitude of information! 1. Expats […]
A status of forces agreement, often called a SOFA, is an agreement between a nation that is hosting stationed military forces in their country, and the nation of those forces. Sometimes these agreements are part of a larger swath of military agreements that comprise a more wide-ranging security arrangement. These agreements usually apply to American […]
Moving abroad is a stressful process, even moreso when you throw in property purchases abroad and the impact on your US expat taxes. So many issues surround the ownership of foreign property, including market conditions, foreign mortgages, exchange rates, new cultures, and even different legal structures. As you may already know, a US citizen’s worldwide […]
The 2017 Tax Cuts and Jobs Act (TCJA) has had a significant impact on US owners of foreign corporations. While US persons have always been subject to US tax on their worldwide income, owners of controlled foreign corporations (“CFCs,” or a foreign corporation with US shareholders that own more than 50% of the corporation) were […]
US citizens and Green Card holders are required to report and pay taxes on their worldwide income each year. This is the case even if you have established an entity in a foreign country. Different entities, whether foreign or domestic, have their own US tax reporting requirements. This article, although not all-inclusive, will discuss the […]
Many foreign countries require residents to pay taxes regardless of the citizen’s nationality. For this reason, US expats have an opportunity to claim the Foreign Tax Credit to reduce their US taxes. To utilize this credit, you’ll need to complete Form 1116 and attach it to your US tax return, Form 1040. It sounds simple, […]
Understanding foreign pensions can be difficult, especially when you already have to navigate the often-complicated US taxation process while living abroad! Whether you’re planning to retire overseas or move back to the US eventually, you should be aware of these facts regarding your foreign pension. Foreign Pensions and US Taxation: The Basics Over nine million […]
Sweden is one of the most beautiful places to which you could move. But, if you’re banking on a Swedish pension plan to help fund your retirement, you’ll want to find out the implications it could have on your expat taxes. The Pros and Cons of Swedish Pension Plans Let’s talk about the taxation of […]
