Handy Tools for Expats: US Expat Tax Calculator

US Expat Tax Calculator

The April tax deadline is right around the corner. If your expat taxes are still on your to-do list, you may want to check out one of the many useful instruments Greenback has engineered for expats: our US expat tax calculator.

What Does the US Expat Tax Calculator Do?

Since Greenback was founded by expats, our leadership knows the pain of hiring an accountant sight unseen only to find the payment structure unclear, expensive, and surprising. That’s why we’ve got a US Expat Tax Calculator right on our site. Answer a few questions, and before you know it, you’ll know what to expect to pay, whether you need to get caught up on your expat taxes or just meet the upcoming April deadline.

How to Use the US Expat Tax Calculator

Greenback’s US expat tax calculator asks just a few quick questions to get you started. Here’s what you’ll need to do:

1. Figure Out What You Need to File

For starters, you’ll need to know how many years of Federal Tax Returns you need to file, and whether you’re also on the hook for state tax returns. Additionally, other factors will come in to play, such as owning more than 10% of a business, being self-employed, being the benefactor or administrator of a trust, or needing an expatriation statement.

2. Check If You’re Required to Report on Financial Assets

Next, do you need to file FBAR (Foreign Bank Account Reports)? FBARs are not filed with the IRS but rather FinCEN (the Financial Crimes Enforcement Network) and have to do with the maximum amounts reached in all of your foreign bank accounts during the applicable tax year, rather than your income. FATCA Form 8938 is another reporting requirement you may face if you meet certain specified foreign asset thresholds.

3. Does the US Have a Tax Treaty with Your Host Country?

Also, you’ll want to come armed with the knowledge of whether or not you’ll need to file Form 8833 – a Treaty-Based Tax Return Position. It’s not as scary as it sounds: the form’s sole purpose is to make sure treaty provisions are applied properly. Want to do a quick check to see if your country of residence currently has a tax treaty with the US? The IRS has conveniently made a list.

4. Do You Want Expert Advice from Our Accountants?

If you feel like you could benefit from some tax consulting, there’s a place to select that as well. In particular, if you’re thinking about investing in property, starting a business, or saving for retirement, a consult with one of our accountants can help you choose the best options for you.

5. Review Your Custom Quote and Learn How Much It costs to File Taxes

Next stop: price quote, so you’ll know exactly what to expect if you choose Greenback to be your tax provider this year. In other words, how much does it cost to file taxes? Or, if you’re really not sure yet which services you might need, you can take a quick look at our services and pricing to do your own estimate.

Please not that during the review process, your accountant may realize that you need to file other forms or schedules due to your individual situation. If that happens, your price quote may change—and, in exchange, you’ll gain the confidence of knowing your tax return in 100% accurate.

Time Is Money

Fun fact: American taxpayers spend a pretty substantial amount of time filling out their Federal Tax Returns each year. In fact, a recent estimate from the IRS is that it takes the average American about 11 hours – just to file Form 1040! And you are not an average American; you’re an expat, so in this unfortunate scenario, it typically means your taxes will be much more complicated.

Our expat tax accountants are experts in their field. They are financial detectives who find every last deduction and exclusion that will save you money—without wasting any of your time.

Now that you have all the information, you can make an informed decision on whether you want to strike out on your own (in which case, you’re definitely going to want to download our free expat tax guides) or leave it to the professionals to get your US expat taxes done right!

Get Started With Greenback Today

If you have questions about the estimate before getting started, we’ve got accountants who can help you out with that information! Or, better yet, if you’re ready to put the US expat tax calculator to use, get started with Greenback today!