How Expats Can Save Money With Online Tax Filing Services??

1. How Expats Can Save Money With Online Tax Filing Services People looking forward to gain American citizenship get to experience all the joys and adventures that come from living and working as an expat in foreign or even exotic lands while also enjoying the benefits of being an American citizen in these countries (most of which will roll out the red carpet for American citizens!). However, there is only one thing that spoils the fun-and that is taxes! America is one of the few countries in the world where citizens are taxed even if they are not residents of the country. This means that no matter what your income is in the foreign country, you would have to pay taxes in America as well as the taxes of the country you are staying in. This can really erode your savings. However, there is a way that expats can save their money to the maximum. That is by taking the help of online tax filing services. How do online tax filing services help American citizens save money as expats? These tax return services are managed by experienced CPAs and professional tax attorneys who know the IRS and its laws and codes and updates inside out. There are many tax exclusions and exemptions that you may be eligible for as an expat, which you are not aware of. Not knowing this result in paying more taxes than you actually have to. This is where tax

2. return services help you save money by making you aware of all the tax exemptions that you are eligible for. What kind of exemptions are expats eligible for? Expat tax services will give you more up-to-date and in-depth information regarding the exclusions and exemptions that you may be eligible for, but here are a few to start with: --> Foreign earned income exclusion: As of 2015, this was for incomes up to $100,800. To claim this, the expat should have lived outside of the United States for more than 330 days over a period of 12 months, which are consecutive. What is important to remember is that to claim this exclusion, you have to file a separate IRS form, called 1040, which expat tax services will help you with. This exclusion cannot be claimed if the country where the expat is living in doesn’t have a ruling government currently or if the expat lives on the high seas. --> Foreign tax credit: This is for expats who have lived for more than six months in a foreign country and is designed to help save your money by subtracting the lower tax from the higher tax (between the U.S. and the country you are staying in) which will be then split between the two countries. There are several other terms and conditions such as the ones quoted above, which you will be able to get in more detail from professional CPAs or tax attorneys who work at expat tax return services. Getting to know this helps save a significant amount of money over the long term.