Latest Information For Expat Tax Returns

1. Latest Information For Expat Tax Returns For U.S. citizens living abroad, taxes have always been an issue of contention. Even if they have been living away from the country for decades, as long as they are U.S. citizens, they would still need to pay their taxes on time just like every other citizen living on U.S. soil.

2. There are no special concessions in due dates of tax payments for expats. Also, in the pre-Internet days, filing taxes was a cumbersome task that often required flying to the U.S. just for it. That is one thing that expats today can thank the Internet for-that they can file their taxes right where they are through convenient online tax filing services. How to maximize your hard earned money It is but natural for expats to look for ways in which they can maximize the value of their hard-earned money. There are many loopholes in the system that can result in money earned by expats going down the drain if not filed properly. This is where expats can get help from the professional advice offered by tax return services that are managed by certified tax attorneys and experienced CPAs. Here, they can get all the information and advice they need which will help them save money on taxes. How the right information can help Sometimes all that is required is the right information at the right time. For example, there are exclusions provided by the IRS for expats under certain conditions. Not knowing about this can result in expats unnecessarily paying more taxes than they need to. The IRS may update these exclusions and tax-free earnings for U.S. citizens living as expats. These exclusions can be for earned income, housing, foreign tax credit.

3. Latest updates by the IRS for the year 2015-2016: -Foreign earned income exclusion for the year 2015 has been increased to $100,800. For married couples who are both working abroad, twice this amount can be excluded from their joint income. -Foreign housing exclusion has been raised to $14,112. This is again based on the cost of living from place to place so it is best to check with expat tax services professionals about this information. -Foreign tax credit can now be claimed for any foreign income taxes which can reduce the taxable income overall. -Those who use the foreign tax credit will not be able to claim their child tax credit. All in all, it would lead to less stress to remember that while paying your taxes by April 15 is mandatory, an automatic extension to extend the deadline till October 17th can still be filed if there are any extraordinary circumstances that do not permit you to pay your taxes on time.

4. For any U.S. citizen living abroad, there are now innumerable resources available on the Internet to help them with their tax filing, but it is important to remember to choose only those sources that are trustworthy and reliable. Look for companies that are managed by CPAs and tax attorneys that come highly recommended and you won’t go wrong with your tax filing ever again!

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