Most Expata and Nonresidents May Be Exempt from US Health Care Tax or Required Insurance Coverage

Many  US taxpayers are exempt from Obama Care  (ACA) for 2014.   One exemption is expats who live and work abroad. See below:

Citizens living abroad and certain noncitizens - You are:

• A U.S. citizen or resident who spent at least 330 full days outside of the U.S. during a 12-month period;
• A U.S. citizen who was a bona fide resident of a foreign country or U.S. territory;
• A resident alien who was a citizen of a foreign country with which the U.S. has an income tax treaty with a nondiscrimination clause, and you were a bona fide resident of a foreign country for the tax year; or
• Not a U.S. citizen, not a U.S. national, and not an alien lawfully present in the U.S.

To read about the other exemptions  from the US ACA health care law, and tax read the following link  http://www.irs.gov/Affordable-Care-Act/Individuals-and-Families/ACA-Individual-Shared-Responsibility-Provision-Exemptions

We are ready to help you with these complex rules. www.TaxMeLess.com   We offer a mini consultation to give you answers to all of your expat and international tax questions. We also offer a service to review self prepared expat returns or foreign tax forms which is much less costly than having us prepare the returns.  Email. ddnelson@gmail.com 

US Expatriates - Every Resource You Need to Know about filing Taxes When Living Abroad

If you are a U.S. citizen or resident alien, the rules for filing income, estate, and gift tax returns and paying estimated tax are generally the same whether you are in the United States or abroad. Your worldwide income is subject to U.S. income tax, regardless of where you reside.

When to File

If you are a U.S. citizen or resident alien residing overseas, or are in the military on duty outside the U.S., on the regular due date of your return, you are allowed an automatic 2-month extension to file your return without requesting an extension. For a calendar year return, the automatic 2-month extension is to June 15.  Note that you must pay any tax due by April 15 or interest will be charged starting from April 15.

Where to File

If you are a U.S. citizen or resident alien (including a green card holder) and you live in a foreign country, mail your U.S. tax return to:

Department of the Treasury
Internal Revenue Service Center
Austin, TX 73301-0215
USA

Filing Requirements  U.S. Citizens and Resident Aliens Abroad - General InforWmation U.S. Citizens and Resident Aliens Abroad -- Filing Requirements U.S. Citizens and Resident Aliens Abroad -- Extensions of Time to File e-file Filing Prior Year Tax Returns Tax Information for Members of U.S. Armed Forces Tax Information for U.S. Government Civilian Employees Stationed Abroad Taxpayer Identification Number Requirement		U.S. Residency Status Election to Treat Nonresident Spouse as a Resident and File Joint Return Individuals Living or Working in U.S. Possessions U.S. Citizens and Resident Aliens Abroad -- Head of Household
Income Allowances, Differentials, and Other Special Pay Fulbright Grants Hong Kong Scheme 6000 Payments: FAQs Income from Abroad is Taxable U.S. Foreign Service Employees Yearly Average Currency Exchange Rates		Deductions Foreign Earned Income Exclusion Foreign Housing Exclusion Individual Retirement Arrangements and the Foreign Earned Income Exclusion/Deduction Moving Expenses to and from the United States
Credits Foreign Tax Credit Earned Income Tax Credit Rules Education Credits Child and Dependent Care Credit		Other Taxes Expatriation Tax Certification of U.S. Residency for Tax Treaty Purposes Persons Employed Abroad by a U.S. Person Persons Employed by a Foreign Employer Persons Employed by a Foreign Person Persons Employed by a Foreign Government or International Organization Social Security Tax Consequences of Working Abroad Social Security Agreements with Foreign Countries (Totalization Agreements) U.S. Citizens and Resident Aliens Employed Abroad -- Employees Wages Paid to U.S. Citizens and Resident Aliens Employed Abroad
Forms Certain Taxpayers Related to Foreign Corporations Must File Form 5471 Publication 54, Tax Guide for U.S. Citizens and Residents Abroad Publication 519, U.S. Tax Guide for Aliens  When you need more help go to our website at www.TaxMeLess or www.expatattorneycpa.com  We offer a service to review your self prepared return or one prepared by another for correct application of the complex expat and international tax laws. Email ddnelson@gmail.com for more		Resources/Help Frequently Asked Questions (FAQs) About International Individual Tax Matters New Developments in International Taxation

US Tax Reporting of Foreign Pension Plans by Expats

Foreign pension plans in almost every situation are not treated the same as US pension plans.  Often the employers contribution and earnings in the account are immediately taxable on your US tax return even though tax deferred in the foreign country of origin.  There are some beneficial exceptions to these rules in the US tax treaties with Canada and the UK.. In most situations you may also have to report the amounts in your foreign pension plan on Form 114 (foreign financial account report) which is filed separately from your US tax return and is due on 6/30 following the end of each calendar year.  READ MORE HERE

TaxPayer Advocate Slams the IRS Offshore Programs as Unfair

The IRS Offshore Voluntary Disclosure Program has unfairly penalized many ordinary citizens and often failed to catch the real offshore cheaters.  It is unfair to most expats and those who are ignorant of the IRS rules ..... primarily due to the IRS's failure to property publish those rules and keep the public informed.  Read more in the Forbes article below;

http://www.forbes.com/sites/robertwood/2015/01/14/national-taxpayer-advocate-slams-irs-offshore-programs-fbar-penalties-demands-change/

When a US Expat is Married to a Nonresident Spouse - Many Planning Opportunities May be Available

If you are married to a nonresident spouse who lives outside of the US, there are potential tax problems, but also many possible planning opportunities that should not be ignored.  You do not have to file a US tax return with your nonresident spouse or report their income. You do not have to report their foreign assets.  Your nonresident spouse can give you unlimited gifts so long as you file the proper form with the IRS to report those gifts (which will avoid any potential penalties). There are more strategies available.  Email us at ddnelson@gmail.com or visit our website at www.TaxMeLess.com 

Read more in the Wall Stree Journal Article Below:

http://blogs.wsj.com/expat/2015/01/12/ask-an-expert-tax-tips-for-u-s-expats-with-non-resident-alien-spouses/

Citizen Renunciation Fee to US Government Up 422%

Read More in Forbe Magazine: http://www.forbes.com/sites/robertwood/2015/01/13/citizenship-renunciation-fee-up-422-with-no-return-just-ask-bitcoin-jesus/

Let us know if you need help with your renunciation of US Citizenship or Long Term Green Card Holder Surrender (8 years). We can help you comply with the Tax Laws and help you plan to avoid the possible tax on appreciated property.  ddnelson@gmail.com 

Don't Expect IRS Help in 2015

With a 17% reduction in budget and 12,000 reduction in employees the IRS will not be there to help. We will be. Go to:  www.Taxmeless.com or email ustax@hotmail.com.com

Read more in time magazine: http://time.com/money/3667380/irs-tax-questions-olson-report/

China Taxes World Wide Income The Same as US .. IRS

Read more in Forbes Article.  China Plans to start enforcing law in 2015.

http://www.forbes.com/sites/taxanalysts/2015/01/13/chinas-fiscal-roadmap-tax-like-america/

The Best Places to Retire 2015

The Best Places to Retire 2015

The Best Places to Retire 2015

The Best Places to Retire 2015