US IRS rules, regulations and laws, for US Citizens, Americans, green card holders, and nonresidents living abroad or moving to the US or out of the US.... valuable information on IRS rules concerning U.S. expatriates and their tax returns, and tax planning.... by an experienced International Tax Attorney
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April 18, 2016
9 Tax Return Items That Will Cause An IRS Audit
April 17, 2016
IRS URGES AMERICANS TO COME CLEAN FAST BEFORE THEY GO THRU PANAMA PAPERS
The IRS also encouraged any U.S. citizens and companies that may have money in offshore accounts to contact the agency now before any possible illegal activity on their part is identified. According to media reports, the documents contain information on potentially thousands of U.S. citizens and firms that have at least an indirect connection to offshore accounts affiliated with Mossack Fonseca. Many other firms provide similar services, and the Treasury Department estimated last yearthat more than $300 billion dollars of illicit proceeds are generated in the United States annually, with criminals using such companies here and abroad to launder funds.
April 15, 2016
What Foreign Taxes Qualify for the Foreign Tax Credit.... and other rules on foreign tax credits
- The tax must be imposed on you
- You must have paid or accrued the tax
- The tax must be the legal and actual foreign tax liability
- The tax must be an income tax (or a tax in lieu of an income tax)
Tax Must Be Imposed on You
Foreign Country
U.S. Possessions
Tax Must Be Paid Or Accrued
April 13, 2016
April 12, 2016
April 10, 2016
US Expats Can Avoid Paying US Taxes
Read More in The Street http://www.thestreet.com/story/13519656/1/expats-may-be-able-to-avoid-paying-u-s-income-taxes-say-experts.html
Tax Freedom Day is April 24 this year
Read more http://www.valuewalk.com/2016/04/tax-freedom-day-2016-arrives-april-24/
April 6, 2016
April 1, 2016
US Expats - Filing Too Late Can Cause you to Lose the Foreign Earned Income Exclusion
Need help catching up or filing your return? Need US International, Expatriate or Nonresident tax assistance. Go to www.TaxMeLess.com. We offer all of your clients the absolute privacy of attorney-client privilege. We have over 30 years specialized experience in expatriate and nonresident US taxation.
Home Office Deduction for US Expatriate Taxpayers
A place where you meet clients or customers in the normal course of business, or
A separate structure not attached to your home. Examples could include a garage or a studio.
2. Simplified Option. If you use the simplified option, multiply the allowable square footage of your office by a rate of $5. The maximum footage allowed is 300 square feet. This option will save you time because it simplifies how you figure and claim the deduction. It will also make it easier for you to keep records. This option does not change the rules for claiming a home office deduction.
March 30, 2016
Do You Need Additional Time To Get Your 2015 US Tax Return Done?
The April 18 tax deadline is coming up. 2015 Expat returns are due June 15. If you need more time to file your taxes, you can get an automatic six-month extension from the IRS. Here are five things to know about filing an extension:
1. Use IRS Free File to file an extension. You can use IRS Free File to e-file your extension request for free. Free File is only available through IRS.gov. You must e-file the extension request by midnight April 18. If you do request an extension, come back to Free File to prepare and e-file your taxes for free. You can access the program at any time through Oct. 17.
2. Use Form 4868. You can also request an extension by filling out Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. You must mail this form to the IRS by April 18. Form 4868 is available on IRS.gov/forms. You cannot extend the Form 114 FBAR deadline which is June 30.
3. More time to file is not more time to pay. An extension to file will give you until Oct. 17 to file your taxes. It does not, however, give you more time to pay your taxes. Estimate and pay what you owe by April 18 to avoid a potential late filing penalty. You will be charg ed interest on any tax that you don’t pay on time. You may also owe a penalty if you pay your tax late. Interest is normally charged on any unpaid tax.
4. IRS Direct Pay. Pay your tax with IRS Direct Pay. Visit IRS.gov/directpay to use this free and secure way to pay from your checking or savings account. You also have other electronic payment options. The IRS will automatically process your extension – and you don’t have to file a separate request -- when you pay electronically. You can pay online or by phone.
5. IRS helps if you can’t pay all you owe. If you can’t pay all the tax you owe, the IRS offers you payment options. In most cases, you can apply for an installment agreement with the Online Payment Agreement application on IRS.gov. You may also file Form 9465, Installment Agreement Request. If you can’t make payments because of financial hardship, the IRS will work with you.