Expatriate & Foreign Taxes

Your tax Responsibility

Navigating Tax Laws for Expats

As a U.S. citizen living abroad, you are still required to file a tax return as the IRS taxes on all worldwide income. However, you may be able to exclude a certain portion of the income based upon the Foreign Presence Test or the Bona Fide Residence Test. This does not mean that you do not file a return, but instead means that by being able to exclude a certain portion of your income, you may not owe a tax liability or it can be much lower than paying on the entire portion.

My Personal Tax CPA, LLC can make it easy for you since we handle foreign income tax returns. The great thing with working with us is you don’t need to be in the United States to get the return completed. Through the power of Cloud Accounting and by catering to your schedule overseas, we have created a seamless process to get your information securely to us through Secure File Pro (a secure portal that is free to our clients) and through Skype and E-mail be able to communicate with you to complete the return efficiently.

An image of a globe with lines around it.

Foreign Assets & Savings

If your answer is “yes”, you are required to submit a yearly report of your foreign bank and financial accounts to the US Department of Treasury. This report is commonly referred to as an FBAR (Foreign Bank Account Report).

The form is: FinCen Report 114 and is due by June 30 of each year. No extensions or exceptions apply.
Individuals and business owners with foreign assets exceeding higher thresholds may be required to file form 8938 with their federal income tax return. This requirement follows the much publicized Foreign Account Tax Compliance Act (FATCA).
Before filing, let’s discuss your individual financial situation because the asset reporting rules are complicated and can be easily misunderstood.

We Help You navigate the intricate tax Laws to protect You & Your assets

 Contact us today for a free consultation, and let us show you what we can do for you.

Scroll to Top