US Champion tax services specializes in tax planning and preparation process for US citizens and legal permanent residents living abroad. Our professional team delivers a high quality of service by providing guidance and assistance in tax preparation in knowledgeable, reliable, prompt and efficient manner to achieve the highest level of satisfaction.
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U.S. expatriates, such as you, face unique tax challenges that US stateside residents do not face. One of the most significant challenges is the understanding and the application of U.S. and foreign tax laws, foreign account and foreign asset reporting. You may face such hurdles as sale or rental of your home, moving expenses, state residency issues, foreign earned income and housing exclusions, foreign tax credits, foreign tax planning, tax equalization, social security totalization and much more. Your taxable income may increase substantially due to a foreign assignment, related expenses paid or reimbursed by your employer and additional taxes by U.S. and/or the foreign country. Also there are plenty of potential pitfalls that can financially cost you.
It’s very crucial to understand the US tax laws that affects US Expatriates. Due to the ever-changing U.S. and foreign tax laws, we highly recommend that you seek professional advice when completing your income tax returns.
A U.S. expatriate is a citizen or resident of the U.S. who lives outside the U.S. for more than one year.
As a U.S. citizen or resident, you are always required to file a U.S. tax return and report your worldwide income to the Internal Revenue Service (IRS).
However, your U.S. income tax returns will be substantially more complex during your foreign assignment. Most U.S. expatriates will need to file additional forms and schedules with their Form 1040, common forms for expatriates include:
- Form 2555 – To claim earned income (FEIE) and housing exclusions.
- Form 1116 – To claim a foreign tax credit.
- Schedule E – To report rental income or loss from the rental of your home.
- Form 8938 – To report your specified foreign financial assets.
The location where you file your federal tax return will change while you are on foreign assignment and will vary depending on whether an accompanying payment is required. Your tax advisor can assist with e-filing or paper filing as appropriate for your scenario.
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