Expat Tax Advisor
An Expat Tax Advisor is a tax professional who specializes in helping U.S. citizens living abroad manage their tax obligations. They assist with filing U.S. tax returns, claiming credits like the Foreign Tax Credit, and ensuring compliance with IRS reporting requirements such as FBAR and FATCA. Their role is essential in helping expats avoid double taxation while optimizing their tax filings.
Services Offered by Dimov CPA for Expats
Here’s a list of the services Dimov CPA provides to U.S. expatriates:
- U.S. Tax Return Preparation
- Foreign Earned Income Exclusion (FEIE) optimization
- Foreign Tax Credit (FTC) assistance
- FBAR and FATCA reporting
- Tax treaty benefit consultation
- Back tax filing under the Streamlined Foreign Offshore Procedures
Key Expat Tax Considerations
|
Topic |
Details |
|
Foreign Earned Income Exclusion (FEIE) |
Excludes a portion of foreign-earned income from U.S. taxation, based on eligibility. |
|
Foreign Tax Credit (FTC) |
Provides a credit for taxes paid to foreign governments to avoid double taxation. |
|
FBAR Reporting |
Required for foreign accounts exceeding $10,000. |
|
FATCA Compliance |
Additional reporting for foreign financial assets over certain thresholds. |
FAQs About Expat Tax Advisor Services
1. Do U.S. expats need to file U.S. taxes?
Yes, U.S. citizens living abroad must file taxes if their income exceeds the IRS filing thresholds.
2. What is the Foreign Earned Income Exclusion?
The FEIE allows U.S. expats to exclude a portion of foreign-earned income from U.S. taxes, provided residency or physical presence tests are met.
3. What happens if I haven’t filed U.S. taxes in years?
The IRS offers programs like the Streamlined Foreign Offshore Procedures to help expats file back taxes without facing major penalties.
4. How do expats avoid double taxation?
Expats can avoid double taxation through the Foreign Tax Credit (FTC) or the Foreign Earned Income Exclusion (FEIE).
5. When are U.S. taxes due for expats?
Expats have until June 15 to file, but any taxes owed must be paid by April 15.
6. What are FBAR and FATCA requirements?
FBAR requires reporting foreign accounts over $10,000, while FATCA covers reporting of foreign assets meeting specific thresholds.
