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Attention US Citizens and Residents, while creating memorable experiences decorating your Villa and enjoying the beach, don’t forget about your tax requirements in the USA. Proper preparation of taxes when living abroad is very important when dealing with the IRS.
When moving overseas, one of the biggest questions many have is concerning Expat Tax Requirements. Unfortunately, America is one of a handful of countries that vigorously pursues taxes worldwide – so don’t expect to avoid a U.S. Tax Debt by moving overseas. As a matter of fact, you’re not even allowed to give up your U.S. citizenship to eliminate a tax obligation.
The latest threshold for tax-free earnings for US citizens is $100,800 of foreign earned income. The key words here are earned income. Rental income, dividends, interest, capital gains etc. are not classified as earned income and will be subject to taxation.
Whether American expats are looking to buy overseas property as an investment, vacation home or residence, taxes requirements should always be at the top of your mind. Regardless of the potential return on investment, beauty, or the property’s fit into your expat lifestyle dream, consider these tax do’s & don’ts to ensure your purchase is one you don’t regret.
So, while basking in the sun on the beach, enjoying the view, enlist your tax needs into the hands of Essential Accounting. Having a professional accountant with years of experience, can rid the worries of US Taxation. Working here in the DR and across the United States, Essential Accounting has been able to assist many in the area. Feel free to contact me, Robin Boyd, using the details below, and have a 50% discount on your consultation session and get all your questions answered as well as have your taxes prepared!
* The deadline for Federal Income Tax Returns for US Citizens and Residents living abroad who filed for an extension is October 15, 2016.
Essential Accounting was established in 2004. Not only are we formally trained and educated in our field, we bring to you the added bonus of a great love for what we do. Our primary goal is to utilize our Accounting knowledge, to maximize financial freedom and success to businesses and individual clients. Although we are extremely state-of-the-art with a completely virtual operation, we maintain a hands on mom-and-pop approach. We are a unique organization that provides the best that the accounting world has to offer.
We service individuals and small business owners anywhere in the USA and all other countries.
- Tax Preparation: Individual & Small Business
- Payroll Processing
- Business Startup Consultants
- Assist businesses in moving to a paperless office structure
Contact: Robin Boyd
Phone: (216) 965-3354