U.S. citizens living abroad are required to file annual U.S. tax returns and report their worldwide income if they meet the minimum filing requirements. As an expatriate with a tax home in a foreign country, you may be eligible to exclude a portion of your foreign-earned income from your U.S. taxes. You may be able to deduct part of your qualifying housing costs and receive a credit for income taxes paid to a foreign government.
Federal Tax Return
All expats who meet the minimum requirements for their filing status are required to file a federal tax return, regardless of where they live.
State Tax Return
If you are deemed a non resident or part year resident of the state which requires you to file a tax return, we can help you prepare and file your state return.
Any U.S. citizen who has at least 10% ownership in a foreign corporation, needs to file Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations.
The Foreign Account Tax Compliance Act ( FATCA) requires certain U.S. taxpayers who hold foreign financial assets with an aggregate value of more than the reporting threshold (at least $50,000) to report information about those assets.
The Foreign Bank Account Report (FBAR) is required to be filed by individuals with foreign financial accounts if the aggregate value of those accounts exceeded $10,000 at any time during the calendar year reported.