Expat Exchange - Tips Submitted by GreenbackExpatTaxServices
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Tips from David McKeegan

Greenback Expat Tax Services

GreenbackExpatTaxServices
Tel: US Toll Free +1 888-362-5032

David is an IRS Enrolled Agent, an MBA and an experienced finance professional and entrepreneur. David and his wife, Carrie, were frustrated with the process of filing their expat taxes. They found plenty of accountants, but few who could accurately prepare expat taxes. There were expensive accountants who treated them like a number and US CPAs who were well meaning, but not up to date on the rules as they apply to expats. Together they decided there had to be a better way. So they created the kind of company they wanted to work with - and Greenback Expat Tax Services was born!

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Use the Foreign Housing Exclusion to Deduct Some of Your Housing Costs

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Using the Foreign Housing Exclusion you can deduct the equivalent of foreign rents, utility bills (apart from telephone and cable), furniture rental, repairs, parking and more. There is a ceiling to the amount you can deduct and this ceiling is directly tied to the Foreign Earned Income Exclusion amount each year. For 2013, the maximum you can deduct is $29,280. However, if you live in a city with a higher cost of living, that amount can increase. (Continue Reading)

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David McKeegan, Greenback Expat Tax Services
Expat Finance

Use the Foreign Earned Income Exclusion to Save More on your US Taxes

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US expats can deduct $97,600 of foreign income from their 2013 US tax return with the Foreign Earned Income Exclusion if they qualify as an official expat. (This amount jumps to $99,200 in 2014.) To qualify as a US expat, you must pass one of two determining residency tests: The Physical Presence test (PPT) or the Bona Fide Residence test (BFR). With the PPT, you must be outside the US for 330 of any 365-day period and earn foreign income. (Continue Reading)

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David McKeegan, Greenback Expat Tax Services
Expat Finance

Use the Foreign Tax Credit to Reduce Taxes Paid to the US

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If you exclude some of your foreign income using the Foreign Earned Income Exclusion yet you still have additional income that incurs US tax liability, the Foreign Tax Credit is your best weapon. This is a dollar-for-dollar reduction on the taxes you pay to your host country. For every dollar that you paid in foreign tax, you can directly reduce that amount on your US taxes. This credit is designed to mitigate all or some of the double taxation that arises when US taxpayers earn money abroad and are also taxed in the foreign country. (Continue Reading)

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David McKeegan, Greenback Expat Tax Services
Expat Finance

Rental Property Deductions Can Help You Save More

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If you have a US rental property, there are several deductions you can take to reduce your US taxes. You can deduct: Repairs - any improvement that brings your property back to its original state can be deducted. Capital improvements are those that increase the value of your property and those are not deductible. Start-up costs - you can deduct up to $5,000 of the costs you (Continue Reading)

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David McKeegan, Greenback Expat Tax Services
Expat Finance

When living abroad, make sure you know you're not 'invisible' to the taxman!

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The Foreign Account Tax Compliance Act (FATCA) has allowed governments to crack down on people trying to avoid their tax liability. Governments around the world are working together to make sure you're paying the taxes you're supposed to. Most financial institutions are reporting financial data to their governments, who are turning information over the IRS. It's best to not avoid your taxes - simply (Continue Reading)

GreenbackExpatTaxServices

SUBMITTED BY EE Expert

David McKeegan, Greenback Expat Tax Services
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