Tips from expats and experts around the world about moving abroad and expat life.
Tips from David McKeegan
Greenback Expat Tax Services
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!
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)
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David McKeegan, Greenback Expat Tax ServicesBe aware of the intricacies of renouncing your US citizenship.
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While renouncing citizenship has become a popular thing to do, you should know it doesn't automatically help you avoid US taxes. In order to renounce, you must prove that you've been compliant on the last five years of US taxes. Also, depending on your income and net worth, you may be subject to an 'exit tax' when you renounce. (Continue Reading)
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David McKeegan, Greenback Expat Tax ServicesHold on to your IRS records for at least six years.
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The audit time period recently changed from three years to six years, so it's important to keep accurate records and documentation during this time frame. (Continue Reading)
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David McKeegan, Greenback Expat Tax ServicesDo your research to know if you're required to file a state tax return.
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If you have any ties to the state, like mortgage payments on property, a state driver's license, voter registration, etc., you may be responsible for filing state taxes until and unless you can prove residency in another state. This varies by state, so be sure to review your state's tax guidelines. (Continue Reading)
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David McKeegan, Greenback Expat Tax ServicesBe sure to keep track of the FBAR filing deadline to avoid penalties.
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Currently, the FBAR is due June 30, 2016 for the 2015 filing year with no filing extensions. Beginning next year, the deadline is moving to the same day as Tax Day - April 15th - and you'll have the same filing extension options as you do for your tax return. You'll receive an automatic two-month extension if you're living overseas on April 15th, and may request an extension up until October 15th. (Continue Reading)
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David McKeegan, Greenback Expat Tax Services
