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!
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3 of 3 pages Know the US tax filing deadlines and file an extension if needed.
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If you're living outside the US on Tax Day (April 15th), you have until June 15th to file your expat taxes. It's important to note, though, if you owe taxes, the amount owed is still due by April 15th. Any taxes owed will accrue interest until you make the payment. (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 ServicesSee if you qualify for the Foreign Earned Income Exclusion by passing a residency test.
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There are two types. The first is the Physical Presence Test, which requires that you are physically present in a foreign country for 330 of any 365-day period. The second is the Bona Fide Residence Test, which requires you to have lived overseas for at least one calendar year and have no immediate intention of moving back to the US. (Continue Reading)
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David McKeegan, Greenback Expat Tax ServicesContinue to receive your Social Security benefits when retiring abroad.
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If you're considering retiring abroad, you'll be able to collect your Social Security benefits in just about any country in which you choose to live. There are just a few countries where you cannot receive your benefits - but you can always collect all monies owed to you when moving to a country that allows US Social Security payments. (Continue Reading)
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David McKeegan, Greenback Expat Tax ServicesFile the FBAR if you are Required
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The FBAR (Foreign Bank Account Report) is part of the US effort to uncover tax cheats who are hiding money in overseas accounts. You must file FBAR if you have $10,000 or more in foreign bank accounts at any point during the tax year. This is an aggregate amount over all your accounts and even if you reached that balance for only one day during the year, you are required to file. Penalties for failing to file FBAR when required can be steep so it is important to file if your account balances met that threshold. (Continue Reading)
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David McKeegan, Greenback Expat Tax Services 3 of 3 pages
