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!
Know the ins and outs of taxation related to your Social Security benefits.
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You must report your Social Security benefits as income on your expat tax return. Generally, if you have other income, your benefits will be taxed. If they are, only 85% of your benefits can be considered taxable income. (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 ServicesCatch up on your tax returns and FBAR forms without penalties.
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If you didn't realize you needed to file your expat taxes or FBAR forms, the IRS has an amnesty program you may use to catch up on your filing. The Streamlined Filing Procedures allows you to become compliant with no late filing or FBAR penalties. Simply file the past three years of tax returns and last six years of FBAR forms. (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
