US Expariate Tax Preparation

US citizens and US green card holders living and working outside the US

US citizen and US green card (US Resident Aliens) holders have unique filing obligations, unlike citizens of other tax jurisdictions. The US imposes income taxation based upon citizenship, not based on tax residency and US Resident Aliens are taxable on worldwide income for their lifetime unless they expatriate- surrender their US citizenship or Legal Permanent Residence or green card.

US citizen and US green card holder living and working outside the US are required to file annually a US tax return and report their worldwide income if they continue to meet the annually indexed US minimum filing threshold amounts, consisting of the standard deduction and exemption.

However residing and working outside the US may permit the application of special tax laws and regulations, when certain qualifications are met, permitting the offset of US tax obligations in whole or in part. These rights of offsets are the result of the integration between the Foreign Earned Income Exclusion (FEIE), Housing Exclusion (HE) and / or Housing Deduction (HD) available on Form 2555 - Foreign Earned Income and Foreign tax credits (FTC) available on Form 1116 - Foreign Tax Credit, which may be considered if the foreign country has a foreign income tax.

Simply-Bookkeeping Tax professionals can advise clients as to the applicable tax laws and regulations and we will consult with them on the preparation of their US tax return Form 1040, Form 2555 - Foreign Earned Income and Form 1116 - Foreign Tax Credit and any required State tax filings all via electronic communication and the telephone and / or facsimile, where the situation precludes a one-on-one meeting.