taxes

U.S. Citizens and Resident Aliens Abroad – Automatic 6 Month Extension of Time to File

U.S. Citizens and Resident Aliens Abroad – Automatic 6 Month Extension of Time to File

If you are not able to file your return by the due date, you generally can get an automatic 6-month extension of time to file. To get this automatic extension, you must file Form 4868. Or, you can file Form 4868 electronically (e-file), using your personal computer, or through a tax professional. You do not have to explain why you are asking for the extension. You will be contacted only if your re... »

For U.S. Citizens: Filing Extensions While Abroad

For U.S. Citizens: Filing Extensions While Abroad

If you are a U.S. citizen or resident alien, the rules for filing income, estate, and gift tax returns and paying estimated tax are generally the same whether you are in the United States or abroad. Your worldwide income is subject to U.S. income tax, regardless of where you reside. When to File If you are a U.S. citizen or resident alien residing overseas, or are in the military on duty outside t... »

For U.S. Citizens: Foreign Earned Income Exclusion

For U.S. Citizens: Foreign Earned Income Exclusion

FOREIGN INCOME TAXES A limited amount of the foreign income tax you pay can be credited against your U.S. tax liability or deducted in figuring taxable income on your U.S. income tax return. It is usually to your advantage to claim a credit for foreign taxes rather than to deduct them. A credit reduces your U.S. tax liability, and any excess may be carried back and carried forward to other years. ... »

Expat CPA

Expat CPA

US Expatriate Tax Services For Americans Abroad Expat CPA, a U.S.-based Certified Public Accounting firm specializing in expat tax preparation for the American expatriate community since 1994. We provide tax return services for American expatriate clients in most major countries. American expat tax credit United States citizens living abroad are required to file annual U.S. income tax returns and ... »

Filing Taxes for U.S. Citizens: Foreign Account Tax Compliance Act

Filing Taxes for U.S. Citizens: Foreign Account Tax Compliance Act

“If you live abroad…you must submit a Form 8938 for foreign financial assets over a certain threshold” The Foreign Account Tax Compliance Act (FATCA) is an important development in U.S. efforts to combat tax evasion by U.S. persons holding accounts and other financial assets offshore. The Treasury Department and the IRS continue to develop guidance concerning FATCA. For current a... »

Italy’s Building Standards: Is your house safe?

Italy’s Building Standards: Is your house safe?

The recent tragedy in central Italy has again highlighted the nation’s shortcomings in regards to building safety standards and the immense challenge it faces to protect its beautiful but vulnerable historic buildings, and those who inhabit them. Most of Italy’s buildings were in fact erected prior to the existence of building codes, often with poor quality materials, and are therefore too weak to... »

Buying an Italian Property at Auction: Pros and Cons

Buying an Italian Property at Auction: Pros and Cons

Property auctions are not such a common occurrence in Italy and are mostly the result of court or bankruptcy proceedings. As such, they can provide endless investment opportunities, especially in a more difficult economic climate like the present one. Competition among buyers is not normally high and it is one area where the offer generally exceeds demand. These opportunities are open to all types... »

Italian property purchase: what is it really going to cost?

Italian property purchase: what is it really going to cost?

Aside from the purchase price, what other costs need to be factored in, when evaluating the purchase of a property in Italy?  There is no straightforward answer to this as it depends on many variables, e.g., is the buyer eligible for first-home tax benefits? Is the seller a private individual, company or a developer? The following is in any case an outline of some of the main costs to take into ac... »

Top Tax Tips for Expats in Italy

Top Tax Tips for Expats in Italy

Here are my top tax tips for living or moving to Italy. Beware of the DIY approach. Always discuss your tax situation with an experienced 
and knowledgeable commercialista and financial planner Taxes in Italy are not that much different to other countries around Europe and you might be surprised at just how little you have to pay. The DIY’ers rarely find the tax breaks and end up paying more... »

Save thousands of dollars on your US expat taxes

Save thousands of dollars on your US expat taxes

Introduction to the Foreign Housing Exclusion There may be a deduction you haven’t heard of that can save you thousands of dollars on your US expat taxes. There are quite a few critical tax breaks which assist US Expats in reducing or completely eliminating their US income tax liability.  There is one exclusion that doesn’t get as much attention as some of the others.  It’s the Foreign Housing Exc... »

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