In today’s episode we learn the ins and outs of tax filing for Americans living abroad, and I learn how to properly pronounce FATCA. David McKeegan joins me to answers questions from Parenting Abroad community members. Find out: Who needs to file a U.S. tax return? What is FBAR? What are the requirements if I am self-employed? What happens if I renounce my citizenship? and much more.
About David McKeegan
David is an Enrolled Agent, an MBA, and an experienced finance professional and entrepreneur. Having grown up in Brooklyn, New York, with 5 siblings, it wasn’t until David’s second trip out of the US (an exchange program in Belgium) when David caught the travel bug. Since then, David has lived all over the world. It was while he lived in London with his wife Carrie that the idea for Greenback Expat Tax Services came to be. Year after year, David and Carrie found that filing their expat taxes was a nightmare: expensive accountants who treated them like a number, US CPAs who were well-meaning, but not up to date on the rules as they apply to expats, and lots of forms and calculations…
David’s sole mission now is to find the best expat accountants across the world and recruit them to the Greenback Expat Tax Services team.
FACTA and FBAR and Tax . . . Oh My!
Greenback takes the hassle out of filing your US expat taxes so you can get back to your adventure abroad. Their website is loaded with valuable free resources: articles, webinars and tax guides written in a way that makes sense to those of us who are not CPA’s! Greenback’s tax service gives you peace of mind to know that you have filed correctly and that you are taking advantage of all the programs available to you as an expat.
In this Episode, You Will Learn:
- Who needs to file a federal tax return?
- What credits and exemptions are available to expats?
- What to consider when planning for retirement
- Should I take my name off of accounts if my spouse is not American?
- What is FATCA? Which forms to I need to fill out?
- How do I file as an expat who is self-employed or owns a small business?
- What can I do if I have not filed a return for many years?
Links and Resources Referenced in this Episode:
- Greenback Expat Tax Services: www.greenbacktaxservices.com
- Foreign Earned Income Exclusion – Physical Presence Test: www.irs.gov
- Foreign Earned Income Exclusion – Bona Fide Residence Test: www.irs.gov
- Foreign Tax Credit: www.irs.gov
- Tax Treaties by Country: www.treasury.gov
Foreign Account Tax Compliance Act (FATCA): www.irs.gov
- FATCA Forms (Form 8939 and Form 5471): www.irs.gov
- Report of Foreign Bank and Financial Accounts (FBAR) a.k.a FinCEN Report 114: www.fincen.gov
- Voting: www.votefromabroad.org or the voter registration entity in your last U.S. city of residence.