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Everything you need to know about filing taxes abroad in 2020

Enjoy our ultimate expat guide that will help you get and stay tax compliant!

expat tax guide intro illustration
expat tax guide intro illustration

With tax season 2019 in the year 2020 up and in full swing, it’s essential that you, as an American abroad, are in the know about your US taxes. Knowing what to expect and when to act will save you a lot of money and time.

Please look at each section below, click on the information you are most interested in, and enjoy our ultimate expat guide. Our guide will help you become (and stay) tax compliant!

The Basics of US Expat Taxes

It’s a fact that every American and Green Card Holder living abroad must report their worldwide income if the gross income is over the tax filing threshold. US expat taxes are important to handle if you are responsible for paying or filing them. In this guide, you’ll learn who needs to file US taxes, your tax profile, filing thresholds, tax deadlines, and more.

2020 Pandemic and Taxes

COVID-19 has impacted all of our lives, and because of it, the IRS changed a few tax deadlines you’ll want to know. Additionally, as a US citizen abroad, you may be eligible to receive the $1,200 coronavirus Stimulus check. Learn more about that here.

Filing and Paying Taxes Support

In this section, learn about foreign income and the exact forms you need to file your expat taxes. Plus, what to do if you made a mistake on your tax forms as an American expat.

Expat Tax Benefits

There are two expat tax benefits you can take advantage of as a US citizen abroad: Foreign Earned Income and the Foreign Tax Credit.

Furthermore, there are tax treaties that can help you eliminate unnecessary tax liability with the IRS. Learn more today.

Save Even More Money with US Taxes

If you have a family, you can reduce US taxes through the child tax credit and foreign housing exclusion.

The child tax credit allows you to get refundable credit of up to $1,400 per child. Qualified housing expenses over $16,944 may help you become eligible for US tax exemption.

Foreign Bank Account Information

Every bank account you open as an American abroad means you are connected to the FATCA law. This law allows the US Department of Treasury to access your bank account to ensure no illegal activity is going on.

Then if you have over $10,000 total from all of your foreign bank accounts at any one time during the year, you’ll need to fill out an FBAR. Learn more about these bank account procedures here.

Renouncing US Citizenship

Giving up your passport and US citizenship is possible as an American abroad, though not recommended. You’ll need to be tax compliant for five years, sign an oath, pay a large exit fee, and more.

Retiree Support

If you are planning to move overseas and retire, there are a few steps you’ll need to take, which we outline in this section.

Additionally, tax benefits like Social Security are available for US retirees and widows. We’ll show you how to get the money you need to start living the good life overseas.

Self-Employment Taxes

Are you a self-employed US citizen abroad? Here you’ll find everything you need to know about filing expat taxes while being your own boss. Also, you'll learn how to pay for Social Security, Medicare taxes, and more.

Unfiled Tax Returns

Having unfiled tax returns as an American expat is no fun. Not only could you pay penalty fines, but it can prevent you from expat advantages like gaining tax benefits and receiving Stimulus checks.

There is a solution to file US taxes for previous years, penalty-free, and affordable. We show you what that is here.

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