(Vienna) October 12, 2022
Thousands of US Citizens living outside of the United States already use MyExpatTaxes to file their US Tax returns and FBARs each year. Those not required to file a tax return now also have the opportunity to file their FBAR through their platform.
Filing an FBAR – or Foreign Bank Account Report is required for any US citizen who lives outside the United States and holds a combined total of $10,000 or more in foreign accounts at any time during the calendar year.
FBAR filing is always included with all of MyExpatTaxes Tax Return packages. Now, MyExpatTaxes expands the opportunity to Americans who may not be required to file a US Tax Return or who have filed their US Tax Return by another means to file their FBAR via MyExpatFBAR.
The price for standalone FBAR filing with MyExpatTaxes new product, MyExpatFBAR, is €49 per FBAR. Users can file both current and past FBARs via FBAR.MyExpatTaxes.com.
The launch is aptly timed because the automatic extension deadline for Americans abroad is approaching. The FBAR (for 2021) is due by October 17th, 2022.
Filing an FBAR Without Filing US Taxes
Due to the US’s citizen-based taxation policy, Americans abroad whose income reaches the annual minimum income threshold must file a US tax return. The FBAR, or Foreign Bank Account Report as it’s known, must be filed anytime a US Citizen has an accumulative sum of $10,000 in any number of foreign accounts at one time.
Users could include unemployed Americans who have money in savings or spouses of non-US citizens whose names appear on foreign accounts.