IRS Tax Commissioner Stephen Miller steps down amid scandal alleging selective scrutiny of political groups filing for tax exempt status as social welfare organizations under section 501 (c) (4). On May 15th, Treasury Secretary requested and received the IRS Tax Commissioner Stephen Miller’s resignation over the agency’s mishandling of tax exempt status applications from early [...]
In this guest post, Norman Viss, from Expat Everyday Support Center, describes some of the important financial lessons US expats can learn from Christopher Columbus. Christopher Columbus ‘discovered’ America. That’s how he has been presented to millions of U.S. school children for decades, if not centuries. Current reviews of Columbus the man, the [...]
The IRS recently released the 2012 Data Book, which provides insight into fiscal year activities from Oct. 1, 2011 to Sept. 30, 2012. According to the IRS, the Data Book highlights, “information about returns filed, taxes collected, enforcement, taxpayer assistance and the IRS budget and workforce, among others.” What Does the Data Book Reveal About [...]
US Expats Avoid the Last-Minute Scramble While a handful of US taxpayers will be frantically filling out their tax forms to meet today’s tax deadline, US expats are hundreds, maybe thousands of miles away from the chaos. If you are one of the lucky individuals who is living abroad, you’re probably free of any tax-induced [...]
If you’re a US expat, you may have decided to forgo working for someone else and have instead branched out on your own. While being self-employed and working for yourself, as an independent contractor, or owning your own business may be a liberating experience, it can also add some financial weight to your shoulders. Since [...]
Are Your Social Security Benefits Taxable? Each year the IRS sends Form SSA-1099 to Social Security recipients. This form, which is sent in early February, details your Social Security benefits for the prior year. While most benefits are not taxed, there are a few exceptions where individuals may be required to pay taxes on Social [...]
Are You Owed a Refund from Your 2009 American Taxes? If you are living abroad and failed to file taxes for 2009, you may be one of the 984,400 individuals who is due a tax refund. According the IRS, refunds totaling more than $917 million are owed to taxpayers who did not file American taxes [...]
Foreign Tax Credit and Other Expat Benefits May Not Prevent Double Taxation According to recent articles in Tax Notes Today and Mondaq.com, the Patient Protection and Affordable Care Act of 2010 – what is commonly referred to as Obamacare – may expose US expats to double taxation. While many Americans living abroad are able to [...]
Increase Your Retirement Savings to Decrease Your Income on American Taxes As new tax guidelines go into effect for 2013, many taxpayers in the US and living abroad are looking for ways to reduce their taxable income on their American taxes. And taxpayers are also looking for ways to set aside enough money for a [...]
Annual Adjustments by the IRS Help US Expats Minimize Foreign Income Tax The IRS recently announced the annual inflation adjustments for tax year 2013, which will impact not only taxpayers living in the US, but those earning a foreign income working overseas. Americans living abroad will want to take note of these changes as [...]
