Whether you're new to the U.S., have lived here for many years, or have departed the U.S. no matter when, American Tax For Expats can help you prepare the most common types of returns and forms you will require.
Federal Tax Return Preparation
Current or previous year’s federal filing from all state and countries are our specialty. As federal income brackets and tax rates for individuals are adjusted annually for inflation, it pays to make sure your Federal Tax Return is done correctly so that you're covered. Many returns we do are for first year US newcomers. There is no more important return than this to get right the first time. Let American Tax for Expats take away the doubt that it was done right. Tax software is only as good as the numbers you put in.
State Tax Return Preparation
American Tax For Expats can take care of all required state returns for both the current or previous years. Most individual U.S. states collect a state income tax in addition to federal income tax. The two are separate entities independent of each other. Some local governments also impose an income tax.
Late Tax Return Preparation (Federal & State)
When you live away from the U.S it is very easy to forget about your American taxes (and responsibilities). U.S. federal law requires all U.S citizens, Green Card holders and Resident Aliens, to declare worldwide income annually. American Tax For Expat is here to help you get caught up and compliant. As of June 2014, the IRS has waived all late filing and FBAR penalties for those whose lack of filing was non-willful. This program is available to certain people where you are to file only the last three years returns, and the last six years FBARs. Don’t hesitate to contact us in order to file and maximize this fantastic opportunity while you can.
Amended Tax Return Preparation (Federal & State)
The IRS limits the amount of time you have to file an amended tax return to the previous three years of the original filing deadline, or within two years of actually paying the tax for that year. Let American Tax For Expats check previous years tax returns for accuracy before filing amendments in order to be covered. Most previous years tax returns that we check, we often find errors that result in larger refunds plus interest!
Phone Consults/Advice for All U.S. Tax Filing Related Matters
With American Tax For Expats you can rest assured, you can get year round tax advice on all our tax services. From tax planning for future life events (children, sale/purchase of property) to filing amendments, FATCA, Foreign Bank Account Reporting or other tax related issue that US and expats, have to deal with. Our goal is simple – "We work with you throughout the entire process to make your filing process as easy as possible, to ensure you get maximum results (and returns)."
Foreign Bank Account Reporting (FBAR)
Most expats are reluctant to admit having a foreign bank account, for fear they may be taxed in someway. However there is no choice; it's the law. And you may not even have to depending upon your circumstances. The FBAR is only required if you have a financial interest in one or more overseas financial accounts and the total value of all of the financial accounts combined was $10,000 or more during any point during the tax year. The fine for failing to fine your FBAR is $10,000. It pays to be upfront.
Foreign Investment Property Preparation
Most expats are reluctant to admit having a foreign account, for fear they may have to be taxed on these. However, the opposite is true. Reporting is only required, if you have a financial interest in one or more overseas financial accounts and the total value of all of the financial accounts combined was $10,000 or more during any point during the tax year. The failure to file this is a $10,000 fine. If you have accounts more than these amounts there are other forms that need to be filed. The US requires the reporting of worldwide income, which includes income/losses of foreign rental investment properties. The tax implications of an investment property can be intimidating to a new landlord let alone expats. There are various differences in what is done in your home country to how the IRS views your property. The sale of these properties can have significant impact on your US taxes. Again, please contact America Tax for Expats on how best to report and reap the rewards from your investment property.
FATCA Reporting (assets)
FATCA (Foreign Account Tax Compliance Act), must be completed and reported by US citizens, Green Card holders and Resident Aliens. This involves reporting specified foreign assets that exceed certain thresholds. This act which many countries are a signatory of, agree to share with the IRS information. So hiding and not reporting foreign held accounts is pointless. Failure to comply can result in fines. Let American Tax for Expats work with you to ensure you are compliant and/or get you compliant for previous years.
Small Business Tax Return Preparation / and Small Business Estimated Tax Payments (quarterly)
With America Tax For Expats, we can help small business with all their accounting and tax planning and filing. A small business tax return is needed for any business that is considered a separate entity (such as a Partnership, Corporation, S Corporation or Limited Liability Company (LLC). So let's us take a look, and make running your small business compliant and as profitable as it can be.
TIMES ARE A CHANGING. CHOOSE A PARTNER THAT CAN KEEP UP
Using a bank to transfer money overseas may seem like your easiest option, but it can be an expensive one. Banks publish a daily exchange rate for currencies even though the market exchange rate moves by the second. Therefore, banks typically build in a margin of up to 5% on the daily exchange rate, which they pass on to you (on top of hefty transactions fees).
Australia America Tax Services have partnered with Global Foreign Exchange specialist, OFX. With OFX you can transfer money faster and for a lot less and as one of our clients, you will qualify for OFX fee free transfers above $250AUD.
Australia America Tax Services/American Tax for Expats benefits include:
Zero OFX transaction fees on ALL transfers - *Min transfer AUD$250 or equivalent
Bank Beating exchange rates across 55 currencies
Online and dealer access via telephone 24/7
Access to risk management tools through Limit Orders and Forward Exchange Contracts to build a tailored currency strategy