You can use Form 2555 to calculate your foreign earned income exclusion and your housing exclusion or deduction. The form is one of the main ways to reduce or stop US tax on your US expat tax return.
Read MoreAs a U.S. citizen, if you have income from outside of the United States with foreign taxes deducted, you can use form 1116 to claim the foreign taxes against US tax on the same income.
Read MoreU.S. citizens living at home, U.S. expats and Green Card holders who have worldwide income above certain thresholds are required to pay additional taxes on their investment income.
Read MoreForm 1120-F is used by a company set up outside of the U.S. but with U.S. source income.
Read MoreAs part of the main federal income tax return, form 1040, if you have foreign financial accounts and assets held outside the U.S. you will need to report those on form 8938 (the statement of specified foreign financial assets) each calendar year if you are over the threshold.
Read MoreAll you need to know about Form 706-NA. Written by one of our award-winning tax advisors to help you understand the form and how it relates to Estate Tax
Read MoreU.S. citizens and residents with involvements with foreign companies are required to report those companies back to the U.S. under certain circumstances.
Read MoreFinCEN form 114 is used to report a financial interest in or signature authority over a foreign financial account.
Commonly called the foreign bank account report (FBAR), the FinCEN 114 is separate to the income tax returns and filed with the U.S. Treasury Department rather than the IRS.
You can claim treaty benefits that override or modify any provision of domestic U.S. tax law - if by claiming these benefits you reduce the tax due, you must attach form 8833, Treaty-Based Return Position to your tax return.
Read MoreIf you have already filed a U.S. tax return and need to make an amendment, you use form 1040-X.
Due to the pandemic, the IRS announced a raft of tax reliefs. If you filed your 2019 tax return without claiming these extended tax benefits or recently enacted disaster tax relief, you may need to file form 1040-X to claim them.
When you file form 1040-X for a tax year, it becomes your new tax return for that year. It changes your original return to include the new information you provide.
You use the columns "Correct amount" and "Correct number or amount" to show the correct figures for the tax return.
Starting from January 2020, form 1040X was changed to form 1040-X - just in case you see both, they refer to the same tax form.
Read MoreIf you are self-employed and work from home, you can claim a portion of your home costs using form 8829.
The form will show the amount you can claim on Schedule C (see our guide to Schedule C) and any unused amounts can be carried over to the next tax year.
1099 forms are used by taxpayers for the provision of information to the Internal Revenue Service (IRS) about the different types of income they receive apart from their usual salary during the year. This external income may include bank interest, investment dividends, or income from freelance work.
Read MoreIf you have your own LLC and you are the only member, normally the LLC is treated as transparent for tax purposes and you report the LLC's income and expenses on Schedule C.
There is an exception - if you make an election on form 8832 to treat the LLC as a corporation then the income and expenses will be taxed on a corporate tax return.
The most common scenario for U.S. expats is where they hold a fund (group of shares) outside the U.S., either in their investment accounts or frequently in a stocks and shares ISA. If you do hold a fund, if it is a Passive Foreign Investment Company, then you may need to complete form 8621.
Read MoreThe 8858 Form is used by US persons who operate a Foreign Branch (FB) or own a Foreign Disregarded Entity (FDE).
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This guide will inform self-employed photography business owners on the different expenses that can be claimed to minimise the tax owed on their federal tax return.
Read MorePermanent inadmissibility refers to a legal status whereby an individual is forever barred from entering the United States under specific circumstances. This status significantly impacts those who may wish to visit, work, or live in the U.S. after spending time abroad or after renouncing U.S. citizenship. Understanding these conditions is crucial for anyone navigating the complexities of U.S. immigration laws.
Read MoreRenouncing U.S. citizenship is a significant life decision that affects your legal status and reentry rights into the United States. Understanding the visa requirements for reentry after renunciation is crucial for those who may wish to visit the U.S. in the future, whether for family, business, or tourism.
Read MoreFor U.S. citizens living abroad, managing banking and credit can introduce unique challenges. Whether you're looking to maintain U.S. bank accounts or secure credit, understanding the complexities involved is crucial for effective financial management.
Read MoreFor U.S. expatriates, investing in U.S. securities and real estate remains a viable option, but it comes with unique challenges and considerations. Understanding these can help you maintain profitable and compliant investment strategies while living abroad.
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