Good Financial Reads: Taxes and Living Abroad

Taxes and Living Abroad

The Joyful Intricacies of Filing US Taxes When Living Abroad or Owning Foreign Financial Assets

by Malissa Marshall, Soaring Wealth

Filing US tax returns when you live and work abroad can add significant complexity to the process, and you may have learned that the hard way. But the process doesn’t have to be difficult. We have been preparing US tax returns for clients who live and work in dozens of countries for thirteen years, and are here to make things as easy as possible so that you can file complete and accurate tax returns.

Let’s take a look at some things you will need to know if you are filing taxes from abroad.

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What To Do If You Satisfy More Than One Country's Tax Residency Test

by Ashley Murphy, Areté Wealth Strategists

US citizens and U.S. permanent residents (green card holders) are considered tax residents of the U.S. regardless of whether they physically reside in the U.S. or not. Once a person has entered the U.S. federal tax system, they are obligated to file a U.S. tax return on all worldwide income unless they choose to expatriate from the US—and possibly pay a hefty exit tax.

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How The US Exit Tax is Calculated for Covered Expatriates

by Ashley Murphy, Areté Wealth Strategists

The decision to become a US tax resident or to leave the US tax system is not one that should be taken lightly. Anytime a US citizen or long-term permanent resident chooses to leave the US taxation system, they must be aware of the tax consequences of doing so, especially in light of the US exit tax that was brought into effect in 2008 under the HEART Act.

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A Comprehensive Comparison of Tax Residency Tests in Canada, Australia, and the UK

by Ashley Murphy, Areté Wealth Strategists

Many people want to be cross-border citizens—until they realize the tax implications. For US citizens in particular, tax residency rules can turn the excitement of global relocation into a financial nightmare.

And even if they are prepared to pay income taxes in their new country of residence and possibly also the US, fully comprehending and applying tax residency obligations can sometimes baffle even international tax experts.

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Planning to Leave the U.S? How to Avoid the Exit Tax on Your Way Out

by Ashley Murphy, Areté Wealth Strategists

The US exit tax, which was signed into law by President George W. Bush in 2008 as part of the Heroes Earnings Assistance and Relief Tax (HEART) Act, is a burdensome financial obstacle to US citizens and long-term permanent residents who plan to expatriate from the US for federal tax purposes.

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