Moving abroad is all fun and games until it's tax season.
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Hey friends, welcome back to my channel. And if you're new here, I'm Tiff,
I'm an American living in Paris here to help you navigate life abroad,
navigate life in Paris. And today I'm going to be sharing with you guys,
the 10 things that you should know,
if you are filing U.S. taxes as an American living abroad,
which I know isn't the most exciting topic in the world,
but something that's very important to know if you are an American who's
currently living abroad, or if you're an American,
who's thinking of moving abroad in the near future.
And I know if you are watching this video and you're an American,
who's not currently living abroad,
you are probably thinking of moving abroad in the future.
So this is super important information.
Make sure to get your pen and paper out and pay attention.
You are not going to want to miss out on this.
And I've actually partnered with MyExpatTaxes to bring you guys this video.
So MyExpatTaxes is a tax filing software that specializes in filing
taxes for Americans living abroad.
So if you are someone who is really struggling with filing your expat taxes or
just doesn't understand it all, definitely look into MyExpatTaxes.
I'll put a link in my description box to the software,
along with a discount code if you guys decide to file with them.
And it's really, really easy.
So you basically start by filling out super basic information like how long
you've lived abroad for where you live abroad, you know,
your different income sources,
and they'll figure out the best tax forms that you need along with the tax
benefits that you need.
And they offer a few different plans that you can opt into. So the first,
which is do it yourself, which is actually the most popular, the second,
which is where you can have a tax professional look over your work.
And then the third is where you talk to an accountant to help guide you through
the process step by step. But guys, they make the process super, super easy.
If you're an American living abroad who needs to file your U.S. taxes.
Most people are able to file in just 30 minutes.
So thank you MyExpatTaxes for sponsoring this video.
And I really just wanted to share with you guys a resource for you to file your
taxes if you're an American living abroad, who's really struggling with it.
Now let's get into the 10 things that you should know if you are filing us taxes
as an American living abroad. So number one,
if you are an American living abroad and you meet the tax filing requirements,
you must file your taxes. Now, of course,
the requirements will differ depending on your filing status.
So if you are single, if you are married, if you are widowed.
So I'll put a link in my description box to an article by MyExpatTaxes that
shares what those requirements are for the different filing statuses.
And even guys, if you look in your passport on the very last page,
it even says, so this is under section D U.S. Taxes.
All us citizens working and residing abroad are required to file and report
on their worldwide income. Consult, IRS publication,
54 tax guide for us citizens and resident aliens abroad available at,
and then it puts the website. So don't play with this.
If you meet the requirements, you must file your taxes. And then number two.
So as an American expat yes, you do have to file,
but most American expats actually don't owe U.S. Taxes.
And this is because the IRS has tax benefits that basically prevent Americans
living abroad from getting double taxed. So for example,
the Foreign Earned Income Exclusion.
So this actually allows Americans living abroad to exclude up to a hundred
thousand dollars, of foreign sourced income from their tax bill.
And my expat taxes does help you report on your income and figure out what tax
benefits you're eligible for.
And you can see what some of these tax benefits are in the article that I'll
link below as well.
But keep in mind if your income does exceed the amount that the tax benefits
allow, you may end up owing U.S. Taxes. Now,
next up let's talk about the tax payment and filing deadlines for Americans
living abroad.
So pay attention here because these dates may differ from what they are for
Americans who are living in the United States.
So first thing to know is May 17th is the new tax payment deadline for
Americans living abroad. Now this used to be April 15th,
but with all that is this world right now, they gave us an extension.
So it's now May 17th. So that's your tax payment deadline.
And the next is the tax filing deadline, which is June 15th.
So make sure to drop both of these dates down.
May 17th is your tax payment deadline and June 15th is your tax filing deadline.
And this actually leads me to point number four,
which is that American expats can actually get a two month extension to file
their returns. So yes, the deadline to file your tax returns is June 15th,
but if you need more time and actually through my MyExpatTaxes,
you can request an extension,
but you have to make sure to do so before June 15th.
Now next up there can be many forms that we as Americans living abroad,
have to fill out in order to file our U.S. Taxes every year. So for us,
it's not just the income tax return.
There are other forms that we are required to fill out because we have foreign
sourced income.
And the most common forms that Americans living abroad have had to file are the
U.S. individual income tax return, itemized deductions.
Like there are just so many on this list and that's not even all of them. Um,
but MyExpatTaxes does help you decide which forms you specifically need to
follow your U.S. Taxes and make the process quick and easy.
So number six on my list is to make sure that you are checking your monthly bank
account statements.
So if you're an American living abroad and you have had over $10,000 in a
foreign financial account at any point throughout the year,
you need to file an FBAR, which is a foreign bank account report.
And this is included in the MyExpatTaxes software.
So they will definitely help you with this. But yeah,
it is really important for you guys to be checking your monthly bank account
statements,
to see if you have gone over that $10,000 threshold to see if you need to file
for an FBAR. Now moving on to stimulus checks. Um,
so once you become tax compliant as an expat, you can receive stimulus checks.
So stimulus checks are not just limited to Americans who are living in the
United States.
You can receive them if you're an American living abroad and are tax compliant.
And guys do not worry because you can still receive stimulus checks,
even if you didn't receive the first ones. So now next up,
and I'm actually not sure for a lot of people knew about this,
but you can' make up for years of late taxes, penalty free.
So if you are innocent, meaning that you honestly forgot,
or really just didn't know that you had to file us taxes as an American living
abroad, you can file for the Streamlined Procedure.
So the IRS created this in order to help Americans make up for years of late
taxes, penalty free. Yes, there are requirements to be eligible for this,
and it will come with a cost,
but MyExpatTaxes does offer the Streamlined Procedure and actually at a third of
the cost that typical tax companies charge for this.
So moving on to number nine on my list, which is the child tax credit.
So American expat families can actually save money with their U.S. Taxes through
the child tax credit.
So regardless of where a U.S. Citizen's family lives or works around the world,
the United States will provide financial assistance through tax refunds and tax
credits. So families can get money back,
even if they don't actually owe U.S. Taxes.
And MyExpatTaxes of course will help you figure out if you're eligible for this
tax credit.
And then number 10 on my list is the best software for filing U.S. taxes if you
are an American living abroad is truly MyExpatTaxes and this isn't just coming
from me.
They were actually named the leading and most affordable U.S. expat tax software
by Yahoo finance. And y'all know I am no tax expert.
I'm actually just now starting to file my taxes and I've gone on their platform
and I'm telling you,
it is really user-friendly and it makes the process super easy.
So if you're an American living abroad,
if you are struggling with your expat taxes,
if you think your situation is so complicated and aren't sure what to do,
if you're looking for an easy solution to file your us taxes,
definitely consider MyExpatTaxes. And again,
I have a link in my description box to MyExpatTaxes,
along with a discount code for you guys.
And I'll also link below all articles by MyExpatTaxes that I mentioned in this
video,
should you guys have any questions or concerns about filing your expat taxes as
an American living abroad. So that's all from me guys,
that's a wrap on the 10 things that you should know when filing us taxes as an
American living abroad. Let me know what you think.
I really hope that this video is helpful for you,
give it at them's up if it was.
And if you're looking for more tips on how to navigate life abroad or navigate
life in Paris, definitely get on my email list.
I'll also put the link in my description box to that as well.
So thank you guys so much for watching again.
I really do hope that this video was helpful for you and I'll see you next week.