Latest news with #MyExpatTaxes
Forbes
3 days ago
- Business
- Forbes
Retirement Planning Abroad: What U.S. Expats Need To Know
Nathalie Goldstein, MyExpatTaxes' CEO, helps Americans stay tax-compliant while living abroad with her user-friendly US expat tax software. For many Americans, the urge to retire abroad has never been stronger. Rising costs, political polarization and the appeal of a more fulfilling life are all driving factors. Retiring abroad takes more than booking a flight, though. The decisions you make before leaving can shape your financial stability, tax compliance and access to essential services abroad. Avoiding Double Taxation The U.S. taxes its citizens and Green Card holders on worldwide income, no matter where they live. As a U.S. expat, you're still required to report all global income to the IRS. Fortunately, the IRS has provisions to reduce or eliminate double taxation. If you plan to keep working before fully retiring, the FEIE can help reduce your U.S. tax bill. For the 2025 tax year, you may be able to exclude up to $130,000 in foreign earned income, provided you meet the IRS Bona Fide Residence Test or Physical Presence Test. Planning the timing of your move can help you maximize the available exclusion. For retirees with passive income, the FTC is often a better fit. It provides a dollar-for-dollar credit for taxes paid abroad and applies to both earned and passive income, including dividends and pensions. You can use both FEIE and FTC, but not on the same income. In high-tax countries like France, the FTC often makes more sense. Review your income sources and local tax rules before you move. Tax treaties between the U.S. and your new country help reduce or eliminate double taxation. These agreements define which country has taxing rights over specific income. You can only claim benefits that are exempt from the Savings Clause. Fortunately, treaty provisions on Social Security taxation are usually exempt, giving U.S. citizens a valuable advantage. Review the terms before relocating to claim key benefits and simplify your filing. Reporting Foreign Financial Accounts Once you reside abroad, something as simple as opening a local bank account can trigger U.S. reporting. If your foreign accounts exceed certain thresholds, you may need to file the Foreign Bank Account Report (FBAR) and the Foreign Account Tax Compliance Act (FATCA). Penalties are steep for missed filings, and FATCA has a far-reaching arm, compelling foreign banks to report accounts held by U.S. persons directly to the IRS. State Taxes State taxes can follow you abroad, too. High-tax states or "sticky" states like California and New York may still claim you as a resident based on ties like a driver's license, voter registration or a local bank account. However, the main deciding factor in the end is normally where you are seen as being domiciled and if your stay abroad is temporary. Therefore, formally cutting ties before you move abroad may help. 401(k)s, IRAs And Foreign Pensions This is one area where U.S. expats need to be especially careful. Many countries don't recognize the tax advantages of U.S. retirement accounts, often treating them like foreign investments. Withdrawals or gains may be taxed locally, while the U.S. may also tax foreign pensions, even if they've already been taxed abroad. Unless a tax treaty says otherwise, you could face double taxation. Foreign Investments For U.S. expats, not all foreign investments are created equal. The Passive Foreign Investment Company (PFIC) is one of the biggest tax traps. Foreign mutual funds, ETFs and even some pensions fall into this category, often without warning. The IRS can tax unrealized gains at the highest rate and requires Form 8621 annually for each PFIC you hold. In my experience, it's one of the most complex and costly reporting burdens expats face. Instead, consider investing through U.S.-based brokerage accounts or expat-friendly advisors using U.S.-domiciled funds. Directly held foreign stocks and bonds are usually fine, but I recommend avoiding pooled or insurance-wrapped products. Social Security Benefits Abroad In most cases, U.S. citizens can collect Social Security benefits overseas. However, payments are prohibited in a few countries, including North Korea and Cuba. If you reside elsewhere, your benefits should continue without interruption, especially if a Totalization Treaty between the countries exists. U.S. Social Security is usually taxed only by the U.S., but some countries have tax treaties that shift taxing rights to the host country. Under Totalization Treaties, the local country can tax your Social Security benefits. If you have a foreign spouse, they may qualify for spousal or survivor benefits, depending on their citizenship, the length of your marriage and whether a treaty is in place. Eligibility rules vary, so reviewing them before you relocate is important. Healthcare Healthcare planning is a critical part of retiring abroad. Generally, you can't get Medicare coverage overseas, so if you live abroad full time, you'd need to return to the U.S. Consider buying global health insurance before you go; however, in many countries, becoming a resident makes you eligible for public health care. Estate Planning Retiring abroad means maneuvering a new legal system. Some countries follow forced heirship laws that dictate how assets are divided. You may need an estate plan that's valid in both the U.S. and your new country to ensure your assets go where you intend. Updating healthcare directives to ensure your medical decisions are honored abroad is also important. Planning ahead helps protect your legacy and ensures your wishes are carried out. Conclusion Without proper expat retirement planning, the risks of double taxation can be real. Do your research and find the best place to retire abroad for your circumstances. The choice is yours. Protect your future, preserve your assets and enjoy your retirement abroad. The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation. Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. Do I qualify?
Business Upturn
10-06-2025
- Business
- Business Upturn
Online Tax Firm MyExpatTaxes Alerts Expats: Final Chance to Claim 2021 Stimulus Payments
Vienna, June 10, 2025 (GLOBE NEWSWIRE) — MyExpatTaxes, a leading US expat tax company known for its support of U.S. citizens living overseas, is highlighting an important upcoming deadline for American expatriates. By June 16th, expats must act to claim the 2021 stimulus payments. This deadline represents the final opportunity for expats who haven't already to benefit from COVID-19 economic stimulus payments, which can total thousands of . MyExpatTaxes is urging individuals not to miss out on this opportunity. As the U.S. is one of just two countries that taxes based on citizenship rather than residence, Americans living abroad have to report their worldwide income by filing a U.S. tax return every year. Many Americans expats are unaware of this requirement to file from overseas though, so get behind in their filing. The IRS has an amnesty program for these expats though called the Offshire Streamlined Filing Compliance Procedures. This process offers a chance for overseas Americans who have unintentionally failed to meet their filing obligations to catch up on their U.S. tax filing without facing penalties. It requires submitting the last three years of tax returns and, where applicable, up to six years of Foreign Bank and Financial Accounts Reports (FBARs). The procedure can seem complex, but with MyExpatTaxes offering either self-service or guided assistance, expats can find a sense of relief with easy access to tools like a US expat tax calculator and a stimulus check calculator found on their website. Nathalie Goldstein, CEO of MyExpatTaxes, underscores the significance of acting before the June 16th deadline for non-compliance overseas Americans, saying, 'The June 16th 2025 deadline is the last opportunity for American expatriates who may not have been aware that they have to file U.S. taxes from abroad to claim teh COVID-19 stimulus payments. It's also a valuable opportunity to get tax compliant without facing penalties. Our goal is to provide them with the guidance they need to make the most of these benefits.' Her words reflect the broader mission of MyExpatTaxes – supporting American expats in navigating what can often be a daunting process filing from overseas (often as well as filing taxes in the country where they reside). The 2021 expanded Child Tax Credit is also available for American families living abroad. This credit offers a substantial benefit of up to $3,600 per child, refundable for qualifying families. Timely filing is critical to claim this credit, ensuring families don't inadvertently miss out. To aid in this, expats can access comprehensive guidance and information on the Streamlined Procedures through MyExpatTaxes' dedicated page: Adding to the firm's efforts, Goldstein remarks, 'The potential gains for catching up and filing for 2021 for expats who qualify for the stimulus payments are typically far outweigh the costs of becoming compliant. Our platform is designed to simplify the tax filing process for U.S. citizens abroad, offering practical solutions and expert support. With the deadline imminent to claim these valuable payments, we're dedicated to helping expatriates claim what they are rightfully owed.' This statement emphasizes MyExpatTaxes' commitment to easing the stress associated with U.S. tax filing for expats. To further assist expats, the company has developed easy-to-use resources such as tax guides, quick start checklists, and webinars available on their website. These resources provide education and support, aimed at simplifying and demystifying the intricacies of international tax reporting for Americans living abroad. User testimonials and official reviews highlight the effectiveness and reliability of MyExpatTaxes' services, reinforcing their reputation as a helpful aid for expats. As the June 16th deadline approaches, expats need to be vigilant. Missing this date means losing out on the chance to claim the stimulus payments for good. Through proactive action and using MyExpatTaxes' offerings, expatriates can not only ensure compliance but also capitalize on available benefits. MyExpatTaxes remains committed to guiding expatriates through these important periods, helping them understand and fulfill their tax responsibilities while maximizing their eligible claims. For those seeking to learn more or benefit from these services, they can learn more through the platform's site: The resources provided are not just about fulfilling obligations – they also empower expats to take control of their financial responsibilities with confidence. ### For more information about MyExpatTaxes, contact the company here: MyExpatTaxesMackenzie Passegger [email protected]
Yahoo
10-06-2025
- Business
- Yahoo
Online Tax Firm MyExpatTaxes Alerts Expats: Final Chance to Claim 2021 Stimulus Payments
Vienna, June 10, 2025 (GLOBE NEWSWIRE) -- MyExpatTaxes, a leading US expat tax company known for its support of U.S. citizens living overseas, is highlighting an important upcoming deadline for American expatriates. By June 16th, expats must act to claim the 2021 stimulus payments. This deadline represents the final opportunity for expats who haven't already to benefit from COVID-19 economic stimulus payments, which can total thousands of . MyExpatTaxes is urging individuals not to miss out on this opportunity. As the U.S. is one of just two countries that taxes based on citizenship rather than residence, Americans living abroad have to report their worldwide income by filing a U.S. tax return every year. Many Americans expats are unaware of this requirement to file from overseas though, so get behind in their filing. The IRS has an amnesty program for these expats though called the Offshire Streamlined Filing Compliance Procedures. This process offers a chance for overseas Americans who have unintentionally failed to meet their filing obligations to catch up on their U.S. tax filing without facing penalties. It requires submitting the last three years of tax returns and, where applicable, up to six years of Foreign Bank and Financial Accounts Reports (FBARs). The procedure can seem complex, but with MyExpatTaxes offering either self-service or guided assistance, expats can find a sense of relief with easy access to tools like a US expat tax calculator and a stimulus check calculator found on their website. Nathalie Goldstein, CEO of MyExpatTaxes, underscores the significance of acting before the June 16th deadline for non-compliance overseas Americans, saying, "The June 16th 2025 deadline is the last opportunity for American expatriates who may not have been aware that they have to file U.S. taxes from abroad to claim teh COVID-19 stimulus payments. It's also a valuable opportunity to get tax compliant without facing penalties. Our goal is to provide them with the guidance they need to make the most of these benefits." Her words reflect the broader mission of MyExpatTaxes - supporting American expats in navigating what can often be a daunting process filing from overseas (often as well as filing taxes in the country where they reside). The 2021 expanded Child Tax Credit is also available for American families living abroad. This credit offers a substantial benefit of up to $3,600 per child, refundable for qualifying families. Timely filing is critical to claim this credit, ensuring families don't inadvertently miss out. To aid in this, expats can access comprehensive guidance and information on the Streamlined Procedures through MyExpatTaxes' dedicated page: Adding to the firm's efforts, Goldstein remarks, "The potential gains for catching up and filing for 2021 for expats who qualify for the stimulus payments are typically far outweigh the costs of becoming compliant. Our platform is designed to simplify the tax filing process for U.S. citizens abroad, offering practical solutions and expert support. With the deadline imminent to claim these valuable payments, we're dedicated to helping expatriates claim what they are rightfully owed." This statement emphasizes MyExpatTaxes' commitment to easing the stress associated with U.S. tax filing for expats. To further assist expats, the company has developed easy-to-use resources such as tax guides, quick start checklists, and webinars available on their website. These resources provide education and support, aimed at simplifying and demystifying the intricacies of international tax reporting for Americans living abroad. User testimonials and official reviews highlight the effectiveness and reliability of MyExpatTaxes' services, reinforcing their reputation as a helpful aid for expats. As the June 16th deadline approaches, expats need to be vigilant. Missing this date means losing out on the chance to claim the stimulus payments for good. Through proactive action and using MyExpatTaxes' offerings, expatriates can not only ensure compliance but also capitalize on available benefits. MyExpatTaxes remains committed to guiding expatriates through these important periods, helping them understand and fulfill their tax responsibilities while maximizing their eligible claims. For those seeking to learn more or benefit from these services, they can learn more through the platform's site: The resources provided are not just about fulfilling obligations - they also empower expats to take control of their financial responsibilities with confidence. ### For more information about MyExpatTaxes, contact the company here:MyExpatTaxesMackenzie CONTACT: Mackenzie PasseggerError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
