Tax Deadline is Here! What Should You Do?

Mark October 17th on your calendars! If you didn’t know, this is usually the date for expats who are living abroad to file for their US Federal tax returns! We want to let you know now so you can take steps to prepare beforehand, making tax filing simpler. Not only are your US Tax returns due on this date, but your FBARs (Foreign Bank Account Reporting) are due as well for those of you who qualify. We are here to walk with you through some questions to determine whether you made your October deadline in time. If you have not, there is no reason to panic and we will help you get started with what is required!

How is the Deadline October 17th?

It might be confusing since your past tax return deadline was April 18th; does that sound familiar? April 18th is the deadline to file for taxes in the United States for 2022. However, if you have moved overseas, you automatically receive a 2-month extension on your tax filing! This would have given you until June 17th as your extension. But wait, you may ask why that doesn’t explain the October 17th deadline. If you have moved overseas and filled out your form 4868 in order to receive another tax extension, then that would lead you to having an extended official tax deadline on October 17th.

Do you owe any taxes from the beginning of April? If so, take note that interest will accumulate over time on the taxes that you owe from April!

What Am I Filing?

No matter where you have decided to live abroad, if you make any type of income, you are required to file a Federal Tax Return. You may also be required to file for state taxes, depending on which state you moved from. Keep in mind what your state requires of you even after you move abroad. If you are self-employed, there may be an expectation to fill out a Shareholder of a Passive Foreign Investment Company (PFIC). Also, additional filing might include a FBAR or even a FATCA Form 8938, if your foreign accounts are deemed required. 

What If I Have Passed the Deadline?

It might seem stressful finding this information, especially if you have not been keeping up with tax returns. We are here to help though! Even if you have not kept up with tax filing for years, there is a solution! The Streamlined Filing Procedures is a program to help you recover from 3+ years of late taxes. If you qualify for this program, it will help you to be free of any paying penalties!

Where Do I Start?

Is this your first time hearing this information about the tax deadline? Maybe you were aware of the October 17th deadline but interest from taxes in April crept up on you? Perhaps you are behind on your tax filing and want to find out if you qualify for the Streamlined Filing Procedures? Contact us today and we will get you back on track! Whether you are unsure about your deadline date or are wondering if you are required to pay state taxes, we provide the help you need. Here at Americas Tax Firm we are committed towards helping you in your tax situation. Seek help today from a licensed professional to guide you through US tax abroad!