Most of the expats fail to be compliant with the IRS because they think that they don’t need to file US taxes while living abroad.
The reason might be due to them paying taxes in the country of their residence. But this is not the case with US expats.
The US has a citizenship-based tax system and not the residence based tax system. If you are an expat, you might still need to file (this does not necessarily mean that you owe something to the US).
Streamlined filing is for the expats who were not aware that they have to file their US tax returns and un-wilfully missed it. You can still file under the streamline program and save yourself from various fines and penalties that defaulters have to pay.
Our expert team will help you understand all the details (even the smallest of them) about streamlined programs and assist you throughout so that you are not taxed twice on the same income from two countries.
The Streamlined Filing Compliance Procedures requires that you file your last three years of missed tax returns. This can mean filing four returns in total if you submit them before the filing deadline, being the current year, plus the three missed years. If you submit after the filing deadline (which is June 15 if you live abroad), you only have to file three returns in total.
When you file, you can claim either the Foreign Tax Credit or the Foreign Earned Income Exclusion by submitting the relevant form, which, for most people, results in not owing any IRS back taxes.
We know it’s confusing for you to know what to include and what not to. Our assistance is the ultimate thing that you will ever need in filing your tax return smoothly. With the affordable prices it is even more exciting. Get in touch with US Tax Pros today, we are here to assist you in any way we can.