If it's not tax season then it's tax planning season. If you're like me you want to be ahead of the game and give yourself a break from tax stress. By following these tips you will make things a little easier for your tax filing process as an expat.
5 Tips to Help File Your Tax Return as an American Expat:
1. Stay Organized
Put ALL documents like your Foreign Tax Returns, W-2s & 1099s into an electronic folder by scanning or taking a photo of them. If they are downloadable, then store them electronically. No need for paper records. I work everything digitally.
Receipts are not only for business. Can be for Personal expenses as well such as charity donations, childcare, healthcare, tax payments, etc. Keep a copy of all these documents. Scan them or take a photo. Then store them in your electronic and secure tax folder.
3. Be Prepared
It's not always easy waiting on tax documents since they can arrive sporadically. Having a tax docs check list will definitely help you be ready for tax time and hopefully, alleviate some stress. You can download my tax checklist here.
4. Use Your prior Year’s Return
This will helo you to compare your taxes from year-to-year. If you compare this year’s tax return to last year’s return, it can help you to NOT miss out on a deduction or an account you may have overlooked at first.
5. Work on next year’s taxes…now!
If you’re tired of not having everything handy and stressing out over finding receipts, income records, and expenses at the last min. then it's time to start your tax strategy prep now. Once you do it’s easy to stay on track for next year
I am here for you
If you need to file your U.S. tax return and get organized during the year so you can claim the foreign earned income exclusion, as well as all the other deductions, exclusions and credits you are entitled to, we can do it right away. If you have further questions, or need more guidance on planning your tax strategy, let's talk. I'm always happy to provide detailed, personalized guidance through a 1:1 consultation. You can reserve the best day and time to meet by contacting me to schedule your consultation.