US Expat Tax Preparation Services in Chicago, IL
Though you may be an expat living overseas, you're still required to file an annual tax return. Expat tax CPA services based in Chicago can help you with this. A firm with high-quality US expatriate tax services knows how to navigate all this.
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Our Expatriate Tax Preparation Services
Filing your federal annual tax return as an expat means dealing with many potential pitfalls and traps. The specific tax services you might need will vary greatly based on your particular circumstances.
Federal Tax Return
If you meet the minimum age and filing status requirements for a federal income tax return, you have to file one every year, even if you are an expat.
State Tax Return
The federal government requires expat tax returns, but not all states do. If yours is one of them, we can help you out with both state and federal tax returns.
Form 5471
If you are an expat and a small business owner filing any other way than the sole proprietor, you'll probably have to file a Form 5471 for each separate business entity.
Self-Employed Tax Return
Standard income thresholds don't apply to self-employed expats. They need to deal with self-employment taxes for any income they make in excess of $400 across any given tax year they file for.
FATCA Reporting
FATCA reporting is a mandatory disclosure for anyone whose total assets abroad are worth more than $50,000. We can help expats with the regulatory paperwork surrounding this particular reporting rule as needed.
FBAR Filing
The Foreign Bank Account Report is a requirement for any persons who have foreign bank account balances over $10,000 at any point. An FBAR filing CPA can be a huge help here.
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Let Us Help
Expat tax situations and issues can be far more complicated than domestic tax preparation, planning, and returns. Turn to us for help in getting everything done correctly.
Contact usExpat Tax Preparation for Individuals
Our team of US expat tax accountants in Chicago can help citizens working abroad with any tax preparation and planning needs that they might have while outside the country. Federal tax returns are required every year, and state tax returns apply to some citizens. The rules and laws about international taxes can get very complicated, but we know the current statutes that apply to you and what you need to do to remain compliant and out of trouble with them.
Small business tax returns have to also be filed for expats operating certain tax entities, even when they're overseas. That can cover the self-employed, small business owners, and even property owners.
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Why Choose Our Expat Tax Preparation Firm
We offer remote services, help citizens of all states, have serious professional and certified expertise, and provide solutions you can rely on!
Remote services
Nationwide
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Solutions-driven
Our Expat Tax Planning Process
The whole process of doing expat taxes might seem intimidating, but it's much easier to handle when done in a step-by-step process. Ours involves certain actions you should take but find easy to do:
Schedule Your Appointment
Since every country is different for expats, we'll need this chance to talk to you and see what your personal situation involves.
Gather Your Documents
Just like with a domestic tax return, it's the paper trail that leads to your expat return being done right.
Round-Up All Your Receipts
Receipts can prove all your expenses so you get credit for the right deductions.
List Your Personal Information
Your personal information can get complicated if you are an expat or even a dual citizen.
Find Last Year's Return
Having access to this makes this year's return a lot easier to do.
Expat Tax Preparation FAQs
Do Expats Pay Double Taxes?
Most expats are victims of double taxation, depending on the country they live or work in. They'll be required to pay the local national government its share of due taxes. However, they're also required to file a return with the IRS and pay the American federal government income taxes as well.
How Much Does an Expat Tax Return Cost?
This will vary with each tax service, and it can go up based on complexity. However, a good general rule of thumb is to plan on $400 for federal expat tax returns and $150 for state expat tax returns.
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Reach Out to Your Expat Tax CPA
Contact us right away if you have any questions or concerns about any of this. We'll be happy to answer all your needs in terms of expat tax planning, preparation, and returns.