Are you aware of handy tools for expats to calculate tax? There are free US expat tools for tax calculation. In this article, we will discuss every single minute detail related to the Free US Expat Tax Calculator. Continue to read to get all the latest updates related to the Free US Expat Tax Calculator at USTAXFiling.in!
Being a citizen of the United States, you have to file a US income tax return every year regardless of where you reside. As an American staying overseas, you have to file additional income tax forms such as FATCA or FBAR reports.
It is never too early to prepare for the looming tax deadline of April. If your expat US taxes are still on your to-do list, you can check one of the several valuable instruments USTAXFiling.in expat tax services has engineered for expats: Our USTAXFiling Free US Expat Tax Calculator.
Let us take a look at how it works and what it is.
What Is the Free US Expat Tax Calculator?
USTAXFiling was founded by expats, and our leadership understands the pain of hiring an accountant only to find the payment structure costly, shocking, and unclear. This is the reason why we have got a US Expat Tax Calculator right on our website.
By answering some quick questions, you may find out:
- How much it will cost to file your US expat income taxes
- What US tax obligations do you have
- Whether you have to catch up on your income tax filing
Armed with these details, you may make an informed decision on the steps to take to meet your US tax expectations.
How You Should Use The Free US Expat Tax Calculator?
USTAXFiling’s US Expat Tax Calculator is well-designed to be as intuitive and easy as possible. The entire process will only take you a minute or three at most. It answers all your questions, and the US Expat Tax Calculator may use your input to consider your tax obligations and estimate how much it can cost to meet them.
Do you wish to get more information? No worries. Here is how it works.
Consider If You Have to File an Income Tax Return
For beginners, you have to understand how many years of federal income tax returns you have to file and whether you are also on the hook for state income tax returns. It may assist the US Expat Tax Calculator in telling you how many income tax forms you may need assistance filing.
Check If You Have to File an FBAR (Foreign bank account reporting)
The next step is to file a foreign bank account report. If you have $ 10,000 or more in your foreign bank account, you might have to file an FBAR (Foreign bank account reporting) to report it. Foreign bank account reporting is not filed with the Internal Revenue Service. Instead, you should file your Foreign reporting with the FinCEN or Financial Crimes Enforcement Network.
Remember
The foreign bank account reporting is an informational form. If you have to file the form FBAR, it will not increase your US tax liability.
Check with Your Custom Quote
The next thing is the price quote. You will be aware of what you should expect if you choose USTAXFiling to be your income tax this financial year. In simple words, how much it will cost to file income taxes? Or, if you are not aware of which services you may need, you may take a quick look at pricing and services to do your own estimate.
You must note that during the process of review, your accountant might realize that you have to file other schedules or forms because of your individual scenario. If this takes place, your price quote might change- and in exchange, you will get the confidence of knowing your income tax return is 100 percent accurate.
Know If the US Has a Tax Treaty with Your Host Country
Also, you wish to come armed with all the details of whether or not you should file Form 8833. It is not at all a scary thing: the form’s sole intent is to ensure that treaty provisions are applied. If you wish to do a quick check to know if your country of residence has a tax treaty with the United States? The Internal Revenue Service has made a list that you must check.
Learn If You Have to File Form 5471
The US Expat Tax Calculator might also ask if you:
- Are self-employed
- Have more than 10 percent of a business
- Require an expatriation statement
- Are the administrator or benefactor of a trust
If the answer is yes, you might have to file Form 5471: Return Information of US Individuals with Respect to Specific Foreign Corporations.
Consider If You Should File a FATCA Report
A FATCA report is the same as an FBAR. If you have foreign assets that are valued more than specific amounts, the Internal Revenue Service needs you to file Form 8938 to report them. The criteria to file the 8938 form are based on your filing status along with your location. With the FBAR, Form 8938 is a purely informational form and cannot increase your tax bill.
Consider If You Need Expert Assistance from Our USTAXFiling Accountants
If you think you might benefit from tax consulting, there is a place to choose that, too. Specifically, if you are planning to invest in starting a business property or saving for retirement, a consultation with one of our USTAXFiling accountants will aid you in choosing the best options for you.
If interested, you may work one-on-one with our USTAXFiling experts. Our expert IRS Enrolled Agents and CPAs have helped expats from across the globe to manage their US tax obligations, and they are always here to assist you, too.
Time Is Money: The Value of Getting Assistance with Your Expat Taxes
American income taxpayers spend a substantial amount of time to file their federal income tax returns every year. A recent report from the Internal Revenue Service is that it takes an average American about 11 hours to file Form 1040. You are an expat, not an average American, so in this case, it becomes too complex for you to file your income taxes.
Our expat tax assistants at USTAXFiling are experts. They are financial detectives who find every last exclusion and deduction that can save your hard-earned money without wasting your time.
Now that you have all the details that you require, you may make an informed decision on whether you wish to strike out on your own or leave it to the experts to get your US expat taxes done properly.
Get Assistance from an US Expat Tax Professional
If you have any doubts about your US expat income taxes, we have all the answers at USTAXFiling.in. Our USTAXFiling is highly educated and has years of experience to guide you properly with the Free US Expat Tax Calculator. Also, they have all the updates required to help you file your US taxes on time and accurately. Let us connect right away. And, if you are ready to put the US Expat Tax Calculator to good use, you can schedule a call with USTAXFiling right away!