As an American expat living overseas, understanding and meeting your tax obligations is crucial. Failing to comply with tax deadlines can result in penalties and unnecessary stress. Here are 5 key tax deadlines that American expats should be aware of, to ensure a smooth and compliant tax filing process.
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1. April 15th: Individual Tax Return Deadline
The April 15th deadline is the primary tax filing deadline for most Americans. However, American expats, living overseas, receive an automatic extension until June 15th to file their individual tax returns ( Form 1040). It’s essential to take advantage of this extension to file your local tax return and gather the necessary documents and accurately report your income and assets.
2. April 15th: Payment deadline
Although the filing deadline for Americans overseas is June 15th, the deadline to pay the tax you owe is April 15th.
3. June 15th: Estimated Tax Payment Deadline
American expats are required to pay estimated taxes on their income, including wages, self-employment income, and investment returns. These can be reduced, in 95% of the cases to $0, by filing the right tax forms and the proper use of the available tax credits. The June 15th deadline is crucial for submitting your estimated tax payments for the current tax year. Failing to meet this deadline can lead to interest charges and penalties.
4. October 15th: Tax Return Extension Deadline
If you require additional time to file your tax return, you can request an extension until October 15th, Form 4868. However, it’s essential to note that the extension only applies to filing the return, not paying any taxes owed. Make sure to estimate and pay any taxes owed by the original April 15th deadline to avoid interest.
Do you have to file FBAR? October 15th is the final deadline.
American expats with financial accounts overseas must file the Foreign Bank Account Report (FBAR) if their aggregate value of all foreign accounts exceeds $10,000 at any point during the year. The FBAR deadline is October 15th. Failure to comply can result in severe penalties.
5. December 31st: Final Tax Return deadline (2nd extention)
Missed the June and October deadline? No worries, if you have requested the extensions properly you need to file your tax return before December 15th.
There is no extension available for FBAR filing, October is the last deadline to file your FBAR.
Note: the above deadlines are approximate deadlines. Each year the IRS determines the exact deadline, usually a few days after the approximate deadline depending on weekends and holidays.
Expats Overseas, one-stop shop filing for expats
Filing US tax living abroad can be a complex process. However, you don’t have to navigate the nuances of the US tax code and your local tax system alone. Expats Overseas is here to help. Our network of expert tax advisors specializes in expatriate taxation and can accurately and efficiently file your US tax return(s) and navigate the local tax system.
By partnering with Expats Overseas, you can prevent double taxation, take advantage of tax credits you’re eligible for, and ensure compliance with both US and local tax laws.
Don’t let the complexities of expat taxes overwhelm you – contact Expats Overseas today to get started on your tax journey.
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