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Working Overseas and Filing Back Taxes While Abroad

It is a general misconception that living overseas or working abroad excludes US citizens from filing US taxes.

In truth, whether you are working overseas or working in the United States, you are typically still required to file a US tax return simply due to the fact that you are a US citizen.

While the rules in this regard may have been different many decades ago, today this is how it is done. That said, there are some determining factors deciding whether or not it is necessary to file taxes abroad.

Talking With Atlanta IRS Tax Lawyer

For example, one factor that is taken into account with regard to whether or not you must file taxes abroad is simply how much money you have made.

In addition, your filing status and age will also play a key role in determining whether you must file taxes. Your income threshold while working overseas is determined in the same way.

Talking with an Atlanta IRS tax lawyer is one of the most resourceful ways of knowing for sure exactly where you stand when it comes to filing taxes while working overseas.

Foreign Accounts

Other complexities involved with working abroad include dealing with money that is residing in a foreign institution or bank when the amount is more than $10,000.

Your tax attorney in Atlanta can discuss foreign accounts and the various aspects of holding cash in a foreign bank. Equally complex is when a client has received what is known as a gift from a foreign trust or an individual overseas.

This requires that that person fill out a particular type of IRS form in order to report the income properly.

Working Overseas

In most cases, money held overseas that is a gift must first be converted to US currency at the current exchange rate.

This is another instance where an IRS lawyer in Atlanta can walk you through exactly how to accomplish this goal. Clients should know that there are many situations where they will not be required to pay taxes when working overseas but each case is unique and different.

There is also something known as the foreign earned income exclusion in addition to the foreign housing exclusion. Talk with your lawyer about these also.

Getting Tax Help In Atlanta

These two important aspects of working overseas can save taxpayers a substantial amount of money.

As a note, those who have failed to file on time when working overseas should not delay filing taxes because the penalties only become more severe overtime. Always work with an Atlanta tax professional to ensure that all forms have been properly filed.

Getting tax help in Atlanta will ensure that the right forms are selected and that they are filled out correctly. This also helps to improve the chances of gaining the largest and most substantial deductions.

Follow these simple "working abroad" tax recommendations to stay in compliance and save yourself money.

Contact The Gartzman Law Firm, P.C. an Atlanta, Georgia tax lawyer today to learn more.

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