Filing US Taxes as an American in Brazil
Are you a US Expat living in Brazil? Did you know that the United States taxes its citizens and U.S. green card holders on their worldwide income?
Do I need to file taxes if I am living in Brazil?
Yes! If you do not reside within the US or its territories or have any US income, you are still required to file an income tax return and pay taxes on your worldwide income. Congress has passed some very confusing new tax laws, which go into effect this tax season. By changing everything around, Congress has made filing an accurate return nearly impossible. In addition to income tax returns, you may be required to comply with Foreign Bank and Financial Account Reporting and Foreign Financial Asset Reporting. Very costly penalties can be imposed if you do not report correctly.
Not sure what to do? Have questions about your own tax situation? Get started today!
What if I haven’t filed my tax returns in years?
We specialize in handling past due tax returns. The IRS is offering delinquent taxpayers a new special filing procedure that may benefit you if you haven’t filed your returns in years. With our help, we can get you back on track with the IRS.
What if I am paying income taxes in Brazil? Do I have to pay taxes to the US?
There are opportunities for U.S. Expats to avoid double taxation on their foreign earned income through the Foreign Earned Income Exclusion (IRS Form 2555 or Form 2555-EZ) and Foreign Tax Credits (IRS Form 1116). You may qualify to exclude from income up to an amount of your foreign earnings that is adjusted for inflation ($91,400 for 2009, $91,500 for 2010, $92,200 for 2011, $95,100 for 2012, $ 97,600 for 2013, $99,200 for 2014, $100,800 for 2015, $101,300 for 2016, $102,100 for 2017). In addition, you can exclude or deduct certain foreign housing amounts - Housing Exclusion (IRS Form 2555) or Housing Deduction (IRS Form 2555). But you must file a tax return with the Internal Revenue Service to qualify for these benefits.
Preparing tax returns is always a hassle. US expatriate taxes add even more frustration because of the special tax rules for Americans citizens and Green Card Holders living abroad. There are many tax risks with filing a return for expatriates and green card holders, but there are also many opportunities. US Expat Tax Help specializes in US income tax preparation for expats and green card holders residing overseas. Get started today!
US Expat Tax Help provides year-round expert tax solutions for US expatriates residing overseas and for foreign nationals including resident or non-resident aliens with IRS tax exposure. We offer flat fee rates for our services.
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