US Citizens and Green Card holders residing abroad are required to report worldwide income and file US Federal Tax Return each year. Regardless of where you earned the income or whether you have also paid taxes in the country in which you reside, you are still required to file the US Federal Tax Return.
 
US Expats will need to complete Form 1040 with Form 2555 (Foreign Earned Income Exclusion) and/or Form 1116 (Foreign Tax Credit) to avoid double taxation. In order to qualify for the Foreign Earned Income Exclusion, you must meet the following requirements: 

• You must have Foreign Earned Income 
• Your Tax Home must be in a Foreign Country 
• Pass the Bona Fide Residence Test or Physical Presence Test

The Foreign Earned Income Exclusion allows you to exclude $102,100 from your Foreign Earned Income on your 2017 taxes, $104,100 for 2018, and $105,900 for 2019. 

If a US Expat is associated with any Foreign Financial Accounts where the cumulative balances exceeded $10,000 at any time during the tax year, a FBAR Report must be filed with the US Department of the Treasury. Expats living abroad are also required to comply with the FATCA regulations and file Form 8938 if their Specified Foreign Financial Assets exceed the following thresholds:

• $200,000 ($400,000 if Married Filing Jointly) at the end of the year
  OR
• $300,000 ($600,000 if Married Filing Jointly) at anytime during the year

When it comes to US State Tax Returns, every State is different. Some States are more favorable for expats and other States leave the burden of proof on you to prove that you are no longer a resident.

 There is an automatic extension beyond the US tax deadline to file US Expat Tax Returns till June 15th. You need to file Form 4868 if additional time is required, which will allow you to file your Tax Return until October 15th.

 Finalysis is providing fast and efficient Tax Preparation and filing services for our clients with an online system for sharing documents and information; please follow the process indicated below:

• Create Your Account & Update your Profile 
• Upload your Tax Documents and Foreign Information File
• Review Tax Summary and make Payment 
• Review Tax Return and send Efile Auth Form

Once the above steps are completed, your Tax Return will be e-filed to IRS and the FBAR (if required) to US Department of the Treasury. If the Tax Returns can’t be e-filed for any reason, we will provide the instructions to send your US Tax Return by mail.