How to be Relaxed With Online Tax Filing Services?

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How to be Relaxed With Online Tax Filing Services?

• The American government expects all citizens to
  pay their taxes on time, even if they are living
  and/or working abroad. There are more than 40
  countries around the world which have a tax
  treaty with America, which makes them liable to
  exchange tax-relevant information on anyone
  residing in the country who is an American
  citizen. So it makes sense to do your due
  diligence and file your taxes on time in order to
  avoid the heavy penalties that the IRS imposes on
  those that dont. Residing in a foreign country
  doesnt give you any leeway when it comes to
  filing taxes, so the best way to ensure that you
  file your taxes on time is through reliable
  online tax filing services.

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• Tax return services help expats not just file
  their taxes on time, but also give them valuable
  advice and assistance regarding calculation of
  tax payments, claiming exclusions, earning
  thresholds, what exclusions they are eligible
  for, etc. What must be remembered is that there
  are different rules and regulations for different
  situations and these might change without your
  knowledge. For example, if you are self employed,
  having your own foreign company, and are paying
  payroll taxes of that particular country, then
  you dont need to pay social security taxes to
  the U.S. government. If, however, self employed
  as an independent contractor, then it is
  mandatory to pay the U.S. determined payroll
  taxes based on your net earnings.
• Not knowing the full picture regarding your tax
  liabilities can result in either loss of money
  through unnecessary taxes or through penalties.
  Whatever income you have in another country,
  whether it is royalties, a trust, capital gains,
  dividends, rental income, is subject to be taxed.
  Earned income of up to a certain threshold (which
  does not include the categories mentioned
  previously) is liable for tax-free earnings. This
  is best advised by a tax attorney or CPA from
  reliable expat tax services.

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• One of the luxuries that the IRA gives to expats
  is that they can take 2 month extension on their
  return, which will be till June 15, without
  having to request an extension, as this is an
  automatic extension. However, this will not
  exclude you from having to pay interest on the
  tax amount that was not paid by the due date of
  April 15. However, if you are still unable to pay
  your taxes by June 15, the date of the automatic
  extension, you will have to file for an
  additional extension, which will be given till
  October 15.
• There are a lot of such little details that make
  a huge difference in your tax filing. Some of
  these may be known to you and some may not be
  known. That is why it helps to take the advice of
  a professional and qualified CPA or tax attorney
  whose job it is to keep up-to-date with tax laws
  and regulations of the United States. Filing your
  taxes online under the guidance of these
  professionals ensures that you make no mistakes
  whatsoever.

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