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Spring Cleaning Your Finances: Be Prepared for Filing Taxes

Spring Cleaning Your Finances: Be Prepared for Filing Taxes

Every year in early March, many US expats notice the date, realize that tax-time is approaching, and get overwhelmed. For US expats around the world, the issue of filing taxes in our home country and in the USA feels like a really big deal. It is a task that cannot be avoided, though. In order to alleviate the extra anxiety, I recommend a “Spring Cleaning” of your financial …

The New 2017 Self Employment Tax Law

Self Emloyed

There is a new law that was passed and takes effect as of January 1, 2017 regarding a mandatory requirement for all self-employed individuals to put away money in a pension and unemployment fund.

This new law will be enforced from January 1, 2017, and will apply to all self-employed individuals in Israel from age 21 and until age 55. The law requires depositing money into pension …

The Best Bank Account and Credit Cards to Use While Overseas

Withdrawing money from an ATM abroad or paying with your US credit card when traveling outside of the US can cost you some big bucks. Between ATM withdrawal fees and foreign transaction fees, you can rack up a few hundred dollars during your trip. When you withdraw local currency from a …

U.S. Expats Must File Tax Returns With IRS

Despite the fact that the United States has reciprocal tax treaties with numerous countries, U.S. citizens living in them (expats) must also file tax returns with the U.S. Internal Revenue Service (IRS), even though they may not have any taxes to pay.

Unfortunately, almost 60 per cent of the estimated …

Making Aliyah to Israel? These 9 Aliyah Blogs Have All the Info That You Need For a Soft(er) Landing

Aliyah blog - making Aliyah to Israel

Making Aliyah to Israel can be a very challenging process. The following list of Aliyah blogs can help soften your landing. Getting the right Aliyah resources can literally save you hundreds of hours of frustration and thousands of dollars. Learn from the pros on how to do it right and what to do when things go wrong.

A Mother In Israel
As they say, “Mother knows best”. This blog …

  • Posted: December 21, 2016
  • Tags: Israel
  • Comments: 1

Update: Tax Break Package 2016 (Israel)

Israeli Citizen Paying His Taxes (circa 1960-65)

Who is eligible?

Only 3 people are eligible for Israeli  tax benefits:

“Oleh” – A new immigrant
“Senior Returning Resident” – Citizens of Israel who return after 10 years of living …

  • Posted: November 23, 2016
  • Tags: Israel
  • Comments: 0

The Impact of BREXIT on U.S. Expats Living in the U.K.

Last month’s decision by the United Kingdom to leave the EU sent shockwaves across the financial world. Financial markets became reacted with volatility, and the value of the British Pound plummeted to 31 year lows.  Brexit will also have a unique impact on US expats living …

You May Be Spending Too Much On US Taxes

When filing your U.S. tax returns from Israel, you or your accountant will likely utilize either the Foreign Tax Credit or Foreign Earned Income Exclusion to ensure that you don’t end up owing any money to Uncle Sam….

Fbar Filing Requirements for Children

Are there FBAR filing requirements for children?
When does my child need to report his foreign bank account interest on my Form 8938?
A child is responsible for filing his own FBAR report if the aggregate value of his foreign financial accounts exceeds $10,000 at any time during the calendar year.  If for any reason, including …

More Questions from US Expats Who Live in Israel

 

Q #1: Starting in 2015, if you are filing form 2555 or 2555-EZ you cannot claim additional child tax credit. Can anyone tell me who has to file these forms? I don’t remember filing either of them in previous years.

Although if someone heard that beginning in 2015, a filer of IRS Form 2555 or …

  • Posted: July 3, 2016
  • Tags: Israel
  • Comments: 0