"(...) in this world nothing can be said to be certain, except death and taxes." (Benjamin Franklin) Just a short post this week, because many of you will have more important things to do. And this isn't something to procrastinate!
I think it was Suze Orman who suggested we consider taxes as paying rent to your landlord - you want to be sure he doesn't overcharge you. So, it's up to you to make sure he only gets what is due. Tax season is upon us all, if you're unsure about how to proceed, please ask for help. What I'm going to add here is: just, get it over with. Not sorting through those receipts is already making you nervous because you know you have to do it eventually, and the longer you wait, the more it'll stress you out unnecessarily, and the more money you are likely to lose. Below I've listed some resources to get you started:
- IRS: Expatriation Tax
- IRS: Instructions Form 8854
- IRS: Taxes for resident and non-resident aliens
- NuWire Investor: Living abroad Expat tax rules
Please go to the websites of revenue services in your country to make sure you've all the right forms and deadlines. If you've lived in two or more countries during the last fiscal year, ask your employer and your trusted Human Resources contact for the number of days you spent working in which country to ensure you comply with the various regulations.
Educate yourself which relocation expenses are considered income and therefore subject to tax (I know we had a nasty surprise in that department last year.)
Thank you to Renata for the free image.
Til next week, have a good one!
Disclaimer: I'm no CPA - you consult the resources at your own discretion.