Guide U.S. Taxation of Foreign Income

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U.S. Taxation for Foreign Entrepreneurs

Taxation of Income From Abroad — U. S Taxes on Foreign Income. When it comes to the taxation of foreign income by the U. The definition of U. Person is very broad, and extends to more than just U.

Typically exceptions do apply you do not pay taxes in the foreign country on income you earned outside of the country… Makes sense, right? Unfortunately, CBT is way more encompassing than the name implies.

US Taxes for Non-Resident Aliens

CBT goes far beyond taxing just U. It does not matter whether you reside in the United States or outside of the United States, and it does not matter if your income was earned from a U. The exclusion is claimed on IRS Form Two things to keep in mind : First, the IRS is cracking down on people trying to claim this exclusion.


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Rather, you have to file the return and claim the exclusion. Otherwise, how will the IRS know what you earned?


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In addition, due to increased enforcement through Foreign Bank Levies and Passport Revocation, compliance is a must. Depending on how much you have paid in foreign tax, and the type of tax — you may be able to claim a credit for the income you earned abroad against any taxes you owe on your US taxes, for the same income. The form you file is form individuals. If you are a higher income earner, you may be able to apply both the Foreign Earned Income Exclusion and Foreign Tax Credit to the same category of income but you cannot double dip.

If you qualify for the 2-month extension but are unable to file your return by the automatic 2-month extension date, you can request an additional extension to October 15 by filing Form , Application for Automatic Extension of Time To File U. Individual Income Tax Return , before the automatic 2-month extension date. However, if you qualify for the 2-month extension, penalties for paying any tax late are assessed from the extended due date of the payment June 15 for calendar year taxpayers.

Alleviating Double Taxation on Foreign Income at the State Level

Otherwise, if you do not qualify for the 2-month extension, penalties for paying late are assessed from the original due date of your return April 15 for calendar year taxpayers. Taxpayers with an AGI Adjusted Gross Income within a specified threshold can electronically file their tax return for free using freefile. Taxpayers with an AGI greater than the specified threshold can either use the Free File Fillable Forms or efile by purchasing commercial software.

U.S. Taxation of Foreign Investors

A limited number of companies provide software that can accommodate foreign addresses. To determine which will work best for you, view the complete Free File Software list and the services provided. Each taxpayer who files, or is claimed as a dependent on, a U.

Working out if you need to pay

You must express the amounts you report on your U. If you receive all or part of your income or pay some or all of your expenses in foreign currency, you must translate the foreign currency into U. Taxpayers generally use the yearly average exchange rate to report foreign-earned income that was received regularly throughout the year.

However, if you had foreign transactions on specific days, you may also use the exchange rates for those days. Yearly average currency exchange rates for most countries can be found at Yearly Average Currency Exchange Rates. This office is open Monday through Friday from a. EST and can be contacted by:.