Our Somerset County, NJ Expat Tax Services
FBAR & FATCA
Expatriates must report foreign bank accounts exceeding $10,000 in aggregate using the FBAR (FinCEN Form 114) and disclose foreign financial assets with Form 8938 if applicable. At Torino Accounting Group, we specialize in ensuring your expat tax compliance with these complex reporting requirements to avoid steep penalties and safeguard your financial standing.
Tax Residency Status
Understanding your tax residency status is crucial for determining your expat tax obligations. Even if you live abroad, the U.S. taxes its citizens and green card holders on worldwide income, but your residency status in a foreign country can impact your eligibility for benefits like the Foreign Earned Income Exclusion (FEIE) or Foreign Tax Credit (FTC). We’ll help you navigate the complexities of dual residency, treaties, and compliance to ensure you meet all requirements while minimizing your tax burden.
State Tax Obligations
Even as an expatriate, you may still have state tax filing requirements depending on your last U.S. residence or state-specific rules. We help you navigate whether you need to file state tax returns and explore strategies to minimize or eliminate state tax liabilities while living abroad.
Let Us Help:
Ready to come in for an appointment?
Click here to schedule a time to meet with us. We will NOT make dealing with a tax professional as painful as it’s been in the past!