TAXES

[medic3500]

I have procrastinated long enough, time to file my US Taxes. This will be my first year doing so from the Phillipines. Is there anything special I need to know or file as a expat here.

[Art, just a re(tired) Fil-Am]

Nothing special as long you don't have anything to declare in your home state, like property or a business!
I use Turbo Tax on-line every year for the past 10 yrs now. I just answered all of their questions and Turbo Tax did the rest, they prepared and e-filed all the necessary forms and it only took an hour to do from start to finish as long all the information is provided and complete! I already e-filed my State & Federal before March 22 using the 1040A short form and it only cost me around $56, but I think the fees has increased since March 22.
It's a small price to pay in eliminating the hassles and worries about doing our taxes! The cost will always be different from one person to another since everyone's taxes are not all alike! 
BTW, you can request for an extension since you reside overseas!
 

[medic3500]

I still have a house in the states I'm renting out until it gets sold but the market is really sluggish now and the house is upside down. What issues does this present?

[Art, just a re(tired) Fil-Am]

Just the usual issues that deals with home ownership in your state when it comes to property taxes and everything that goes with selling or renting your home. You'll find that all out when you do your taxes!
Have a fun income tax day! 

[suzukig1]

Overseas U.S. citizens and residents have until June 15 to file their tax returns without filing for an extension.

However, if you owe money that needs to be paid by April 15 to avoid paying a penalty and interest.

http://www.irs.gov/Individuals/International-Taxpayers/U.S.-Citizens-and-Resident-Aliens-Abroad

[Art, just a re(tired) Fil-Am]

For some retirees on a fixed income and or semi-retired, dealing with their annual taxes is somewhat stressful, but since the 2018 tax laws in the U.S. was revamped, alot of Americans were able to keep more of their earnings. I haven't really read any of the new tax laws before I filed our 2017 joint returns, but I did notice that I paid 40% less taxes for 2017 even though not enough Federal tax was withheld from my government pension. I had to adjust my 2018 tax withholding to break even for 2018.
I used Tax Slayer to e-file our joint returns because Turbo Tax gave me problems with their on-line software.

[Art, just a re(tired) Fil-Am]

Immigration,Visas to stay in the Philippines / Re: SRRV for former citizens
« Last post by FastWalk on Today at 08:31:16 PM »

Quote from: BudM on Today at 08:18:23 PM
LoL.  Anyone?  Well, you just go ahead and keep believing that if it makes your day.
Well,  tell me more.   You seem like a good sort from other stuff you write.  How is my comment offensive to you?  I don't like taxes myself.  If I was broke no taxes.


Immigration,Visas to stay in the Philippines / Re: SRRV for former citizens for former Filipino citizens.
« Last post by BudM on Today at 08:18:23 PM »

Quote from: FastWalk on Today at 07:38:51 AM
Personal perspective is that anyone that has issues with tax(s) are lucky and or smart.   It means they have some money,  otherwise there would not be any tax problem.

LoL.  Anyone?  Well, you just go ahead and keep believing that if it makes your day.

To stay on topic, I just put Fastwalks quotes here under TAXES since his comments had nothing to do with SRRVs.

For some retirees on a fixed income and or semi-retired, dealing with their annual taxes is somewhat stressful, but since the 2018 tax laws in the U.S. was revamped, alot of Americans were able to keep more of their earnings. I haven't really read any of the new tax laws before I filed our 2017 joint returns, but I did notice that I paid 40% less taxes for 2017 even though not enough Federal tax was withheld from my government pension. I had to adjust my 2018 tax withholding to break even for 2018.
I used Tax Slayer to e-file our joint returns because Turbo Tax gave me problems with their on-line software.
No matter what, people will always have tax problems whether they have little money or lots of money. Those who are homeless and broke don't have any tax problems. Their main concerns would be where will their next meal will come from or will they be able to find suitable shelter from day to day?