This post was origininally published on March 2, 2017 and has been updated to reflect current filing thresholds. Whether you owe taxes, or need to file a tax return at all, will depend on both your income and “filing status”. I’d like to present a brief overview of income and filing status, and how to figure out if you meet the filing threshold for a given year. Not sure if you need to file a tax return? First, determine your "Gross Income" – add up everything you received wo
This post is not meant to be a comprehensive explanation of requesting extensions to file a tax return, and is definitely not legal advice. In the interest of time, I am posting this without my usually editing process, because you need this info NOW. Please message me with questions or edits. If you don't have time to file your tax return by the deadline, (April 15 or June 15 for individuals outside the US in April) you can file IRS Form 4868 Application for Automatic Extensi
I'm in Tel Aviv this week at a continuing education tax seminar from Werner-Rocca Seminars, Ltd. This afternoon I spoke to U.S.-based CPA's about some of the more unique aspects of preparing U.S. tax returns for Americans worldwide. The visual materials from my presentation are available via DOWNLOADABLE PDF HERE for a limited time.
CLICK HERE for English original האם את/ה קצת מאחר/ת בדיווח המיסים שלך? אולי לא ידעת שאת/ה חייב/ת לדווח לרשויות המסים בארה"ב, ובדיוק קראת את "מבוא לחיים בארץ", ורק עכשיו הבנת שיש לך דברים להשלים. איפה מתחילים? כל שבוע אני מדברת עם אזרחי ארה"ב החיים בחו"ל שלא הבינו שהם היו אמורים להגיש טפסי מס הכנסה לארה"ב מדי שנה. רבים קוראים לי כי הם שמעו שהם יכולים לקבל USD 1,000 מממשלת ארה"ב עבור כל ילד. מה שצריך לדעת אם יש לך ילדים בעלי מספרי ביטוח לאומי (social security numbers - SSNs), א
In 2017 the Israel National Insurance Institute ("Bituach Leumi") will be opening long-term savings plans for every Israeli child who was under the age of 18 on December 31, 2016. Bituach Leumi will deposit ₪50 each month, plus ₪500 when the child turns 18. Young Israelis who don't touch the savings until they turn 21 receive an additional ₪500. Parents may choose to make a matching contribution of ₪50 per month, deducted from their child allowance. Since the deposits are ret
There may be a new administration in Washington, D.C., but the "Obamacare Tax" is still weighing on high-earning Americans world-wide. The Net Investment Income Tax (NIIT), also referred to as the “Unearned Income Medicare Contribution surtax”, was initiated in 2013 to fund the Affordable Care Act (aka “Obamacare”) by taxing the highest earning Americans an additional 3.8% on “unearned” or “passive” income. Who pays? If you are filing a form 1040 tax return (the default indiv
Do you have children living at home? Do they all have social security numbers? Maybe you had a baby in 2016 and that social security application is somewhere in your to-do pile. Maybe you are a few years behind in your taxes, but, what's a few more months? Well, my dear fellow Americans, the IRS has seen our procrastinating ways and is aiming to put a stop to it. Some of the biggest recent tax changes hitting the average American are rules about claiming certain credits, such
Dear community, I'd like to take this opportunity to introduce myself. I am an American Certified Public Accountant (CPA) living in central Israel. Before moving outside the US and becoming an accountant, I enjoyed the EASY task of preparing my own taxes. I would gather my family's tax documents, sit down with my free online tax software, and input the information from the specified boxes while watching my refund add up. I never could have imagined that simply moving to anoth