US Expat Taxes and You
For taxpayers with a year-end balance date, the last two months of the year provide a valuable opportunity to plan for tax liabilities. We can help you to avoid falling into many different tax traps. Our experts can assist with planning for your US expat taxes so you are never left exposed.
Effective tax planning will identify tax exposures that, without being addressed, lead to more tax being paid than would otherwise be due if some advance planning had been done.
Multinational Tax Obligations
A tax presence in two or more countries warrants attention at a time during the year −
a) when the taxable income of an individual of one country is close to certain, due to the imminent close of the tax year; in the case of the United States, for most taxpayers, the calendar year, and;
b) when the planning is done near to, but not right at the end of the year, to provide a window of opportunity for the taxpayer to execute transactions before the end of that year that will assist with minimization of taxation. Conversely, it may be advantageous from a tax perspective to consider delaying a transaction that was scheduled to occur, before the end of that year, in order to minimize taxation, for example the sale of an asset, and;
c) when the planning is done towards the end of the tax year of the country in which the taxpayer also has a tax presence; in the case of New Zealand, for most taxpayers, 31 March each year.