We all know how painful it can get at the end of the year when we need to file our taxes.
Step 1 : You need to get W2 from your employer.
Step 2 : You need to look at all your investments and get the required 1099 forms from various institutions and keep them safely until you are ready to file your return.
Step 3 : You also need to report any foreign income under the FBAR (Report of Foreign Bank and Financial Accounts) and need to get bank statements and tax withholdings from your overseas banks.
Added to this is the complexity of tracking the number of days spent outside your home country to determine resident status for tax filing. You can now store all this information securely in Zoomlee under finance category and send all this information to your CPA with just one click through an email. And yes, tax tracking days has been made simpler with Zoomlee’s automatic GPS based tracking when you travel. Enjoy your travel and let Zoomlee take care of filing your taxes for 2015!
Zoomlee makes international travel pain free with features designed for frequent travelers.
Travel safe and stress free with Zoomlee…
Expat, a blog from The Wall Street Journal, recently published an article titled, “Expat to Expat Advice: Global Nomads Tell All.” In this article they compiled advice from expats who provided their own top tips and tricks for people heading overseas on expat adventures.
Advice from Expats:
“Be really clear on work visa requirements before you set off to look for a job…”
“Keep careful records and make copies to survive the bureaucracy.”
“Sort out your taxes before, not after”
“Even international schools with U.S. college prep don’t do a great job getting high schoolers prepared”
“That I was expected to file U.S. taxes.”
“Get a lawyer and an accountant right away.”
Eliminate the time you spend tracking international travel days and use Zoomlee’s tax-tracking function.
IRS… Audit… Income taxes… Federal… State… These are basic US tax terms that most people are familiar with and easily navigate through every April. April isn’t so simple if you’re a taxpayer living abroad, resident alien, foreign student, territory resident, nonresident alien, or one of the millions of people who are required to file international taxes. For these individuals, tax lingo isn’t so basic… Foreign Earned Income Exclusion, Foreign Tax Credit, Tax Treaties, Foreign Account Compliance Act and the ongoing struggle to keep up with filing dates and currency exchange. Do you know that you need to pay taxes on your global income in the US if you are a resident for more than 183 days in a tax year? That puts you in the category with millions of other International Taxpayers.
Every International Taxpayer falls under a different category. These categories can appear convoluted but it’s important to understand exactly where you sit. The IRS recently created a user-friendly map to help you determine exactly what category you belong. Visit the IRS’ official site for International Taxpayers.