Learn how expats can avoid paying U.S. taxes and get tax-day tips from four professionals.
Did you know it's possible for expats to mostly get out of paying U.S. taxes? We spoke with four tax professionals to get this and other tax-day tips .
If anything, I would argue that filing on extension may actually decrease your audit risk. After all, many returns filed right at the deadline are filed in haste, some carelessly, and that can bring on an audit. Extensions can allow time to gather records, consider reporting alternatives, and get professional advice. After all, tax returns must be signed and filed under penalties of perjury, so it’s best to file accurately so you don’t have to amend later.
Bonafide residency, on the other hand, means you were a resident of a foreign country for the entire calendar year outside the United States. Note that claiming to be a nonresident in that country and paying no tax abroad could together result in not receiving a U.S. tax benefit. It’s complicated to meet the “bonafide residency” test and much clearer when you meet the “physical presence” test.
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