Tax return filing for American Residents and Expats

Most Indians who also have an American passport are probably aware of this. However, many have never chosen to file a tax return with the United States.

A tax return is a form for declaring income, expenses, assets, liabilities, capital, exemptions, taxable income, taxes, tax exemptions, as well as identity and location information, as the case may be, for business owners and legal entities subject to tax law. Direct, according to the type and volume of activity of the mentioned persons according to the samples prepared and announced by the organization.

Who is required to prepare and submit a performance tax return?

  1. all natural persons who own a business, who operate individually or in partnership, are required to prepare and submit a tax return for each financial year.
  2. all legal entities registered in the Companies Registration Office and legal organizations that have a license to operate from the relevant ministries and trade unions are required by law for each fiscal year balance sheet and profit and loss. Prepare other information contained in the return form and submit it to the Tax Administration.

This may be related to the fact that you are aware that there is usually no tax to pay to the USA even if you submit the tax filing USA. This is because the USA has rules which mean that persons residing outside the USA must not pay tax unless the income exceeds approx. USD 250,000.

Submit a tax return to the United States

Our clear advice is that Norwegians who are American citizens also submit a tax return to the United States.

If you have not previously sent such a tax return, the United States has an amnesty scheme which means that it is sufficient to send a tax return for the last few years. 

Reporting to the US is relatively time-consuming and there is no pre-filled tax return as we have become accustomed to in India.

Many people will have to submit a State of Delaware income tax return as they manage to start their businesses in Delaware in addition to a federal tax return. If you lived and/or worked in more than one U.S. state during the previous calendar year, you may be required to submit tax returns in each of those states. To determine your tax filing requirements, go to the state revenue website of the other state(s) where you resided and worked.

American Citizens who live abroad

Americans who go to another country like India to live and work will encounter a variety of new obstacles, ranging from managing cultural differences to meeting new people. The necessity to handle the complex tax regulations that apply to U.S. expats is one of these problems. US tax preparers in India can help you filing American Expat Taxes. While many Americans believe that leaving the nation relieves them of their tax duties, this is not the case; even individuals who relocate to the farthest reaches of the globe are required to submit a tax return with the IRS, however, there are several tax rules that favor American expats. If you or someone you know is a citizen of the United States who lives abroad, the staff at USAIndiaCFO can help.

By Admee