For U.S. taxpayers residing overseas, contributing to a Roth IRA offers a powerful opportunity to build tax-advantaged retirement savings over the long term. However, the rules surrounding eligibility can be complicated, particularly when the foreign earned income exclusion and international tax treaties are involved. This article explores the key considerations expatriates need to consider when [...]
Traditional Individual Retirement Account (IRA) and 401(k) plans are essential tools for retirement savings, each offering unique tax advantages and rules that taxpayers should understand. Contribution Limits For the year 2024, employees can contribute up to $23,000 annually to a traditional or safe harbor 401(k) plan, with an additional catch-up contribution of $7,500 allowed [...]
Tax Implications of Health Savings Accounts (HSAs) and Premium Tax Credits (PTCs) Healthcare costs in the U.S. can be burdensome, but Health Savings Accounts (HSAs) and Premium Tax Credits (PTCs) provide valuable financial support. HSAs allow individuals to save for qualified medical expenses with significant tax advantages, while PTCs help make health insurance more affordable [...]
Starting with the 2025 tax year, the One Big Beautiful Bill Act (OBBBA) introduces several important changes that will affect U.S. taxpayers living abroad. Here is a concise summary tailored for expats: Key Individual Tax Changes Affecting Expats (Effective 2025): Permanent Extension and Increase of Standard Deduction: The increased TCJA standard deduction is now permanent and further increased [...]
As 2025 unfolds, U.S. taxpayers face a pivotal moment in tax policy. The House’s One Big Beautiful Bill Act (H.R. 1) and the Senate Finance Committee’s June 28 bill are reshaping the future of personal and business taxation. These reconciliation bills aim to extend, modify, or replace key provisions of the Tax Cuts and Jobs Act (TCJA), [...]
Summary of Key Provisions in the Proposed “Big Beautiful” Tax Bill In May 2025, the House Ways & Means Committee released an initial draft of the “Big Beautiful” tax bill, aiming to extend and make permanent many of the tax cuts originally enacted in 2017 under the Tax Cuts and Jobs Act (TCJA). While the [...]
LLC or S-Corporation? Here are some US Individual tax impact you may want to consider Entrepreneurs and real estate investors frequently turn to Limited Liability Companies (LLCs) for their versatility, liability safeguards, and estate planning benefits. As a preferred structure for new businesses and property ownership, LLCs can offer substantial advantages. However, they are not [...]
Great job if you have already filed your 2024 U.S. Individual Tax Return! For most individual taxpayers, the tax filing and payment deadline is Tuesday, April 15, 2025. If you are a U.S. citizen or resident alien residing overseas, you are allowed an automatic 2-month extension until June 16, 2025 to file. If you need to file [...]
We are excited to announce that our Managing Director, Christopher Chang, was a featured speaker at the American Chamber of Commerce Hong Kong event on March 19th. This event offers valuable insights as we explore what to expect from the Trump administration for US taxpayers living abroad. Here are the key takeaways from the event: [...]
There are few experiences that can strike as much fear as receiving a notice from the IRS, but in most cases, a calm and methodical approach can allow most issues to be resolved efficiently. Here are several reasons why the IRS might reach out with a notice, and we have several suggestions on how to [...]