According to IRS.gov, there are indicators that specify how long you should retain certain legal documents pertaining to your taxes. Below is an excerpt from the website.
The length of time you should keep a document depends on the action, expense, or event which the document records. Generally, you must keep your records that support an item of income, deduction...
What is a US living trust?
A living trust is a common planning vehicle in the US that is typically used for administrative ease. It can work as an alternative to a will, because assets will pass on in line with the trust deed and without being subject to probate after...
A PFIC is a Passive Foreign Investment Company. It’s an investment fund or collective investment and it is taxed at a disadvantageous rate in the US. The PFIC problem is a confusing one and is a common US Expat mistake. Failure to address PFIC problems once they are identified...
Each and every taxpayer, independent of where they reside, has a set of fundamental rights they should be aware of when dealing with the IRS. Explore your rights and our obligations to protect them.
Planning your financial future can be a daunting task at the best of times. It can require a degree of introspection around the "big" life moments e.g. when can I afford to retire, which can appear intimidating. For this reason, the use of cashflow modeling can offer a sense of reassurance and is...
If you are a US citizen required to file income taxes, here are some of the key dates you need to keep in mind in 2023:
You are an overseas American now confronted with tax and banking issues in the United States. Overwhelmed? Frustrated? Confused? You are not alone. Recently, a reported 9 million US Americans live overseas, and the majority have some sort of tax and banking issues.
The first question is usually "Where Do I Start?" which is quite easy...
