IRS tax deadline extended: Tax filing guide for expats
The IRS tax filing deadline in the USA that was initially on April 15 is extended to May 17 in the year 2021. This also allows the taxpayers who are interested in participating in the Annual Filing Season Program (AFSP) have time until May 17 to file their application with the IRS.
The immigrants who are interested in participating in AFSP have time to gain more knowledge about it. They can take help from The Accounting & Tax Company, who know the benefits, thereby assisting the expats to understand the pros and cons of each decision they take regarding finances.
However, this extension is applicable only for federal income tax. The State tax payments are supposed to be done by the taxpayers by 15th April 2021. The IRS advises people to consult the state tax agencies for all the details.
Steps Involved In Tax Filing That US Expats Need To Follow
It is always beneficial to take help from a company that is concerned with tax filing and accounting before taking a decision. If you are a US expat living in Canada, The Accounting & Tax Company provides Canadian Tax Consulting Service to people who are in need of it.
Here are a few points that can help expats understand the tax filing procedure better:
- The first step to filing taxes is to prove that you are an American citizen.
- The second step involves the person giving a time period of how long they have been staying abroad. This determines whether they are applicable to the tax extension dates or not.
- The third step involves the person understanding the deduction and exclusion in their tax payments. To understand this, people might need some expert advice. The Accounting and Tax Company are Expats Tax Consultants in Toronto that help US expats save money on their taxes.
- The fourth step requires the taxpayers to be informed about all the tax they are liable to pay. The expats are not just supposed to file annual taxes, they also need to pay other taxes like state tax returns or file Foreign Bank Account Reports.
It is crucial for the expats to understand the procedure and be aware of the tax payment dates so that they do not have to face any legal problems later on. Sometimes, it becomes impossible for the immigrants to take notice of all the taxes they are supposed to pay. Therefore, consulting a tax filing company always becomes necessary as they are aware of the terms and conditions related to tax filing and accounting.
The Accounting & Tax Company has provided services to expats for a very long time. They provide a Personal Tax consultancy service in Toronto in order to help out US expats with all the legal tax filing steps and guide them so that they can file taxes on time.
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