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Do you have a good idea to see if you owe tax this year?
If you live in a low tax country - such as Hong Kong, Dubai or Singapore - you may owe US tax. To avoid penalties and interest, make estimated payments based upon a tax projection.
|March 15, 2021|| |
Tax filing due date for non-personal returns:
|April 15, 2021|| |
|May 17, 2021 (Special IRS Extension due to COVID-19)|| |
|June 15, 2021|| |
|September 15, 2021|| |
|October 15, 2021|| |
|December 15, 2021|| |
Final date to timely file tax return for last calendar year for expats who requested an additional 2-month extension.
If you owe money to the IRS, you might be wondering when it's due (especially with the filing extensions granted you as an expatriate). It's easy to be confused, as an expat, about the deadlines for U.S. taxes. In this article we will cover the deadlines for tax returns and FBAR forms, as well as how to file for an extension if needed.
All Americans know "tax day" as April 15th. And while this is normally the case, the tax filing deadline will be pushed to the following Monday if the 15th falls on a weekend or a holiday.
The above table outlines deadlines but many forms are omitted. Why? Any form that is submitted as part of Form 1040 is due at the same time as Form 1040, including any extensions.
For example, forms commonly filed by expats, whose deadlines will be Apr 15, June 15, Oct 15th, or December 15th - depending on where in the world you live (Stateside or abroad) and which extensions you have applied for: Form 5471, Form 8938, Form 8865, Form 8621, and more.
As an expat, your necessary tax documents may arrive at different times than you were accustomed to in the U.S. So, when are federal taxes due? To accommodate you, the IRS automatically extends your filing deadline to June 15th, 2021. This automatic kindness does not extend to money owed, however.
Any money you owe the IRS will still be due on April 15th (or the following Monday if April 15th lands on a weekend or a holiday). In other words - you are allowed an automatic 2-month extension to file your return and pay federal income tax if you are a U.S. citizen or resident alien without incurring late penalties.
Even though you are allowed an extension to file, you will have to pay interest on any tax not paid by the regular due date of your return (ie April 15th).
Any payments made after June 15 will be subject to both interest charges and failure to pay penalties.
Without filing, you may not be aware of how much money, if any, you will owe. Regardless, interest on money owed will begin to accrue as of April 16th. If you expect to owe money to the IRS, it is wise to file as early as possible to avoid a higher payment at a later date.
Your first quarter estimated tax payment is also due to be made on April 15 using form 1040 ES. Please note that underpayment of estimated taxes by as much as $1,000 or more for the year will generate an underpayment penalty - even if all payments were made on time. If your self-employment income exceeds your previous year income by more than 10%, contact your tax advisor to revise the estimated payment amounts.
If you do not file the necessary form to extend your personal return and end up owing taxes, failure to properly extend the form will result in a large penalty of 5% per month of the tax due up to a maximum penalty of 25% of the tax due plus interest. Best to not miss filing that extension due to this high penalty.
Even with the automatic two month extension until June, it is possible that your documents may not arrive in time. you can request an additional extension to October 15th.
Please press ‘request federal extension’ in your client profile and TFX will file a U.S. tax expat extension for you.
If you need to extend your expatriate return beyond that date in order to qualify for the foreign earned income exclusion you need to file Form 2350, which we can also assist with.
In addition to filing with the IRS, many American expats are required to file a foreign bank account report (referred to as an FBAR). The FBAR is required for any expat who has over $10,000 in foreign bank accounts at any point (even one day) during the year. Anything over $10,000 (and this figure applies to all foreign accounts combined) must be reported.
Deadline to file FBAR is Apr 15th, but taxpayers are awarded an automatic extension through Oct 15. FBAR is filed with the Treasury, not with the IRS.
Many expats falsely assume that they do not need to file an FBAR. Note - "Foreign financial account" is not limited to simply standard checking and savings accounts, however. You must also take into account your mutual funds, trusts, and brokerage accounts. Also, your business accounts may need to be included. Contact an international tax expert if you are unsure of how to proceed. And do not put the calculating off until the last minute. If you have multiple accounts, this can be a very complicated process.
Federal Tax Return Expat Tax Deadlines & Due Dates Only are Listed Above - Various states may have other filing deadlines - This only includes the most common filing dates and should not be relied on for all filing dates.