US corporations who are doing business abroad need to pay income tax according to their host country’s tax laws.

To avoid double taxation, these US corporations CAN claim foreign tax credits against the income tax they are already paying.

The Foreign Tax Credit may be limited, depending on the type of income and the foreign country’s tax rate.

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A solution for this could be to check the date you bought the stock and then find the price of the stock on that day.

You subtract the amount of money spent on the investment from the amount you got when you sold the stock. The difference is your capital gain.

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If you are receiving alimony, it may be considered income and it is taxable by the IRS. On the other hand, if you are the one paying alimony you can deduct it from your tax return. Whether your ex-spouse is a US citizen or not is not important.

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If you are a US citizen, you need to report your worldwide income if you meet the IRS tax filing threshold. Why? The US is one of the two countries that have citizenship-based taxation; the other one is Eritrea.

With MyExpatTaxes, you’ll be guided by our software to select the types of income that need to be reported. It is classified as US source and Foreign source income:

us standard tax documents myexpattaxes

Source Income would be input under the “US Standard Tax Documents” section, which looks like this:

us standard tax documents feature myexpattaxes

You’ll need to select which forms did you receive to input your US source income:

us source income types of income myexpattaxes

Foreign Source Income is on the tax return section on the navigation panel. You'll need to choose “Select Income” as such:

select types of income feature myexpattaxes

types of income for tax year myexpattaxes

Once you have input your income our software will automatically calculate the most beneficial expat tax benefit that you could use based on your tax situation. If these throw a red flag, a tax professional will review it further.

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Don't worry! You need to take very easy steps to start filing with us.

Firstly, create an account (for free) then fill out your information. You can also save your progress and come back anytime. If you are on our website, you’ll just need to select the “Get Started” button; please see below:

Then select “Sign In” there are two buttons to sign in you can choose any of them/you may also use this link to log in:

After signing in to your account, you go through our questionnaire. That will guide you through the process based on the answers you give.

Once you paid the fee, your draft tax return(s) will be generated and you'll be able to access it through the app within a few minutes.

You can then provide feedback on them directly on the app and either reject the drafts or proceed to authorize us to finalize your return.

Lastly, confirm the results and calculations. Our expert tax team will e-file your tax returns with the IRS and you will be notified along the way.

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We offer a two-factor accuracy check system. This means that our software looks for errors, and then you get to look at everything for a final check before it is e-filed.

With MyExpatTaxes, you’re in complete control. You can save, go back, edit & update anytime.

When finishing up with MyExpatTaxes, we give you a draft of your return, and you can let us know where edits need to be made. Then our tax team gives a final check before sending it to be e-filed.

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Filing Form 2555 (The Foreign Earned Income Exclusion) is commonly used by US citizens who live outside the US. The FEIE allows any taxpaying qualified US expat the right to exclude a certain amount of foreign earned income on their tax return. Foreign earned income can be your salary, wages, or any other amounts paid to you for personal services rendered by you abroad. You may visit this link from our website to know more.

Please see the steps on how you can fill out Form 2555 using the software:

Firstly, log into your account. If you are on our website, you'll just need to select the "Get Started" button; as seen below:

form 2555

Then, select "Sign in." There are two buttons to sign in you can choose any of them.

feie myexpattaxes

Once logged in, you may select the “Foreign Earned Income Exclusion Form” on the navigation panel on the left side of the page:

foreign earned income exclusion myexpattaxes

You can always reach out to our Support team at team@myexpattaxes.com if you need any help while filling the questions. Or you can request a chat on our website for real time assistance we are open during business days.

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There are 3 ways on how you can check if your tax return was successfully approved by the IRS.

  • The first thing to do is visit the IRS Where’s My Refund website
  • Then you have to select “Check My Refund Status,” please see below:

  • Once selected, you would be asked for the following details make sure you have access to your tax return or you have it in hand.

  • If you are expecting a refund, you may check the amount on your 1040 Form you would see the amount of refund under line 35a, please see below:

  • If you are not expecting a refund, then you may enter 1 on the Refund Amount field to check it.
    • Keep in mind, this just shows it was submitted, it will never be fully “processed” as there is no refund

We recommend this phone number: +1 267-941-1000 for international callers or overseas taxpayers, Option #1, #4, #1 to speak to an IRS Agent specifically about your case.

  • By registering thru Get Transcript, you’ll be able to view, print, or download your tax return transcript. Once your tax return is available through Get Transcript tool, it means that the IRS has successfully approved it.

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The IRS has strict requirements that you need to follow in terms of e-filing. If you have not complied with the IRS rules, your tax return will most likely be rejected.

There are some cases where you might have misspelled your name, or your number doesn’t match the IRS record. If your tax return has been rejected for these reasons, we’ll send you an email on what seems to be the issue and where in the software you can update your information.

Here are some steps that you’ll need to take if your tax return gets rejected:

  1. Check and review the email we’ve sent you on what seems to be the cause of why your tax return gets rejected
  2. Follow the instructions on how and where you can update the inputs in the software. You’ll be receiving direct links from the email, and you must be logged in to your account so the link will work.
  3. Once done with the changes, make sure to reply directly in the email that was sent to you from the MET Support team, so your taxes can be finalized again and ready to resubmit to the IRS

If you have checked, your name, date of birth, and Social Security number are correct. You might need to reach out to the IRS and SSA to verify if your information in their database is accurate.

We recommend this IRS phone number: +1 267-941-1000 for international callers or overseas taxpayers, Option #1, #4, #1 to speak to an IRS Agent specifically about your case.

For the SSA, you may reach them thru this number +1-800-772-1213.

If we have also received rejections that your tax return has the same information as a previously accepted return. This means that the IRS has a record that your tax return has been successfully filed and accepted. If you are not aware of it, then someone might fraudulently file using your information.

You will need to follow the steps here to claim Identity Fraud with the IRS:
https://www.irs.gov/newsroom/taxpayer-guide-to-identity-theft. See Section "Tax-Related Identity Theft."

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Tax returns can be randomly chosen for audit checks and we’ve planned for that. If you get audited, please send an email to auditsupport@myexpattaxes.com so we can inform you of the audit process and help prepare you.

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