TaxTerms: Expat Specific Language

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What is the Streamlined Procedure?

Do you need to make up years of back taxes? Maybe a couple of FBARs or two? No worries because the Streamlined ...

What are totalization agreements?

Totalization agreements are agreements between the US and other nations that benefit expats. Their purpose is to avoid double taxation. They have ...

What is the Physical Presence Test?

The Physical Presence Test is one of two tests you take to determine your eligibility for the Foreign Earned Income Exclusion. To ...

What is the Bona Fide Residence Test?

Expats who pass the Bona Fide Residence Test are eligible for tax exclusions and benefits like: The Foreign Earned Income Exclusion The ...

What is the FEIE – Foreign Earned Income Exclusion?

Essentially, the FEIE is Form 2555 on a US tax return. It allows any qualifying and taxpaying American expat to exclude around ...

What is the Foreign Tax Credit?

The FTC, or Foreign Tax Credit is an expat tax benefit that gives you a dollar-for-dollar reduction towards your foreign earned income. ...

Foreign Financial Accounts

Any financial account (bank, pension, investment vehicle, etc.) that is located outside of the U.S. Was this Article helpful? Let us know ...

What is the Streamlined Filing Compliance Procedure?

Freaking out because you didn't know you had to file your US taxes abroad? The Streamlined Filing Compliance Procedure allows you to ...

What is the Foreign Tax Credit?

Generally, the Foreign Tax Credit allows you to get a $ for $ (euro, pound, yen, etc.) credit from the income taxes ...

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