Expat Tax Projection - Next Year Tax Calculation Service

Expat Tax Projection - Next Year Tax Calculation Service

“Big ticket’ life events such as moving abroad, job promotion, divorce, retirement or selling one’s house will likely result in significant changes to your income - and will likely lead to large changes in your tax obligations.

The Catch-22 is that the IRS expects you to make estimated payments (due to higher income) this year, even though your return will only be prepared & filed the following year! This is where we can help.

The most common events that may trigger a large tax bill for American expats include
  • Significant increase in wages
  • Planned excessive stay in the U.S.
  • Change in one’s filing status (single <-> married)
  • Commencing withdrawal from pension fund
  • Starting a business
  • Sale of property
  • Disposition of stocks resulting in capital gains
  • Severance payment from former employer
  • Moving to another country

Our Tax Projection service will help you determine how much money you have to set aside for future tax obligations in order to avoid getting caught off-guard by an unexpectedly high tax bill (and IRS penalties for underpayment of estimated taxes ).

This service requires a $350 retainer, but $250 remains as credit for when your tax return is ready to be prepared. Thus net cost (if we prepare your return thereafter) would be $100.

Tax Projection deliverables include:
  • Draft of form 1040
  • Vouchers for the estimated IRS payments.

The goal of this service is to help you get ready for the upcoming tax season and avoid potential tax penalties (that will certainly happen if you are not prepared).

The tax projection is quantitative. If you would like to get advice on the moves you can make now that could minimize your anticipated tax bill we can offer you the Mini Phone Consultation service which is a qualitative discussion on the phone.