Time For Taxes CPS Family Office, offering services in US tax compliance and international taxes, shares need-to-know information on US taxes ahead of the 2022 filing season. The New Year is upon us, and while most of us welcome and look forward to the year ahead, a new year also means that we need to start thinking about filing our US taxes. This year the filing and payment due dates for individuals are as follows: April 18th – Initial due date (for those residing in the US) June 15th – Due date for individuals who reside overseas on April 18th
exclusion. You qualify for this if you have foreign earned income and meet either a residency or presence test. If you qualify for the full exclusion, each taxpayer will be able to exclude from tax up to $108,700 of their earned income. This includes self-employment income as well, but self-employment taxes still apply on the full amount of any net earnings from self-employment.
An additional housing exclusion is allowed for housing expenses which includes rent and other October 15th – Extension due date for reasonable expenses. This amount is adjusted those filing a request for extension each year, and specifically for certain major cities Interest for any taxes due begins to accrue such as Singapore where the cost of living is from April 18th, while penalties for late filing and generally high. The amount of housing expenses late payment apply from June 15th (for expats). cannot exceed an annually prescribed amount Technically, all tax due should have been paid in ($84,100 for Singapore). advance via quarterly estimated payments. It is important to note that claiming the foreign earned income and/or housing exclusions Foreign Earned Income and requires an adjustment to any associated foreign Housing Exclusion tax credits that you claim on your return. One of our favorite tax breaks for living overseas is the foreign earned income and housing
