Tax and Accounting Services for all types of Americans Abroad; Artists, Athletes, Business Owners
Wing to Wing LLC assists Americans, US citizens, and US green card holders who are working abroad. Since taxes for American’s abroad are complicated, to say the least, please be advised on some key points:
Americans can exclude from US taxation (not foreign taxation) $108,700 when filing their 2022 taxes. In 2023 the exclusion increases to $120,000. You may also exclude from income an amount equivalent to your housing expenses if you earn more than the annual exclusion itself. There are various exceptions, but in general, if your employer pays your rent and utilities and it is included in your income, you may have the ability to exclude the full amount of housing costs you received.
Athletes abroad are most often treated like an "employee" . What is important to know is their Clubs must provide them with signed contracts, pay slips and proof of filing a foreign tax return. This will ensure you have proof of foreign wages and taxes paid, as this is important to ensure your US return is accurate
All Americans abroad must file a US tax return every year. Failure to do so can result in penalties and interest being assessed.