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Tuesdays with Morey - Tax Tips®

Tuesdays with Morey Tax Tips provides Tax Tips for people living and or working outside of the United States. These are citizens of the United States that live or work outside of the country and need valuable information on items concerned with filing their United States Tax Returns. Tuesdays with Morey Tax Tips includes information such as off-shore banking accounts and the requirements for filing and declaring these off-shore accounts. Tuesdays with Morey Tax Tips adds great value to those who are still confused on their tax obligations when living or operating a business off-shore.
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Jul 12, 2016

Many expats are unaware of the IRS requirement of filling out a Foreign Bank Account Regulation form (FBAR) during tax time. Not understanding the requirement does not make a tax payer immune to the penalties, taxes and interests that commonly follow when the IRS figures out an expat did not file. Proper planning with an accountant who is up-to-date on current tax laws can be an expat’s best defense against large, unnecessary penalties. The savings can be used to purchase additional tax-deferred assets like real estate.   

 

Key Takeaways:

[1:11] How serious are the penalties if I fail to file the Foreign Bank Account Regulation (FBAR) document?

[3:08] FACTA regulations are making it difficult for expatriates to open bank accounts in foreign countries.

[6:20] Buying gold and silver will not make a taxpayer immune to paying the appropriate tax on the value.

[7:27] It’s much less to pay $200 to file the FBAR compared to the $10,000 IRS penalty. 

[11:12] Morey’s goal is to get everyone the information so tax penalties and interest can be eliminated.

[14:57] Long-term employees prove that Glazer Financial will be around for your future.

[18:03] There are a lot of tax advantages in buying real estate.

 

Mentioned in This Episode:

Glazer Financial Network

macarenarose@gmail.com

Tuesdays with Morey on Facebook

Expat Tax Expert

mglazer@glazerfinancial.com

MacarenaRose.com

800-999-8931

469-358-2818

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