Big thanks goes to our Pro of the Week, Jeanne Harris at AST Business Solutions. Taking good care of your business can be challenging, but Jeanne is never lacking a list of potential solutions. Her experience makes her a well-rounded expert but that doesn’t stop her from always adding new and relevant tools to her skill-set. Need a trusted, helping hand? Get in touch with Jeanne via her Pro Network profile!
A tip from Jeanne:
All US citizens living abroad (and, yes, that includes US citizens living in Canada) must file a US income tax return each year, even if none of their income was derived from US sources. Most are also required to file an annual Report of Foreign Bank and Financial Accounts (FBAR) by June 30 (must be received by June 30, not mailed by June 30). If this applies to you and you have not been filing these documents, there is an amnesty program currently underway that should be looked at very seriously. It is advisable to use a US tax preparer knowledgeable in this area to assist you, whether you are looking at the amnesty program and/or need to file the tax return and FBAR for the current year. I recently ran into a problem with an amnesty application because a US citizen had gambling income in the US while living in Canada and the Canadian tax preparer completed and filed the wrong US tax return form.