American Expats have difficulty keeping up to date with the latest tax news. It is challenging if they are not anywhere close to the US.
If you are an American Expat who works in the Philippines, there is a need for you to file taxes. This is because taxation in the US is based on citizenship and not based on residency. Even if you are working in the Philippines, you will still need to file US taxes.
It may seem like it’s all bad news but don’t worry because there are things you can do to lessen your tax bills. There are many credits and exclusions you can take advantage of to minimize or lessen your tax burden. You can speak with tax services in Manila as they are a one-stop shop for all accounting and tax compliance issues.
Apart from filing taxes, you might also need to report your investments, financial accounts, and businesses. On top of that, expats working in the Philippines are also expected to pay up to 30% taxes on income, based on total earnings. According to accounting services in the Philippines, the provisions could get complicated and cause confusion when you start to file. However, the guidance of an experienced agent who is abreast of all the regulations would know how to help you best. Let more about this below:
Vital Tax Filing Dates to Remember
If you are filing in another country as an American Expat, the tax filing dates will be different. Below is a tax filing calendar for American Expats.
| Important Dates |
|---|
| April 18, 2022 You need to pay by April 18 this year because April 15 is a holiday in Washington DC if you are a high-earner, self-employed, or if you have a US tax that is past the due date. |
| June 15, 2022 The deadline for American expats to file their taxes is on June 15. If you are to file your 2021 tax returns, your deadline for filing is on June 15. If you cannot make the payment on time, you may request for an extension by filing Form 4868 with the IRS. |
| October 17, 2022 When you request an extension, it will be extended until October 17 this year. October 17 is the deadliest deadline for American expats. Since October 15 falls on Saturday, you will have until the 17th of October. |
Other Important Calendar Dates
According to accounting services in the Philippines, these are the other critical dates in the tax filing calendar that American Expats must remember:
| 2022 TAX FILING CALENDAR (FOR AMERICAN EXPATS) |
|---|
| January 2022 18, Tuesday – 4th and final installment of individual quarterly estimated taxes 24, Monday – Opening date of IRS E-file |
| March 2022 15, Tuesday – S-Corp and LLC Tax Returns Due 15, Tuesday – Trust/Foreign Trusts Tax Returns Due |
| April 2022 18, Monday – Filing a 6-month extension (for residence in the US only) 18, Monday – Interest will accrue from this date if taxes are due 18, Monday – C-Corp Tax Returns Due 18, Monday – 1st installment of individual estimated taxes for the current year |
| June 2022 15, Wednesday – File extension to October 15th (for individuals outside US) 15, Wednesday – Individual tax return due (for individuals outside US) 15, Wednesday – Individual deadline to pay the tax due & avoid failure to pay penalty; interest will still have accrued however from 4/18/22 15, Wednesday – 2nd installment of estimated taxes due for the current year |
| September 2022 15, Thursday – Extension for filing deadline for S-Corp and Partnership Returns 15, Thursday – Extension for filing deadline for trusts 15, Thursday – 3rd installment of estimated taxes due for the current year |
| October 2022 17, Monday – Extended filing deadline for individual and C-Corp US tax returns 17, Monday – Final due date for FBAR 17, Monday – All 12/15/22 secondary extension requests for taxpayers who are outside the US must be postmarked no later than the end of the day |
| November 2022 Mid-November – IRS e-file shutdown (the date will be announced by the IRS in November |
| December 2022 15, Thursday – Final due date to file extended tax returns for individuals outside the US. |
It is essential to know the tax filing calendar for you to avoid having to pay huge amounts of penalties and fines from the IRS. As a law abiding citizen, it is your responsibility to remember these dates. Ignorance will never accepted as an excuse. If you don’t know what to do, you can seek guidance from outsourced tax and audit services in the Philippines.
Don’t forget that you can always hire professionals to help you in preparing the correct deductibles and going through your tax documents to avoid issues with the IRS when you file your taxes. Call our team for help and take advantage of our free 30-minute consultation.
