Today we want to tell you another US expat tax success story. We are sharing how 1040 Abroad solved the tax problems, which our clients were facing. In today’s edition, we present you Mark’s story.
Mark, a US citizen, recently moved to Ecuador and got a professional 9-V visa/immigration status there. He was still going occasionally making trips to the United States, about 60 days per year.
He had his local Ecuadorian accountant prepare his US tax return. Mark was advised that since he spent less than 330 days in a foreign country, he was not eligible for the Foreign Earned Income Exclusion
After discussing with him, we found out that Mark had substantial ties with Ecuador. It made him eligible for the Bona Fide Resident Test. We filed an amended tax return claiming a refund of about $10,000.
For more information on the kind of ties needed to meet the Bona Fide Residence test, we invite you to check out the free test FEIE.
Thanks to 1040 Abroad’s understanding of these tax issues, he was now at peace and saved thousands of dollars. Now Mark is proud to have the peace of mind that her tax situation has been dealt with correctly while legally minimizing her tax owing.
Are you ready to have your own story? Contact Us now to receive your advice and break away from the tax burden.