U.S. Expat Tax Deadlines for 2024: What You Need To Know

Dec 26, 2023

 Tax Filing Deadline

As we approach the 2024 tax season, you must be mindful of US tax filing deadlines to organize yourself and avoid unnecessary penalties and interest for late or non-compliant filings.

You can schedule a free call with us for advice on your US tax filings in 2024.

Instead of listing the deadlines by month, I sorted the tax deadlines by target group.

Individual Taxpayers (US citizens)

April 15, 2024 – US taxpayers have to file their 2023 individual tax return and pay any tax due by this original deadline. As an American expat, i.e. a taxpayer living outside the US on April 15, you get an automatic 2-month extension, bringing you to the extended deadline of June 15 – as an automatic extension, I sometimes refer to it as “automatic automatic” since no form needs to be filed; you have it just by living in a foreign country on April 15. Regardless of whether you qualify for this extension, you must pay the tax owed by April 15. You can pay the remaining tax with the extension on form 4868. An extension of time to file isn’t an extension to pay. If you owe tax, you should pay it by April 15, 2024. This is because the IRS will charge interest and penalties after this date on all unpaid taxes, even if you have an extension of time to file. If you owe tax and can’t pay by April 15, pay what you can to reduce the interest and penalties.
June 17, 2024 – This extended deadline is the tax filing deadline for those living outside the country to file their tax return (for more information, check my book). The IRS extended an automatic 2-month extension for filing to American expats. Interest on any unpaid tax begins to accrue starting on April 15. If you expect to owe taxes with your return, making an estimated tax payment by April 15 is wise.
They can then request an automatic extension to October 15, 2024. This is an automatic extension because while you would file form 4868 to have it, it is automatically accepted by the IRS.
October 15, 2024 – The final tax filing deadline for individuals requesting an extension is October 15, 2024.

Finally, an extension to December 16 can be requested (a custom deadline can also be requested using form 2350 by those who expect to qualify for the Foreign Earned Income Exclusion, most likely qualifying under the physical presence test, spending 330 days in a 12 month period in a foreign country. The bona fide residence test requires one to be a resident of a foreign country for a period that includes an entire calendar year; as such, it would qualify under the regular tax year and wouldn’t require an extended deadline).

Independent Contractors – Form 1099

A 1099 is required to be provided to any independent contractor whom you paid an amount exceeding a certain threshold. As a freelancer, you should receive a 1099-NEC (non-employee compensation) from anyone you work for.
The IRS requires payors to issue form 1099-NECs to their contractors by January 31, 2024.

Of course, this applies to US persons. A non-resident alien living in a foreign country wouldn’t receive a Form 1099 (they might receive a Form 1042-S, but that’s optional, so long as the income is not earned in the US).

Sole Proprietor And Single-Member LLC

A Single-Member LLC is a disregarded entity for US tax purposes (unless the member/shareholder made a proper election). Hence, the income is reported on the individual’s income tax return.
It would be the same if that member/shareholder did business in his name with the income reported on his income tax return on Schedule C.
Sole proprietors and single-member LLCs’ deadlines will be the same as individuals; see above for due dates.
The deadline for Form 5472 is April 15, 2024, along with your company’s Form 1120. If you file an extension for your corporate tax return, the IRS also expects you to file form 5472 with the income tax return on October 15, 2024.

Of course, this applies to US persons. A non-resident alien living in a foreign country wouldn’t report their self-employment income on a US tax return unless it were Effectively Connected Income.
With that being said, a non-resident alien living in a foreign country or a foreign corporation owning a US LLC (a Single-Member LLC – disregarded entity) would still be required to file form 5472.

Due Dates For Quarterly Estimated Payments

If you owed over $1,000 in 2023 and didn’t have taxes withheld at source, the IRS expects you to make estimated tax payments using form 1040-ES. This would, for instance, apply to self-employed taxpayers.

April 15, 2024 – Deadline for your 1st quarterly estimated payment to the IRS towards your 2024 income tax return.
June 17, 2024 – Deadline for your 2nd quarterly estimated payment to the IRS towards your 2024 income tax return.
September 16, 2024 – Deadline for your 3rd quarterly estimated payment to the IRS towards your 2024 income tax return.
January 15, 2025 – Deadline for your 4th quarterly estimated payment to the IRS towards your 2024 income tax return.

The deadline for FBAR (FinCEN Form 114)

Your FBAR is due on April 15, 2024, with an available automatic extension to October 15, 2024, to file the FBAR. You must file the FBAR separately from your tax return and have the same filing due date as individual tax returns for the year. Rather than reporting your income, the FBAR is there to write your financial accounts held outside the US.
The extension is automatic; you don’t have to request it. Anyone who fails to file by April 15 gets an extension to October 15 automatically granted by Fincen.

Foreign financial accounts would also be reported on form 8938. As it is part of the tax return, its filing deadline is for the individual tax return.

Contact Us for Assistance With Your 2023 Taxes

You can schedule a free call with us for advice on your US tax filings in 2024.

 

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