What exactly is a US tax return?
A US tax return means IRS Form 1040 plus a set of schedules covering your income, expenses and plenty of other tax-relevant details, which every US taxpayer has to file with the tax authority (IRS) each year. With it, US taxpayers work out what they owe, claim refunds for overpaid tax or plan their tax payments.
When do I have to file a US tax return?
Not every US citizen has to file a US tax return every year. Whether you must file depends mainly on whether your total annual income exceeds a threshold set by the IRS, on your age and on your filing status.
What matters most: you have to file not only as a US resident, but also as a US citizen living abroad, even if you are resident there. In some rare cases, you could end up taxed twice on your entire income, in both countries. We are happy to check in advance whether you have to file with the Internal Revenue Service or are exempt, and to go through the key questions with you first.
Everything about the US tax system, US tax rates and the types of US taxes is here. →What goes into a US tax return?
Your US tax return has to list your various income streams and other information in detail, including:
- The total income you earned during the tax year
- Interest and dividend income, reported to you by the payer on a Form 1099, for example
- Tax withheld from your wages during the year can (if needed) be entered on your return to reduce the tax you still owe.
- Tax credits, which reduce your tax directly, and allowances.
Depending on your situation, further information or extra documents may be needed. We are here with expert advice and will tell you exactly what you need to provide.
What else do I need for my US tax return?
Every US citizen preparing a tax return also has to provide the following:
- Your Social Security number or taxpayer identification number
- Your spouse's full name, Social Security number or taxpayer identification number, and date of birth
- Your Identity Protection PIN, if you have one
- Your bank routing number and account number, to receive your refund or pay what you owe
When is the US tax return due?
The US tax return is normally due on April 15. If you are a US citizen or US tax resident living outside the US, the deadline is automatically extended by two months to June 15, but interest on any balance due runs from April 15. As a non-resident filing Form 1040-NR, you file by April 15 if you had US wages with tax withheld, otherwise by June 15. With an extension, the deadline moves to October 15, or, for a non-resident June 15 deadline, to December 15. We still recommend starting early, as delays in the process are not unusual.
No US residence: Form 1040-NR
If you are not a US tax resident but have US income, for example from renting out US property or from a business in the US, you file Form 1040-NR instead of Form 1040. On it, you report only your US income. Filing jointly with your spouse is not possible on Form 1040-NR, unless you both elect to be taxed as US residents.
What the fixed fee includes
The fixed fee of $750 covers your federal tax return (Form 1040 or 1040-NR) for one tax year. A state tax return, the FBAR for your accounts outside the US and a joint return with your spouse are not included; if you need them, we quote the price before we start.
If you need an ITIN, we can apply for it together with this tax return for an extra $600. Need it sooner? There is ITIN Express.
Mount Bonnell Advisors takes care of the whole process for you
Filing a US tax return and filling in all the paperwork that comes with it can be a very complex process. With our service, you skip all that effort. We handle the professional, on-time filing of your US tax return for you!
Need help with other US tax matters? Let's set up a personal consultation. We'll give you professional advice and find the right solution for your needs.
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