Form 1040 – U.S Individual

What you Should Know About Form 1040 - U.S Individual

What you Should Know About Form 1040 – U.S Individual

  • All U.S citizens and green card holders are obligated to report their world-wide income, even those completely unrelated to the U.S, through a U.S tax form titled “Form 1040” by April 15th.
  • If the filer resides outside the U.S, the filing due date is June 15th.
  • In both cases, one can file for an extension by the above dates, and extend the due date to October 15th.
  • In addition to the U.S tax return, a U.S citizen or resident must file an FBAR (Foreign Bank Account Report).This is a report of financial assets outside the U.S, such as: bank accounts, pension funds, provident funds etc.The FBAR will be filed together with the tax return according to the dates above, while the extension is automatic, until October 15th.
  • If this date falls on a Federal U.S holiday or the weekend, this date is postponed to the following day.

What’s the next step?

  • We recommend that you contact our firm towards December 15th, before the tax year ends, to enable us to prepare ourselves well for the current tax year.
  • Our firm works according to the order it receives materials, and so we recommend contacting us earlier rather than later.
  • Contact us today to receive a letter of engagement and a list of the materials we require to file your taxes.

An example of a Form 1040

If you have any further questions, please feel free to contact us

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