IT'S tax-time for US citizens living abroad, and for the majority who have yet to file, there are some important facts to keep in mind.
Although most Americans should have given the matter some thought before the April 15 deadline, accountants say it is usually the June 15 expatriate deadline that triggers Americans living outside the US to seriously contemplate the annual filing chore.
''Look at it this way: we handle between 2,000 and 3,000 US tax returns each year and, at this point, we have received less than 60 per cent of that amount,'' said Michael Ainslie, a partner at Deloitte Touche Tohmatsu.
There are more than 28,000 Americans living in Hongkong, and for those who have yet to file, or more importantly, for those who think US taxes can be ignored while living abroad, accountants offer a word to the wise.
First, US citizens who have yet to file this year have nothing to fear at this stage. Although tax returns for US individuals are due on April 15, taxpayers living outside the US have an automatic extension of two months.
Fortunately for serious procrastinators, an additional extension of two months, to August 15, is available by filing Form 4868.
