Start Preparing Your 2024 US Tax Return in 2025

It’s almost 2025, meaning it’s time to start preparing to file your 2024 tax return! Whether you’re a first-time filer or you’ve been filing for years, this article has you covered. Stay current with the latest updates on deadlines, income thresholds, required documents, and expat tax benefits.

1) US Tax Filing Deadlines for 2025

Remembering US tax deadlines is essential for filing success. Therefore, bookmark this page for quick access to an overview of the 2025 tax filing deadlines!

2) Income Tax Thresholds for 2025

Every year, the IRS updates the filing thresholds. Your filing status goes hand in hand with deciding if you need to file! For your 2024 tax return, here’s an overview for US expats:

Filing Status	Under 65	Over 65
Single	$14,600	$16,550
Married Filing Separately	$5	$5
Married Filing Jointly	$29,200	30,750 (one spouse over 65) 32,300 (both over 65)
Head of Household	$21,900	$23,850
Qualifying Widower	$21,900	$30,750
Self-employed	$400	$400

3) Key Documents for Your 2024 Tax Return

Here is a suggested list of information you should keep handy as a reminder of what you may need for filing.

4) Maximize Expat Tax Filing Benefits in 2025

Take advantage of the best tax benefits to avoid double taxation while abroad! Here are a few recommended tax benefits for US expats:

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Foreign Earned Income Exclusion (FEIE)

The first is the Foreign Earned Income Exclusion (FEIE), which allows expats to exclude up to $126,500 of foreign-earned income off your 2024 tax return. Anyone looking to use the FEIE must pass the Physical Presence Test or Bona Fide Residence Test.

If you qualify for the FEIE, you can exclude or deduct some housing expenses such as rent and utilities! Check out what else is included in the Foreign Housing Exclusion.

Foreign Tax Credit (FTC)

Another tax filing benefit for 2025 is the Foreign Tax Credit (FTC). The FTC is a one-to-one conversion of foreign taxes that have already been paid. It allows you to deduct what you have paid in foreign taxes from your US tax liability. This credit is often used in countries with high-income tax rates, like Germany, Japan, or Australia, allowing expats to reduce more of their tax liabilities to prevent double taxation.

Child Tax Credit (CTC)

For US expat parents, listen up! The Child Tax Credit (CTC) could provide additional income or tax deductions. Your children must be under 17 and have a valid Social Security Number to qualify.

If you are eligible, you could receive up to $2,000 off your tax liability. Now, if you don’t owe taxes, you could get up to $1,700 as a refundable credit – meaning money in your wallet! Yes, the refundable portion has again increased by another $100 per qualifying child.

5) Comply with Foreign Asset Reporting Requirements

US expats have additional forms related to foreign assets and income. These forms are incredibly important for remaining tax-compliant, so getting a jump start will prevent penalties!

FBAR (Foreign Bank Account Report)

An FBAR must be filed every year when foreign financial accounts collectively exceed $10,000 at any point in 2024. These foreign financial accounts vary from normal checking accounts to overseas investment accounts.

FBARs must be filed by October 15th, 2025, with the automatic 6-month extension! Using MyExpatTaxes, you can file your US tax return and FBAR.

FATCA (Form 8938)

Although the FATCA Form 8938 may seem similar to the FBAR, it has different requirements and is exclusively for the IRS. Unlike FBARs, FATCA has a relatively high threshold that depends on your filing status. According to the IRS:

You are filing a return other than a joint return, and the total value of your specified foreign assets is more than $200,000 on the last day of the tax year or more than $300,000 at any time during the year or

You are filing a joint return, and the value of your specified foreign asset is more than $400,000 on the last day of the tax year or more than $600,000 at any time during the year.

6) Stay Informed About Changes in Tax Laws

Tax laws are constantly changing, meaning staying up to date with future tax changes is essential for US expats. For expats, areas of change to remember are the US tax filing threshold and foreign deductions and credits like the FTC or FEIE, as these areas can greatly affect filing your 2024 tax return.

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7) Make Filing Your Taxes in 2025 Even Easier with MyExpatTaxes

Filing US taxes can be quite a task, but when you use MyExpatTaxes, a tax software designed for expats filing abroad, the process becomes significantly easier.

MyExpatTaxes is an affordable solution for filing US expat taxes. Our platform allows customers to automatically calculate tax benefits, such as the FEIE and FTC. Our standard plan even includes FBAR and FATCA reporting, among many other tax forms.

Want some extra support when filing your 2024 tax return? Upgrade to our Premium plan to work with a Tax Professional directly.

It’s Never Too Early to Start Preparing!

The sooner you start preparing your 2024 tax return, the more likely you will avoid penalties and stress. This will also help you claim every tax benefit free of delays! Make tax filing a success in 2025 with MyExpatTaxes!