06/01/2026
U.S. Citizens Living in Guatemala — Tax Season Is Here
Even if you live abroad, U.S. citizens generally still have U.S. tax filing obligations. When handled correctly, many expats owe little to nothing, and in some cases may receive refunds.
However, we regularly see required filings missed. When filing requirements exist, missing them can lead to significant penalties, even if no U.S. tax is ultimately owed.
Some commonly overlooked areas include:
Foreign Earned Income Exclusion (FEIE)
If you spend 330 or more days outside the U.S., you may be able to exclude up to $130,000 of foreign earned income for the 2025 tax year.
Foreign Companies (Form 5471)
Owning or operating a Guatemalan company may trigger Form 5471 filing requirements. Missing this form can result in penalties of $10,000 or more per year, even when no tax is due.
Foreign Bank Accounts (FBAR)
If your non-U.S. financial accounts exceeded $10,000 at any point during the year, you are likely required to file an FBAR (FinCEN Form 114).
If any of this sounds familiar and you’re unsure whether you’re filing correctly, a brief review can usually bring clarity.
We’re a U.S. tax firm focused on Americans living abroad, with over 10 years of experience helping expats stay compliant and avoid costly surprises.
