You are probably aware that you can file for an extension if you cannot complete your income tax return by the filing deadline. However, you probably aren't aware of everything involved in filing an extension.
In my three plus decades in tax practice, the most common complaint I have heard about our tax code is that it is too complicated. A complaint with which I agree. Another complaint that I have frequently heard is that the lobbyists are in control of our tax code. Again, I concur. What frustrates me is that Congress is finally addressing these complaints and they are not getting support from the taxpayers.
An ever increasing number of US Citizens are claiming that they will move outside the United States based on the outcome of the 2016 Presidential Election. From a tax standpoint this is easier said than done.
United States tax laws subject its citizens to US tax on their worldwide income, no matter where they reside. Consequently, simply moving abroad and retaining citizenship won’t absolve you from US taxation.
Anyone who knows me understands that I cannot stand hypocrites. After I read this story my blood was boiling. Buffett has been in the news a lot over the last several years pushing his "Buffett Rule". Meanwhile, he has cleverly structured his tax situation to avoid paying taxes. The money quote from this article is "Buffett is virtually immune to higher individual income-tax rates, while he promotes higher rates for other rich people, who may have a net worth a hundredth of 1% (0.01%) of his own." Remember; don't ever take anything at face value.