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Understanding U.S. tax obligations is crucial for expats to avoid severe penalties and maintain compliance with the IRS. Allen Pfeister, a U.S. tax expert, explains the complexities of tax filing requirements for Americans living abroad, emphasizing that citizenship status mandates continuous tax reporting, regardless of residence. Allen discusses the importance of understanding the Foreign Earned Income Exclusion and the Foreign Tax Credit, which can help reduce tax burdens. Additionally, Allen addresses common misconceptions and the critical need for proper reporting of foreign accounts to avoid hefty fines. Key Takeaways: 1. US expats must file tax returns and report income, no matter where they live. 2. The Foreign Earned Income Exclusion and Foreign Tax Credit are essential tools for reducing tax liabilities. 3. Properly reporting foreign accounts is crucial to avoid significant penalties. Make sure you have you taxes under control! 1. Review your tax filing obligations and ensure updat