Whether you are a green card holder or an expat in another country, you will need to keep accurate tax records. These records include wage and earning statements, interest and dividend statements, bank statements, receipts, canceled checks, and other documentation that supports income, deductions or credits reported on your tax return.

You may also need to keep track of all your travels for business purposes as well, as these trips could qualify for certain deductions. It is important to keep accurate travel records so you can claim expenses on your US tax return at the right time.

The IRS requires expatriates to file a US tax return annually, regardless of their country of residence, if their gross worldwide income exceeds the annual filing threshold. In addition, you will likely need to report your balances in foreign bank accounts (FBAR reporting) if they exceed $10,000.

Expats who are delinquent in filing their taxes will face penalties and/or interest for not filing or paying their tax obligations. If you are unsure of your filing requirements, consult with an experienced US expat tax expert to determine what steps are necessary to get your taxes filed on time and in compliance.

In many cases, you may be able to take advantage of foreign tax treaties that can offer you credit or deductions in the country where you are located. You will want to consult with an expat tax specialist to learn more about these treaties and how they can benefit you.

Your home-country taxes will probably be higher when you are on assignment abroad because you will have to pay additional foreign taxes on your salary, housing allowance, and other income. However, your total home-country tax liability may be reduced by taking advantage of the Foreign Earned Income Exclusion and the Foreign Tax Credit.

You will need to report your overseas bank accounts if you have more than $10,001 in the aggregate on any one account or day during the year. This includes your pensions and investments, as well as any foreign bank accounts that you have signature authority over.

The Foreign Bank Accounts Report (FBAR) is a key part of the US's efforts to thwart tax cheats who hide money in offshore accounts. FBAR filing is a separate process than your US expat tax return, and can be difficult to navigate on your own if you don't have a strong understanding of the tax laws in your country.

An experienced expat tax professional can assist with FBAR compliance and other US filing requirements, as well as provide you with guidance on tax benefits that may be available to you in your foreign country of residence.

It is very important to remember that a large number of international tax rules and regulations apply to expats living and working abroad. The IRS has a wealth of information about these topics in its publications, such as the Expat Tax Guide and Expatriate Taxes: A Primer on the Federal Income Taxes that apply to US Citizens Abroad. You can also contact a certified accountant to discuss your specific expatriate tax situation and receive advice on how to avoid paying unnecessarily high taxes.