Many Taxpayers who move to Puerto Rico are under impression that they do not need to file a tax return nor do they need to pay a tax return because they are in “Tax Heaven”. Its not true. There are several tax filing requirements while you are in Puerto Rico. We have explained in detail and provided links and resources on “How to File Tax Return in Puerto Rico”
Do I need to file taxes in Puerto Rico?
Per IRS Guidelines: If you’re a bona fide resident of Puerto Rico during the entire tax year, you generally aren’t required to file a U.S. federal income tax return if your only income is from sources within Puerto Rico.
But, if you also have income from sources outside of Puerto Rico, for example from other countries, including from U.S. sources, you’re required to file a U.S. federal income tax return if your income is equal to or above the U.S. filing requirements.
Tip: Bona fide resident of Puerto Rico with a U.S. filing obligation, generally won’t report Puerto Rican source income on a U.S. income tax return.
Read More IRS Requirements Here
How to File Puerto Rico Personal Taxes Online?
You can either use a local tax accountant or you can go online and file your Puerto Rico Personal Taxes with the help of following software that are authorized by Local Puerto Rico Government.
Following Software’s are Available to file your personal tax online in Puerto Rico
How to File Puerto Rico Corporate Taxes Online?
You can either use a local tax accountant(CPA) or you can go online and file your Puerto Rico Corporate Taxes with the help of following software that are authorized by Local Puerto Rico Government.
Following Software’s are Available to file your Corporate tax online in Puerto Rico
When is Puerto Rico Tax Return Due?
Most Puerto Rico taxpayers must file an individual income tax return on a calendar-year basis by 15 April of the following year until unless that fall on weekend or holiday.
An automatic extension of time to file is granted (upon request) if submitted and received timely by 15 April. This extension is for six months and extends the due date of Tax Return to Oct 15th(or Next working day) if it falls on weekend or a holiday.