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Many expatriates who have left the United States are considering renouncing their U.S. citizenship as a result of increasingly burdensome tax requirements.  A record 5,411 people renounced their citizenship last year, which was a 26 percent increase compared with 4,279. people in 2015. 

While you may not be thinking about tax time as you enjoy summer fun, there are some tax moves that cannot wait until the end of the year. If you don't want to get hit with penalties or have to come up with a lot of cash when tax season rolls around, you should consider taking a few simple steps now during mid-year to stay on top of your tax situation.