You better be careful about this one though. I almost did it until I learned the ramification, If yoีีี denounce citizenship, you lose your right to claim any pensions that you would ever have, like Social Secuity. This applies to USA and i dont know what other countries do.
I’m 24 years old, getting married in October and am currently working in California. I will be moving to Mexico at the start of next year. I will still be working for the same company (that will be setting up their headquarters in Jacksonville, FL at the same time I move), being that I can work remotely. How should I go about filing my taxes? Will me being married affect my filings in any way - being that I will be living outside of the US?
if you basketball overseas, and the team paid your taxes for the duration you were there. how do you file those taxes? because I heard you aren't required to get taxed twice.
Hi 🙋♂️! How are you ? I have a business account with a phone company and I didn’t start to purchase phones from them cause no one could answer my question! I wanna buy and resale phone but out of USA 🇺🇸, I have buyer outside the US , so I ship phones by DHL and once there the guy pay me cash so what’s I should do ? Cause the country where the guy is can’t send from bank account to a bank account , and when I purchase the phones from here they will give me invoices , so after I sale the phones how I’m going to pay irs ? Needs to show them invoices how much I sold it for ?
My wife and I are planing to retire in 2021 in Israel (No kids) and collect our SS there, we are planing to buy an apartment that will generate us some income help, any tips?
Wife is not US citizen, lives in US. Has green card. Just got here. Runs her same business in VN from computer, here in the US. Is she obligated to file? Thx!
Hi, thank you for the video. I live in the Netherlands. And after waiting for many years, I am about to file for a US green card, petitioned by my sister. I have a question about the Social Security Number and the obligations it brings me to pay taxes as a Dutch/Iranian person who wants to live in Europe (but still be able to work and live on and off in the US), and not to pay tax both to NL and USA. I am about to fill in my request for a US social security number, and I do not want to request that if it will put me in a difficult situation later when I buy a house here for example. Is there a way I can pay only in one country and still be able to hold my US social security number?
Thanks for the information. If I want to file -even if I have earned less than the amount required to have to file- do I still need to do a 2555? Having lived abroad, been self employed, never earned enough to have to file- Im not sure how to.
What is the dollar amount that a single person can make without having to file a tax return while overseas or at home? Last I checked it was 10K, but that was a while ago.
Can I ask a question here. I am US expat living in Thailand over 20 years. I have a mortgage which eats half of my SS check every month. Is there something in housing exclusion that I could use to reduce tax liability??
You can claim the mortgage payment as Itemised deduction on Schedule A. However if your standard deduction is more than your total itemised amounts then you will not get the benefit of it Foreign Rent paid, parking, utilities etc are eligible expenses to be claimed Housing exclusion
Romani union does not have us currency in rare cases native Americans or Spanish who are members of roma nation may want to include the romani union ib the tax forms the challege is understanding whats taxed or what if any incentives are there to providing this info 1 if living in usa with us citizenship or overseas or is your us citizenship considered overseas for romanj nations such as usa and canada are part of romani union
Hi I'm David cohen Im an israeli citizen and currently live in israel for a couple of years , I was born in the United states and plan on moving back to the states in a couple of months, I want to transfer my earnings to my american bank account because I'll be closing my israeli bank account soon,All the money is from my military salary which soldiers are exempted from paying taxed so I wasn't taxed here in israel ,but now that I tranfer the money I want to be sure that Im not getting taxed by the IRS ,How do I go about it and whats the law ?In addition all I have to transfer is 20 thousand dollars.
This is a GREAT question. Thank you David. You were born in the US so you are a US citizen. The rule is that anything you make is subject to taxation by the IRSno matter where you live. Now there are credits and exemptions that typically apply to income such as yours so that in the event that you did file, you wouldn't owe anything to the IRS. As absurd as it sounds, let us assume that instead of serving in the IDF, you were collecting a Israeli social security benefit that is tax-free. In that case, you would not be entitled to any foreign tax credit, as you paid not foreign tax credits, further, you would not be entitled to claim the foreign earned income exclusion as social security is considered to be unearned income. But the good news for you is that your income, while it was tax-free was earned. That means as long as you made less than approx $100k a year you do have a filing requirement but you will owe nothing to the IRS. Now for some of our clients there can be a pleasant surprise. For our clients overseas with children not only do they not owe the IRS money, they also may be entitled to $1000s in refunds. Transferring the money from Israel to your US bank creates no taxable event. Really your issue seems more to be filing a few missing returns, FBAR/FATCA compliance. Shoot us an email for more help info@irsmedic.com Good luck!
You can file for a foreign earned income exemption on that money you earned that was exempted in taxes. Anything up to ~108k (depending on the year, there's a chart for this) would be considered tax free.
If you make very little money a month, then will it make it easier to file? Let's say someone who makes between $12,000 - $14,000 a year with no retirement and nothing special. Just their yearly income?
Since accounting fees are pretty high about $4000, it doesn't make any sense to be overseas earning that. Might as well be in the US getting taxed and paying the higher cost of living. It probably will save you. Or learn accounting yourself, which could be risky
Guys checkout this bill before congress, read it and show support. It is supported by American Citizens Abroad www.americansabroad.org/tax-fairness-act-rbt/
Can you do a video about the bona-fide resident test during the first year as an expat?
Are foreign royalty recipients required to file an US Tax return?
I think you can avoid the tax by denouncing your citizenship & a lot of ppl are doing it.
You better be careful about this one though. I almost did it until I learned the ramification, If yoีีี denounce citizenship, you lose your right to claim any pensions that you would ever have, like Social Secuity. This applies to USA and i dont know what other countries do.
If you are willing to pay the $2000+ renouncement fee. I kid you not.
Do you still have to pay fica?
I’m 24 years old, getting married in October and am currently working in California. I will be moving to Mexico at the start of next year. I will still be working for the same company (that will be setting up their headquarters in Jacksonville, FL at the same time I move), being that I can work remotely. How should I go about filing my taxes? Will me being married affect my filings in any way - being that I will be living outside of the US?
If it's your thing... well I guess it's similar to how some people are into horror movies.
if you basketball overseas, and the team paid your taxes for the duration you were there. how do you file those taxes? because I heard you aren't required to get taxed twice.
Hi 🙋♂️! How are you ? I have a business account with a phone company and I didn’t start to purchase phones from them cause no one could answer my question! I wanna buy and resale phone but out of USA 🇺🇸, I have buyer outside the US , so I ship phones by DHL and once there the guy pay me cash so what’s I should do ? Cause the country where the guy is can’t send from bank account to a bank account , and when I purchase the phones from here they will give me invoices , so after I sale the phones how I’m going to pay irs ? Needs to show them invoices how much I sold it for ?
My wife and I are planing to retire in 2021 in Israel (No kids) and collect our SS there,
we are planing to buy an apartment that will generate us some income help, any tips?
Wife is not US citizen, lives in US. Has green card. Just got here. Runs her same business in VN from computer, here in the US. Is she obligated to file? Thx!
Hi, thank you for the video.
I live in the Netherlands. And after waiting for many years, I am about to file for a US green card, petitioned by my sister. I have a question about the Social Security Number and the obligations it brings me to pay taxes as a Dutch/Iranian person who wants to live in Europe (but still be able to work and live on and off in the US), and not to pay tax both to NL and USA. I am about to fill in my request for a US social security number, and I do not want to request that if it will put me in a difficult situation later when I buy a house here for example. Is there a way I can pay only in one country and still be able to hold my US social security number?
Thanks for the information. If I want to file -even if I have earned less than the amount required to have to file- do I still need to do a 2555? Having lived abroad, been self employed, never earned enough to have to file- Im not sure how to.
Where are you from
What is the dollar amount that a single person can make without having to file a tax return while overseas or at home? Last I checked it was 10K, but that was a while ago.
tiabiamama if you have ANY overseas income you must file. America has the most abusive tax regime currently available on planet earth.
Can I ask a question here. I am US expat living in Thailand over 20 years. I have a mortgage which eats half of my SS check every month. Is there something in housing exclusion that I could use to reduce tax liability??
You can claim the mortgage payment as Itemised deduction on Schedule A. However if your standard deduction is more than your total itemised amounts then you will not get the benefit of it
Foreign Rent paid, parking, utilities etc are eligible expenses to be claimed Housing exclusion
Romani union does not have us currency in rare cases native Americans or Spanish who are members of roma nation may want to include the romani union ib the tax forms the challege is understanding whats taxed or what if any incentives are there to providing this info 1 if living in usa with us citizenship or overseas or is your us citizenship considered overseas for romanj nations such as usa and canada are part of romani union
Romvote@gmail.com is the email address for roma nation
Romani union represents land evicted people. A land eviction a deportation or refugees crisis is not something the nations are told go tax
If usa or canada deports a person how are they sent to romani union ?
Hi I'm David cohen
Im an israeli citizen and currently live in israel for a couple of years , I was born in the United states and plan on moving back to the states in a couple of months, I want to transfer my earnings to my american bank account because I'll be closing my israeli bank account soon,All the money is from my military salary which soldiers are exempted from paying taxed so I wasn't taxed here in israel ,but now that I tranfer the money I want to be sure that Im not getting taxed by the IRS ,How do I go about it and whats the law ?In addition all I have to transfer is 20 thousand dollars.
This is a GREAT question. Thank you David. You were born in the US so you are a US citizen. The rule is that anything you make is subject to taxation by the IRSno matter where you live. Now there are credits and exemptions that typically apply to income such as yours so that in the event that you did file, you wouldn't owe anything to the IRS.
As absurd as it sounds, let us assume that instead of serving in the IDF, you were collecting a Israeli social security benefit that is tax-free. In that case, you would not be entitled to any foreign tax credit, as you paid not foreign tax credits, further, you would not be entitled to claim the foreign earned income exclusion as social security is considered to be unearned income.
But the good news for you is that your income, while it was tax-free was earned. That means as long as you made less than approx $100k a year you do have a filing requirement but you will owe nothing to the IRS.
Now for some of our clients there can be a pleasant surprise. For our clients overseas with children not only do they not owe the IRS money, they also may be entitled to $1000s in refunds.
Transferring the money from Israel to your US bank creates no taxable event. Really your issue seems more to be filing a few missing returns, FBAR/FATCA compliance. Shoot us an email for more help info@irsmedic.com
Good luck!
You can file for a foreign earned income exemption on that money you earned that was exempted in taxes. Anything up to ~108k (depending on the year, there's a chart for this) would be considered tax free.
If you make very little money a month, then will it make it easier to file? Let's say someone who makes between $12,000 - $14,000 a year with no retirement and nothing special. Just their yearly income?
Since accounting fees are pretty high about $4000, it doesn't make any sense to be overseas earning that. Might as well be in the US getting taxed and paying the higher cost of living. It probably will save you.
Or learn accounting yourself, which could be risky
What about if you found a family overseas...
@@YFA912 the US honestly does not care, but if you have children overseas then they will have to be tax compliant later when they are old enough.
www.americansabroad.org/tax-fairness-act-rbt/
Guys checkout this bill before congress, read it and show support. It is supported by American Citizens Abroad
www.americansabroad.org/tax-fairness-act-rbt/