Thank you for these videos. You are the first person I've seen who explains taxes from a top-down perspective in simple terms that a non-accountant like myself can understand. Einstein once said "if you can't explain it simply, you don't understand it well enough." So I appreciate your mastery on this subject of taxes and explaining it simply for us lay folk. 🙏
newbie to the idea of living abroad. perhaps you address this somewhere else but your very first bullet point left me confused and i kept hoping you'd explain that more, like with examples. 'inability to even access' ?? what does that even mean? using internet access and a vpn seems like i'd have access just like sitting in my study on main street. can you explain this further or point me to a detailed discussion. thanks
kind of a grey area, I called schwab, vanguard, and Fidelity and they all told me to kick rocks, but even on their websites they have no specific lists or countries or any guidance at all, they seem to be operating on a don't ask dont tell basis. Not sure how Schwab only works with some people in the EU (maybe only the UK ??? ) I am aware of the 25k min deposit, but sounds like they don't care if you are going to be in other countries. Only option seems to be keeping a us address and hope your assets don't get frozen or seized. Someone please correct me if I am wrong, but I have found no decent options for the normies who aren't Uber Rich.
Investing as an American abroad can be complex and challenging. That's why we're excited to announce the upcoming launch of MyExpatInvest! Be sure to sign up for our newsletter to stay updated and be the first to know when it goes live.
Thanks 🙏🏻 I am exPat, used to live in California like you but now live in México since 2022. How can I avoid paying the CALIFORNIA penalty for not having health insurance in California? All my income comes from rents from my real estate properties. Would greatly appreciate your response 🙏🏻
I have a single-member LLC taxed as a S corp. My husband and I are the only employees of our company. Can I still contribute to a Traditional/Roth 401(k) and still utilize the Foreign Earned Income Exclusion? Or would I be forced to do the Foreign Tax Credit? I am unable to find a conclusive answer to this so I'm interested to hear your take on this. Thanks!
It sounds like the MyExpatPlanning service would be helpful for you to sit down with a tax professional and discuss your personal case. You can purchase the plan now, and sit down with a tax professional after October 15th (upcoming deadline).
That was great advice about the FEIE. It never occurred to me that my FEIE would be so high that I would have zero income to contribute to my ROTH IRA. Unfortunately, I already made the max contribution of $8000 to my ROTH IRA investment account with my broker. Is it possible to reverse a contribution without paying a penalty?
Hi there, if you have a business operating from abroad, you will need to claim that as foreign-earned income on your US tax return. That doesn't necessarily mean that you will owe! Here is an article that may be of interest to you: www.myexpattaxes.com/expat-tax-tips/self-employment/small-business-guide-for-americans-abroad/
New subscriber and I am sharing my story. My age is 55 and I have zero debt, 110k in the bank, 35k NVDA shares, 401k $270k, IRA 145K and 2 houses in Bay Area with zero mortgages. Just got a Mercedes SUV as my 3rd car. I started saving after marriage only after marriage but will all this be enough to retire?
Tell me about it. My 401k? Practically useless right now. I’ve got over $500k in there, but with everything going on, I’m wondering if I should just cash out and figure something else out. I’m getting closer to retirement, and the idea of relying on that fund is stressing me out.
Keep it simple, buy things you understand, take some risk but don't try to shoot the lights out. I currently have 75% SCHD and 25% ROTH IRA. Brokerage account is 40% VOO, 35% SCHD, 25% XLK. Combine balance ~$3.3m Less than 3 years until retirement.... I have about 400k in cash. My portfolio has yielded far more than I expected for my retirement. Kudos to my advisor.
@@ConradsViveiroses That's quite remarkable! I'm genuinely interested in benefiting from the guidance of such experienced advisors, especially considering the current state of my struggling portfolio. May I know the names of the advisors who has been assisting you in navigating these financial challenges?
Thank you for these videos. You are the first person I've seen who explains taxes from a top-down perspective in simple terms that a non-accountant like myself can understand. Einstein once said "if you can't explain it simply, you don't understand it well enough." So I appreciate your mastery on this subject of taxes and explaining it simply for us lay folk. 🙏
Thank you so much!
You can open a Schwab brokerage foreign in the UK
newbie to the idea of living abroad. perhaps you address this somewhere else but your very first bullet point left me confused and i kept hoping you'd explain that more, like with examples. 'inability to even access' ?? what does that even mean? using internet access and a vpn seems like i'd have access just like sitting in my study on main street. can you explain this further or point me to a detailed discussion. thanks
kind of a grey area, I called schwab, vanguard, and Fidelity and they all told me to kick rocks, but even on their websites they have no specific lists or countries or any guidance at all, they seem to be operating on a don't ask dont tell basis. Not sure how Schwab only works with some people in the EU (maybe only the UK ??? ) I am aware of the 25k min deposit, but sounds like they don't care if you are going to be in other countries. Only option seems to be keeping a us address and hope your assets don't get frozen or seized. Someone please correct me if I am wrong, but I have found no decent options for the normies who aren't Uber Rich.
Investing as an American abroad can be complex and challenging. That's why we're excited to announce the upcoming launch of MyExpatInvest! Be sure to sign up for our newsletter to stay updated and be the first to know when it goes live.
Thanks 🙏🏻
I am exPat, used to live in California like you but now live in México since 2022. How can I avoid paying the CALIFORNIA penalty for not having health insurance in California? All my income comes from rents from my real estate properties. Would greatly appreciate your response 🙏🏻
I have a single-member LLC taxed as a S corp. My husband and I are the only employees of our company. Can I still contribute to a Traditional/Roth 401(k) and still utilize the Foreign Earned Income Exclusion? Or would I be forced to do the Foreign Tax Credit? I am unable to find a conclusive answer to this so I'm interested to hear your take on this. Thanks!
It sounds like the MyExpatPlanning service would be helpful for you to sit down with a tax professional and discuss your personal case. You can purchase the plan now, and sit down with a tax professional after October 15th (upcoming deadline).
That was great advice about the FEIE. It never occurred to me that my FEIE would be so high that I would have zero income to contribute to my ROTH IRA. Unfortunately, I already made the max contribution of $8000 to my ROTH IRA investment account with my broker. Is it possible to reverse a contribution without paying a penalty?
You can recharacterize it or withdraw it. We would recommend you file with us first, as there are ways to use FEIE and still contribute.
Hi do i need to pay tax on my business abroad which i started before moving to the US?
Hi there, if you have a business operating from abroad, you will need to claim that as foreign-earned income on your US tax return. That doesn't necessarily mean that you will owe!
Here is an article that may be of interest to you: www.myexpattaxes.com/expat-tax-tips/self-employment/small-business-guide-for-americans-abroad/
New subscriber and I am sharing my story. My age is 55 and I have zero debt, 110k in the bank, 35k NVDA shares, 401k $270k, IRA 145K and 2 houses in Bay Area with zero mortgages. Just got a Mercedes SUV as my 3rd car. I started saving after marriage only after marriage but will all this be enough to retire?
Tell me about it. My 401k? Practically useless right now. I’ve got over $500k in there, but with everything going on, I’m wondering if I should just cash out and figure something else out. I’m getting closer to retirement, and the idea of relying on that fund is stressing me out.
Keep it simple, buy things you understand, take some risk but don't try to shoot the lights out. I currently have 75% SCHD and 25% ROTH IRA. Brokerage account is 40% VOO, 35% SCHD, 25% XLK. Combine balance ~$3.3m Less than 3 years until retirement.... I have about 400k in cash. My portfolio has yielded far more than I expected for my retirement. Kudos to my advisor.
@@ConradsViveiroses That's quite remarkable! I'm genuinely interested in benefiting from the guidance of such experienced advisors, especially considering the current state of my struggling portfolio. May I know the names of the advisors who has been assisting you in navigating these financial challenges?
@@ConradsViveiroses CAN I GET THE ADVISOR NAME PLZ.
CATHERINE PELICAN DIANE is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Could I have an email chat with you to discuss my possible eligibility to contribute to an IRA? I have foreign earned income only.
Hi there! It sounds like the MyExpatPlanning service would be of interest to you, please check it out here: www.myexpattaxes.com/planning/