Do you live abroad or travel the world and work for yourself? Don’t overlook self-employment tax on foreign income! A common misconception among expats and nomads is that the first $100,000 of income is completely tax-free in the US under the Foreign Earned Income...
Here are our 5 year-end tax tips for entrepreneurs: (You can read about year-end tax planning for individual US taxpayers here.) 1. Maximize your retirement savings Entrepreneurs have unique opportunities to save for retirement. If you own a company without full-time...
Many US entrepreneurs set up an LLC in the beginning because it is straightforward and not too expensive. Generally, this is a good approach for the start as LLCs offer liability protection and other advantages. However, entrepreneurs are often not aware that with...
As a global financial hub, Singapore has drawn many US expats to its borders. Some estimates even show that as many as 26,000 US citizens are living in Singapore. While the country has many allures, the process of filing taxes in the US and in Singapore can be...
By Vincenzo Villamena, CPA You would think that moving away from the United States lets you off the hook from filing US state taxes. But unfortunately, some US states require that expats pay state taxes. It is a common misconception that you only file state taxes if...
Nearly 25,000 US citizens have legal residency in Costa Rica. The US State Department estimates that nearly another 100,000 may live there as “perpetual tourists” – coming and going every 90 days, but making Costa Rica their home. Living in Costa Rica can greatly...
Did you know that over 100,000 American expats live in Germany? It is a popular destination due to a strong economy, excellent public transport, a robust education system, and of course… beautiful scenery, rich culture, and fantastic festivals, to name a few. Moving...
Individual Retirement Accounts (IRAs) are an important part of retirement planning due to their great US tax advantages. Americans abroad however need to be aware of how expat tax benefits can affect retirement accounts such as Roth and Traditional IRAs. Expats who...
The Foreign Earned Income Exclusion (FEIE) is a tax benefit available to American citizens, Greencard holders, and in some cases foreign individuals that become residents. It allows an exclusion of up to $126,500 (2024) of income earned in a foreign country from US...
