With the new year quickly approaching, now is the time for year-end tax planning, especially for expats! We share our top year-end tax tips here. With the right tax planning, Americans abroad can maximize tax deductions, credits, and exclusions as well as improve...
Vincenzo Villamena, CPA In the last decade, the number of US citizens renouncing their citizenship has increased drastically. Complex tax filing requirements and banking hassles related to FATCA accelerated this trend for US Americans living abroad. For many people,...
By Vincenzo Villamena, CPA Hong Kong has been a favorite destination for US expats, and for us, too, although the current uncertainties may impact this. (See my recent article on Forbes.) Taxes are low in Hong Kong but the tax system is quite different from what...
A Roth IRA can provide such significant tax benefits, that many Americans even pay tax to convert a pre-tax retirement account to a Roth IRA. As an expat, you might be able to do a tax-free Roth IRA conversion because the IRS essentially allows you to double-dip. Who...
Americans living in Panama can enjoy incredible beaches, a metropolitan city, tranquil mountain towns, and one of the region’s most important airports. Furthermore, Panama’s tax and business-friendly mentality make it easy for US expats to live, invest, and do...
For Americans living abroad, staying compliant with US tax rules can be challenging, especially if you’re unaware of expat filing requirements when you move overseas. Fortunately, an IRS program called the Streamlined Foreign Offshore Procedures, often referred to...
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...
