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If wonder if all those same Americans would think it reasonable the non-resident tax payers finally got something for their tax returns/hoop-jumping, in the sha
by kingosticks 6y ago
If wonder if all those same Americans would think it reasonable the non-resident tax payers finally got something for their tax returns/hoop-jumping, in the shape of coronavirus support cheques. Thanks to that I think I've almost broken even. Apart from all the wasted time, of course.
- voisin 6y agoIf your total lifetime costs to date of compliance as an American abroad amount to the coronavirus support cheque value, you should be running a popular YouTube channel teaching others. For most people in this situation that I know, the costs are $4-6k per year, minimum. Heaven forbid they try to make use of their local country retirement schemes, or have anything but the basic banking services and do not participate in partnerships or other “complicated” legal entities.
- kingosticks 6y agoI've kept my financial situation very simple, I've likely sacrificed some (potential investment) income from doing so. I used an accountant the first few times who taught me what I needed to know and then I waste part of my life each year remembering how it works and researching the changes. Perhaps I also don't earn as much as the people you know, no idea. Due to exclusion and the credit I thankfully (and IMO, fairly) pay very little US tax each year, my major costs have been those initial accoutant fees. That wasn't worth a youtube channel (the income from which would only complicate my future returns, no thanks). But I would like to hold some investments and that's an area I have no US tax knowledge of. So that'd be another accountant hit. Maybe renouncing is the better investment, once it becomes available again.