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This is false, false, false. Please everyone, if you stay out of the US for ~ 330 days a year, you are untaxed up to about 100k (changes every year). I've done
by xacaxulu 11y ago
This is false, false, false. Please everyone, if you stay out of the US for ~ 330 days a year, you are untaxed up to about 100k (changes every year). I've done this 2 years and the savings are insane. Federal income taxes are a huge drain on your salary. Go abroad!!
- lsaferite 11y agoHow is it 'false, false, false' exactly? I mention that there are ways to avoid some of the taxes. I've BEEN an expat so I know how it works. I also know that I still had to pay taxes even when I stayed out of country long enough just due to income levels. Additionally, with all of my family in the US it was pretty hard to stay out of country enough to avoid taxes. Am I saying you shouldn't move out of the country? NO! I loved living in Europe. And if you live in a low cost of living country you will save lots of money if you get a US salary or contracts. What I am saying is that as an American you'll likely end up still paying US taxes and you'll still have to file with the IRS every year.
- xacaxulu 11y agoDon't follow the rules to comply? Then you don't get the tax savings. http://www.irs.gov/Individuals/International-Taxpayers/Foreign-Earned-Income-Exclusion http://www.irs.gov/Individuals/International-Taxpayers/Forei...
- brobinson 11y agoYou're also exempt from the Obamacare penalty for not having health insurance if you're out of the country for 330+ days per year. For 2015, it's 2% of your income, and next year it will be higher. The penalty is 0.1666% per month you didn't have qualifying health insurance for any 3+ month period(s) you didn't have it, e.g., if you didn't have insurance in the months of February-April, you'd be assessed a fine of 0.5% of your income.