Case Study: Taxation of Dual Citizens
Greenback Expat Tax Services
by David McKeegan
3y ago
Many expats wonder how much dual citizenship taxation can be impacted depending on where you live. To help answer this age-old question, our accountants developed a hypothetical tax comparison of two expats with the same salary to find out how much where you live affects your taxation of dual citizens. US Citizenship: Keep or Drop? The underlying issue for expats is: how does my location affect my taxation of dual citizens? The answer can be complicated but is best illustrated by reviewing the tax filings of two different dual citizens. One of our hypothetical taxpayers, Joan Q. Taxpayer, is ..read more
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Retirement Plans for International Teachers: Everything You Need to Know
Greenback Expat Tax Services
by David McKeegan
4y ago
The prospect of moving abroad to teach can be very tempting to a lot of US teachers. Learning about a new culture, living in a different country, and earning more than you might while in the US are all good reasons to pack your bags and hop on the next international flight. While your new exotic life may be at the top of your mind, retirement planning may not be when you are getting accustomed to a new job or culture. But decisions you make now could affect your pension and retirement options down the road. So, read on to find out everything you need to know about retirement plans for interna ..read more
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Opening Offshore Bank Accounts Without Triggering Tax-Filing Requirements
Greenback Expat Tax Services
by David McKeegan
4y ago
Whether you live abroad, have a foreign-based business, or both, opening a bank account in a foreign country has numerous benefits. First, it can help you function financially in your country of choice. But, there are other benefits as well, such as obtaining access to investment opportunities not available in the US, fewer fees, less fuss about currency fluctuations, increased privacy, and extra financial stability if US markets begin to struggle. However, these benefits do not come without potential pitfalls. Knowing these tips for opening offshore bank accounts in advance can help you stra ..read more
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What Dual Citizens Need to Know Before You Renounce US Citizenship
Greenback Expat Tax Services
by David McKeegan
4y ago
The US is one of the few countries that impose tax based on citizenship and not residency, so that means that citizens will pay income tax regardless of where they live. Many US citizens faced with US taxation and reporting requirement have considered or are planning to renounce US citizenship. The renunciation process has many steps, and there are things that you must know before even beginning the procedure. Check out our tips below if you are planning to renounce US citizenship. Dual Citizen Planning to Renounce US Citizenship? You Have to be Tax Compliant First As a dual citizen, the firs ..read more
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Investing in US Property? Get to Know Key Tax Implications for Foreigners
Greenback Expat Tax Services
by David McKeegan
4y ago
Foreigners who are interested in investing in US property will certainly have some tax ramifications arise. Plus, there are rules as to how to purchase, operate, and sell US real property. Find out what you need to know before investing in US property. Investing in US Property? Get to Know FIRPTA The Foreign Investment Real Property Tax Act (FIRPTA) is important to foreigners interested in investing in US property because it levies taxes on nonresident aliens and foreign corporations if they have Effectively Connected Income (ECI). ECI is defined as income someone receives when engaged in a t ..read more
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Expats Speak Out on Taxes, Coronavirus, and Voting: Get the Results of Greenback’s 2020 Expat Opinion Survey
Greenback Expat Tax Services
by Miranda Pruitt
4y ago
Every year, we ask expats to weigh in on key aspects of life abroad. This year, over 4,000 US citizens living in 125 countries shared their opinions on US taxes, voting, the Coronavirus pandemic, and more. What did we find out? Following the unique events of 2020, expats are ready to make their voices heard. Key Findings from Greenback’s 2020 Expat Opinion Survey Anyone who has lived abroad for long knows that expat life comes with rewards and challenges. In previous years, we’ve seen that nearly three quarters of expats do not believe they should have to pay taxes abroad. As a result, citize ..read more
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How to Avoid Self-Employment Tax While Working Abroad
Greenback Expat Tax Services
by David McKeegan
4y ago
If you plan on working abroad as an independent contractor, you will be subject to self-employment tax on your freelance income just as you would if you were self-employed in the US. To make sure you don’t overpay, read our guide on how to avoid self-employment tax while working abroad. What Is US Self-Employment Tax? Self-employment tax consists of Social Security (12.4%) and Medicare taxes (2.9%) and applies to your net self-employment income, even if that same income is entirely excluded from regular income tax under the Foreign Earned Income Exclusion (FEIE). When you work for a US employ ..read more
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Filing With the Streamlined Procedures? Don’t Go It Alone
Greenback Expat Tax Services
by David McKeegan
4y ago
If, like many expats, you’ve considered filing with the streamlined procedures on your own, you might want to read our list of reasons why you may want to reconsider. Unless, of course, you’re an accountant who specializes in expat taxes; in that case, you have our blessing. So You’re Late Filing Expat Taxes. Don’t Worry—You’re In Good Company In recent years, a lot of attention has been paid to foreign financial assets. Many people have discovered that they are required to file income tax returns or might not have included the necessary information on certain foreign financial accounts. As a ..read more
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Can You Receive Social Security Benefits if You Retire Abroad?
Greenback Expat Tax Services
by David McKeegan
4y ago
If you are considering retiring abroad, one of your biggest concerns may be receiving your Social Security benefits–and rightfully so! David McKeegan, Co-Founder of Greenback Expat Tax Services, answers one veteran’s question about whether or not expats are eligible to receive Social Security benefits when living overseas. VIDEO TRANSCRIPT Hi, everybody. My name is David McKeegan. I’m with Greenback Expat Tax Services, and our question today is, “I’m a veteran considering retiring abroad. Will I still receive Social Security overseas?” The answer is yes, as long as you aren’t living in on ..read more
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Domestic Streamlined Program 101
Greenback Expat Tax Services
by David McKeegan
4y ago
So, maybe you’ve heard of the Streamlined Filing Procedures for Americans living abroad who need to report their foreign financial assets and accounts to the IRS. But did you know that Americans residing stateside also have to report these foreign accounts? They do. Luckily, there’s an IRS amnesty program for them, too. It’s called the Streamlined Domestic Offshore Procedures. Read on to learn more about this domestic version of the streamlined filing program. What Are the Streamlined Domestic Offshore Procedures? The US has special reporting requirements for US persons that own foreign finan ..read more
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