If you’re considering starting your own business, you’ll want to know everything that’s tax-deductible for business owners living outside the US. With this knowledge, you’ll be better able to plan for costs, plan for your taxes, and save money all at the same time. What Are Tax-Deductible Expenses for Business Owners Living outside the US?…
Good tax news is hard to find, but recently, the Bipartisan Budget Act changed the tax home stipulation for contractors as well as employees of contractors, so long as they worked in the US armed forces. To be eligible, they also must work in IRS-determined combat zones. Now, military contractors can claim the Foreign Earned Income…
Perhaps you moved abroad a few years ago but kept your home in the US because you were unsure what the future held for you. But now, you’ve firmly settled abroad for the foreseeable future and are ready to sell your US house. Or maybe you invested in US property as a foreign national and…
Totalization agreements are among the most under-utilized tools against double taxation that expats have. You likely already know about the Foreign Earned Income Exclusion and Foreign Tax Credit to eliminate double taxation. But if you haven’t read up about the US-Switzerland totalization agreement, you could be getting double taxed. Expats living in Switzerland, get the…
If you’re a contractor who is living abroad, you might be happy to hear that recent tax home changes have made the path to qualifying for the Foreign Earned Income Exclusion (FEIE) easier for foreign contractors and military contractors living abroad. Read below to find out more. Using the Foreign Earned Income Exclusion Working outside…
Every small business owner is accustomed to working with deadlines in their business, and when it comes to taxes, there are no exceptions. If you’re an American living abroad, understanding the small business deadlines for US expats is key! Knowing which deadlines impact you and your business is essential since the IRS can charge hefty…
The Kabushiki Gaisha goes by many names. Sometimes spelled Kabushiki Kaisha, or KK, or joint-stock company, this is a Japanese corporate entity that is the structural equivalent of a C Corporation. As the predominant type of corporate entity in Japan, the Kabushiki Gaisha commands a perception of respect and prestige from employees, clients, and the…
In the UK, it’s not uncommon for citizens and expats to have money in an Individual Savings Account (ISA). The account is essentially a tax-efficient savings vehicle for UK residents. While they can be fundamental pieces of a UK financial strategy, US expats with ISAs need to be mindful of potential pitfalls in owning such…
You may be familiar with the FBAR, but do you know which accounts should be reported on an FBAR? Read below to find out the accounts that count, and the accounts that you can skip on this critical filing requirement. FBAR: What Is It? If you are a US citizen or resident who has an…
Benjamin Franklin once said that two things are certain: death and taxes. This statement continues to apply today, so we are going look at the gift tax and how it impacts US persons in Japan who have married a non-US person. The good news is that the US tax code doesn’t impose income tax on…
