U.S. Taxes for Global Citizens: Navigating Compliance While Living and Working Outside the States (eBook, ePUB)
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U.S. Taxes for Global Citizens: Navigating Compliance While Living and Working Outside the States is the definitive guide for every American living or working abroad who seeks to understand and fulfill their U.S. tax obligations with confidence and clarity. Far from a dry, impenetrable legal text, this indispensable resource demystifies the intricate world of international taxation, transforming complex IRS regulations into actionable, easy-to-understand advice. This book is meticulously crafted for the millions of U.S. citizens and green card holders who call a foreign country home, offering ...
U.S. Taxes for Global Citizens: Navigating Compliance While Living and Working Outside the States is the definitive guide for every American living or working abroad who seeks to understand and fulfill their U.S. tax obligations with confidence and clarity. Far from a dry, impenetrable legal text, this indispensable resource demystifies the intricate world of international taxation, transforming complex IRS regulations into actionable, easy-to-understand advice. This book is meticulously crafted for the millions of U.S. citizens and green card holders who call a foreign country home, offering a lifeline to those grappling with the unique challenges of dual tax residency. The book begins by laying a solid foundation, explaining the fundamental principle of U.S. worldwide taxation and how it applies to expatriates. It then systematically walks readers through the essential filing requirements, including the ubiquitous Form 1040 and its relevant schedules. A significant portion is dedicated to the cornerstone benefits available to overseas Americans: the Foreign Earned Income Exclusion (FEIE) and the Foreign Tax Credit (FTC). The author meticulously breaks down the eligibility criteria, calculation methods, and strategic application of these provisions, illustrating how they can significantly reduce or even eliminate U.S. tax liability on foreign income. Readers will gain a clear understanding of the bona fide residence test, the physical presence test, and how to optimize their tax position through careful planning. Beyond income tax, "U.S. Taxes for Global Citizens" dives deep into critical reporting requirements often overlooked, such as the Foreign Bank and Financial Accounts Report (FBAR, FinCEN Form 114) and the Foreign Account Tax Compliance Act (FATCA, Form 8938). The author explains who needs to file, what information is required, and the severe penalties for non-compliance, providing practical guidance to ensure readers avoid costly mistakes. The book also addresses nuanced topics like foreign housing exclusions and deductions, self-employment taxes for expats, and the complex interplay of U.S. and foreign social security systems. It offers insights into navigating U.S. state tax obligations while living abroad and managing various investment vehicles, from foreign mutual funds to U.S. retirement accounts, ensuring readers understand their reporting duties for each. A key strength of this guide lies in its practical, scenario-based approach. While not featuring traditional "characters," the book presents numerous real-world examples and hypothetical situations that resonate with the diverse experiences of global citizens. These illustrative cases help readers apply the theoretical knowledge to their specific circumstances, making the often-abstract tax code tangible and manageable. Themes of compliance, financial planning, risk mitigation, and leveraging available tax benefits are woven throughout, empowering readers to take control of their financial future. The book also explores the implications of U.S. tax treaties, gift and estate tax considerations for non-residents, and crucial advice on what to do if you're behind on your filings, including an in-depth look at the Streamlined Foreign Offshore Procedures.
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