Ep 177 – Tax Tips for Americans and Non-Americans

Grace Taylor, a US tax expert, helps digital nomads enjoy their experience fully while minimizing hassle brought by taxes and other financial considerations while working elsewhere. She was one of the speakers in the recently held Nomad City discussing on Tax Considerations for Digital Nomads.

This episode talks about one of the biggest issues for expats which is tax payments. Grace discussed the process circulating taxes for location independent businesses and the things that grant tax exclusions. She gives an overview of how taxes work for digital nomads residing abroad. Listen to find out when and why you should reach out to an accountant and discuss your financial activities.

 

Link:
Gracefullyexpat.com
 
Discussed:
TLAB 11 - Income Tax Q&A, Tricks, Tips and Hacks with  David McKeegan
TLAB 161 - How to Legally Pay ZERO Income Tax
ILAB 64 – Trading Options Full Time: $0 – $100K Annually with Kirk Du Plessis


Freshbooks.com/travel

Time Stamps:
1:23 – Easiest country to pay taxes
2:56 – How she helps expats
9:01 – What is Foreign Earned Income Exclusion (FEIE)?
11:35 – The downside in switching accounts
15:38 – One business with several income sources
16:43 – Considerations in starting a business
20:30 – Tax exclusions
25:33 – Choosing an accountant
31:26 – Tax Estimation
32:45 – How to make it easier for your accountant
35:11 – Legal forms relative to income
36:27 – What happens when you forget to report an income?
39:15 – Difference between an American and non-American taxpayer
41:57 – Who should reach out to a tax expert?
43:41 – Why does options trading complicate things?
45:22 – Other things that complicate taxes
47:13 – Action Plan
50:17 – Is Credit Card Statement enough?
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