why: so the government won’t be able to use your money for whatever the fuck they’re planning for the next 4 years.
as a traveler, none of my money has been funding Israel, for example.
one-step method: you basically fill out one extra tax form called FEIE while you’re doing your taxes, write down the dates you were outside of the country, and then since you aren’t in the country and are not receiving any services from the US, you don’t have to pay income tax up to a certain amount (it’s a little over 125k this year).
If you were employed by a foreign company that has no presence in the US how exactly would the IRS know whether you’ve earning more than $125k?
Because money keeps getting deposited in your bank account every two weeks and you’re not reporting any income.
Banks hand all of that information over.
Maybe I’m not understanding what you mean, but if someone works and lives abroad for 330 days of the year they’ll likely have a bank account established within that country so that they don’t have to deal with all of their daily financial activities being international transactions.
There is a system whereby foreign banks are obligated to report accounts held by Americans to the US for “anti terrorism” purposes.
And as a us citizen you are also obligated to report all of your foreign accounts in a FBAR filing each year.
There is a system whereby foreign banks are obligated to report accounts held by Americans to the US for “anti terrorism” purposes.
Could you give me a name, or at least some link to a government website that describes the system you’re talking about?
https://www.fatf-gafi.org/en/countries/global-network.html
I am sure there are better sources than this, but I am going by what I was told by the bank when I opened an account here in Japan. And maybe it does not only apply to Americans, but I was told at the bank that I had to fill out additional anti-terror related paperwork with US details specifically because of US citizenship.
But if you earn over the threshold, you’re expected to pay taxes to the US government, no matter where you’re actually living or working, no matter if you’re also paying taxes wherever you currently are. The US is the only country in the world to assert that it has the right to tax its citizens remotely in this manner. It’s not normal.
The US has double taxation treaties with over 60 countries. When you pay taxes somewhere else, you deduct all of that tax from your US taxes above the $125k.
Though I definitely agree the IRS shouldn’t need these treaties, because if you’re not living there, why should you even need to file?
Because US law says so lol
Y’all just now learning that laws are written for the benefit of the ruling regime, not the peasants.
There were only “two parties in all States,” Randolph concluded. “The ins and the outs.” The ins construed governmental power broadly for the gain of their own “patronage and wealth,” while the outs tried to limit such power. “But let the outs get in . . . and you will find their Constitutional scruples and arguments vanish like dew before the morning sun.”
