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Zero income tax places - best choice for game / quality of life
#51

Zero income tax places - best choice for game / quality of life

Quote: (06-24-2018 01:13 PM)Tail Gunner Wrote:  

Quote: (06-24-2018 12:44 PM)DonnyGately Wrote:  

No country takes you off the IRS hit list if you're a US citizen, what is this fantasyland? Be serious.

You can lie on your taxes but hell just live in South Beach if you want to do that and get all the hot Latinas, touristas, and college girls.

If you are an American living offshore who earns less than the Foreign Earned Income Exclusion for 2018 ($104,100), then living as a resident in a no income tax country means that you pay no income tax. The fact that you do not know such basic information makes you the one living in a fantasy land -- and not competent to post in this thread. If you want respect, then first show respect to others.

https://www.irs.gov/individuals/internat...-exclusion

https://www.liveandinvestoverseas.com/ta...ie-basics/

He's actually right.

"A common misconception among expats and nomads is that the first roughly $100,000 of income are completely tax free in the US under the Foreign Earned Income Exclusion (FEIE). This is however only partially true. The FEIE lets you exclude income from income tax. It does not get you out of paying self-employment tax on foreign income when working as freelancer, independent contractor or sole proprietor abroad."

You STILL have to pay 15.3% self employment tax.

https://onlinetaxman.com/self-employed-a...gn-income/
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#52

Zero income tax places - best choice for game / quality of life

Im surprised Estonia has not been mentioned in this thread.

Im a USSA expat living in Estonia. Im married to Estonian wife amd 2 kids now.

I started 6 years ago as a digital nomad Intl Playboy utilizing the E residency program. I setup an estonian biz which has a 0% corporate tax rate on retained earnings.

I eventually became a temporary and then permanent resident. This gives me unlimited visa free travel in Europe. Soon i will renounce USSA citezenship and get Estonia passport.

Estonia is great for blonde feminine women.

Estonia has a high standard and quality if life. ITS DEFINITELY THE HIGHEST IN EASTERN EUROPE.

Ill also add from a family formation perspective.

Estonian schools are top notch.
Universal free healthcare to employed residents
Payed maternity leave for 18 months up to 3 kids. (4.5 yrs)
Government pays 500 per month stipend if you have 3rd child.

I highly reccomend Estonia.
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#53

Zero income tax places - best choice for game / quality of life

What the hell is USSA? , the new USSR?

Always skeptical of someone who calls himself an "international playboy"
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#54

Zero income tax places - best choice for game / quality of life

The USSA is an acronym I use to describe the socialist police state enforced feminist emperative formerly known as the USA.

. Im always skeptical of those that call themselves Bangboy
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#55

Zero income tax places - best choice for game / quality of life

Quote: (05-21-2019 05:19 AM)Iconoclast007 Wrote:  

Estonian schools are top notch.

According to the OECD Estonian schools are the best in Europe:

[Image: 5847101dba6eb637008b7bf9-1136-852.jpg]
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#56

Zero income tax places - best choice for game / quality of life

Quote: (05-21-2019 04:50 AM)ArloDash Wrote:  

Quote: (06-24-2018 01:13 PM)Tail Gunner Wrote:  

Quote: (06-24-2018 12:44 PM)DonnyGately Wrote:  

No country takes you off the IRS hit list if you're a US citizen, what is this fantasyland? Be serious.

You can lie on your taxes but hell just live in South Beach if you want to do that and get all the hot Latinas, touristas, and college girls.

If you are an American living offshore who earns less than the Foreign Earned Income Exclusion for 2018 ($104,100), then living as a resident in a no income tax country means that you pay no income tax. The fact that you do not know such basic information makes you the one living in a fantasy land -- and not competent to post in this thread. If you want respect, then first show respect to others.

https://www.irs.gov/individuals/internat...-exclusion

https://www.liveandinvestoverseas.com/ta...ie-basics/

He's actually right.

"A common misconception among expats and nomads is that the first roughly $100,000 of income are completely tax free in the US under the Foreign Earned Income Exclusion (FEIE). This is however only partially true. The FEIE lets you exclude income from income tax. It does not get you out of paying self-employment tax on foreign income when working as freelancer, independent contractor or sole proprietor abroad."

You STILL have to pay 15.3% self employment tax.

https://onlinetaxman.com/self-employed-a...gn-income/

You should have read to the end of the article:

Quote:Quote:

The only way to avoid having to pay self-employment tax is to form a business and elect to be taxed as an S Corp. Depending on your income level, the cost of forming and maintaining a legal business structure may be more than offset by the savings in self-employment tax.

https://onlinetaxman.com/self-employed-a...gn-income/

If you are an American living overseas you can avoid paying the 15.3% self employment tax by forming your own foreign corporation (IBC) and paying yourself a salary under the Foreign Earned Income Exclusion.

Quote:Quote:

You can eliminate self employment tax by forming an offshore corporation and having your employer (the Taiwanese corporation in this example) pay into that account. You then draw a salary reported on Form 2555 and not Schedule C.

Your offshore corporation will file Form 5471. In most cases, this will be attached to your 1040 behind Form 2555.

Keep in mind that Form 2555 can be used with any foreign corporation. It doesn’t matter if you’re an employee of an offshore corporation that you own or an employee of someone else. So long as your salary comes from a foreign company, and you qualify for the FEIE, you can avoid self employment tax and Schedule C.

http://premieroffshore.com/how-to-report...ss-income/
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#57

Zero income tax places - best choice for game / quality of life

Quote: (05-21-2019 09:17 AM)Tail Gunner Wrote:  

Quote: (05-21-2019 04:50 AM)ArloDash Wrote:  

Quote: (06-24-2018 01:13 PM)Tail Gunner Wrote:  

Quote: (06-24-2018 12:44 PM)DonnyGately Wrote:  

No country takes you off the IRS hit list if you're a US citizen, what is this fantasyland? Be serious.

You can lie on your taxes but hell just live in South Beach if you want to do that and get all the hot Latinas, touristas, and college girls.

If you are an American living offshore who earns less than the Foreign Earned Income Exclusion for 2018 ($104,100), then living as a resident in a no income tax country means that you pay no income tax. The fact that you do not know such basic information makes you the one living in a fantasy land -- and not competent to post in this thread. If you want respect, then first show respect to others.

https://www.irs.gov/individuals/internat...-exclusion

https://www.liveandinvestoverseas.com/ta...ie-basics/

He's actually right.

"A common misconception among expats and nomads is that the first roughly $100,000 of income are completely tax free in the US under the Foreign Earned Income Exclusion (FEIE). This is however only partially true. The FEIE lets you exclude income from income tax. It does not get you out of paying self-employment tax on foreign income when working as freelancer, independent contractor or sole proprietor abroad."

You STILL have to pay 15.3% self employment tax.

https://onlinetaxman.com/self-employed-a...gn-income/

You should have read to the end of the article:

Quote:Quote:

The only way to avoid having to pay self-employment tax is to form a business and elect to be taxed as an S Corp. Depending on your income level, the cost of forming and maintaining a legal business structure may be more than offset by the savings in self-employment tax.

https://onlinetaxman.com/self-employed-a...gn-income/

If you are an American living overseas you can avoid paying the 15.3% self employment tax by forming your own foreign corporation (IBC) and paying yourself a salary under the Foreign Earned Income Exclusion.

Quote:Quote:

You can eliminate self employment tax by forming an offshore corporation and having your employer (the Taiwanese corporation in this example) pay into that account. You then draw a salary reported on Form 2555 and not Schedule C.

Your offshore corporation will file Form 5471. In most cases, this will be attached to your 1040 behind Form 2555.

Keep in mind that Form 2555 can be used with any foreign corporation. It doesn’t matter if you’re an employee of an offshore corporation that you own or an employee of someone else. So long as your salary comes from a foreign company, and you qualify for the FEIE, you can avoid self employment tax and Schedule C.

http://premieroffshore.com/how-to-report...ss-income/

I actually stated this in my previous post.

Yes, but the costs don't make sense unless you're netting over $50,000 each year. You have to pay for bookkeeping, legal, etc. Then, the costs are basically the same as paying tax on that money.

In the end, you're still going to be paying rouhly $5000 a year or so to run your S-Corp instead of paying that in 15.3% self employment tax.
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#58

Zero income tax places - best choice for game / quality of life

Quote: (Yesterday 04:18 AM)ArloDash Wrote:  

Yes, but the costs don't make sense unless you're netting over $50,000 each year. You have to pay for bookkeeping, legal, etc. Then, the costs are basically the same as paying tax on that money.

In the end, you're still going to be paying rouhly $5000 a year or so to run your S-Corp instead of paying that in 15.3% self employment tax.

The U.S. self-employment tax is 15.3%, which means that you pay $15,300 in taxes on a $100,000 salary (even if you qualify for the Foreign Earned Income Exclusion and legally avoid paying U.S. federal income taxes). That equates to $7,650 in self-employment tax on a $50,000 salary.

Even if you did pay $5,000 annually to have a tax office handle everything for you, you would still net a $10,000 savings on a $100,000 salary. Even with a $50,000 salary, you would still save about $2,500 in taxes annually. In what universe does saving 2,500 annually on a $50,000 salary equate to a situation where "the costs are basically the same as paying tax on that money"?

With a salary less than $50,000, you can simply perform the work yourself instead of paying a professional (until you reach the point where it is worth paying a professional). If you perform the work yourself, it costs about $1,000 to form an IBC and another $300 to form a U.S. C corporation. For the peace of mind, you may still want to pay an international tax office $1,500 to prepare your annual business and personal taxes as an expat -- but you could still figure out how to prepare the tax documents yourself, if you wished.

Sure, everyone should pay their taxes, but there are plenty of tax savings for people who plan -- and no one is obligated to pay more tax than is owed.
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