Lifehacks

121 readers

1 users here now

Efficiency in all walks of life.

founded 2 months ago

MODERATORS

Varyk@sh.itjust.works

Like traveling? No income taxes(up to 120k) if you live outside of the US more than 330 days a year. (www.irs.gov)

submitted 2 months ago* (last edited 2 months ago) by Varyk@sh.itjust.works to c/lifehacks@sh.itjust.works

4 comments fedilink hide all child comments

when tax time comes around, you fill out an IRS form called the FEIE, the Foreign Earned Income Exclusion.

Check the "physical presence test" box, fill out your total income for that year, then write down the dates that you were not in the United States and where you were.

10 minutes, one extra form, no income taxes.

you are viewing a single comment's thread
view the rest of the comments

[–] RegalPotoo@lemmy.world 0 points 2 months ago

Probably worth pointing out that the fact that the US claims any tax on income earned by its citizens overseas is very weird and not normal internationally