Thank you for these videos. You are the first person I've seen who explains taxes from a top-down perspective in simple terms that a non-accountant like myself can understand. Einstein once said "if you can't explain it simply, you don't understand it well enough." So I appreciate your mastery on this subject of taxes and explaining it simply for us lay folk. 🙏
Thanks 🙏🏻 I am exPat, used to live in California like you but now live in México since 2022. How can I avoid paying the CALIFORNIA penalty for not having health insurance in California? All my income comes from rents from my real estate properties. Would greatly appreciate your response 🙏🏻
That was great advice about the FEIE. It never occurred to me that my FEIE would be so high that I would have zero income to contribute to my ROTH IRA. Unfortunately, I already made the max contribution of $8000 to my ROTH IRA investment account with my broker. Is it possible to reverse a contribution without paying a penalty?
Hi there, if you have a business operating from abroad, you will need to claim that as foreign-earned income on your US tax return. That doesn't necessarily mean that you will owe! Here is an article that may be of interest to you: www.myexpattaxes.com/expat-tax-tips/self-employment/small-business-guide-for-americans-abroad/
Thank you for these videos. You are the first person I've seen who explains taxes from a top-down perspective in simple terms that a non-accountant like myself can understand. Einstein once said "if you can't explain it simply, you don't understand it well enough." So I appreciate your mastery on this subject of taxes and explaining it simply for us lay folk. 🙏
Thank you so much!
You can open a Schwab brokerage foreign in the UK
Thanks 🙏🏻
I am exPat, used to live in California like you but now live in México since 2022. How can I avoid paying the CALIFORNIA penalty for not having health insurance in California? All my income comes from rents from my real estate properties. Would greatly appreciate your response 🙏🏻
That was great advice about the FEIE. It never occurred to me that my FEIE would be so high that I would have zero income to contribute to my ROTH IRA. Unfortunately, I already made the max contribution of $8000 to my ROTH IRA investment account with my broker. Is it possible to reverse a contribution without paying a penalty?
You can recharacterize it or withdraw it. We would recommend you file with us first, as there are ways to use FEIE and still contribute.
Hi do i need to pay tax on my business abroad which i started before moving to the US?
Hi there, if you have a business operating from abroad, you will need to claim that as foreign-earned income on your US tax return. That doesn't necessarily mean that you will owe!
Here is an article that may be of interest to you: www.myexpattaxes.com/expat-tax-tips/self-employment/small-business-guide-for-americans-abroad/
Could I have an email chat with you to discuss my possible eligibility to contribute to an IRA? I have foreign earned income only.
Hi there! It sounds like the MyExpatPlanning service would be of interest to you, please check it out here: www.myexpattaxes.com/planning/