TMBA 172 (LBP145) – Taxes, Taxes, Taxes, Taxes (featuring David McKeegan)

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Dan and Ian are breaking out of the usual format to bring you some first hand knowledge on expatriate and lifestyle business taxes. Yep, it’s that time of year again when Uncle Sam starts checking his ledger to make sure you don’t owe.  Even if you’re not a US citizen, there are some golden nuggets in this week’s episode.

On the show today, the fellas are joined by David McKeegan from Greenback Tax Services.  He’s going to lay down the top five tax tips to help you save money on your taxes while abroad.  Preserve your bottom line and get straight with Uncle Sam by utilizing some of these lesser known tips.

“I Want You…”

  • How you can save 5 K a year in just 30 minutes.
  • Why you shouldn’t be scared of the FBAR – and what it can do for you.
  • Two methods you can use to exclude up to $95,100 of income from taxation.
  • How you can avoid double taxation when living abroad.
  • Why your passwords might not be secure if you use Google Chrome.

Mentions:

Additional Resources:

Just The Tips

  • Caffeine App
  • IF YOU SAVE YOUR PASSWORDS IN GOOGLE CHROME… they are visible.

The Jam

Get Your Voice On The LBP
  • Leave us a message. It’s easy to do, and if you mess up, you can easily edit your message until you are ready to send it our way.

Have fun. Leave a comment. Go make it happen! :)

Episode length: 31:20

Download options:

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Published on 03.07.13
  • http://www.markzhang.me/ Mark Zhang

    I’ve heard you guys, and other entrepreneurs ask the question “what kind/scale of problems are you solving.” I think it’s a great example here, David is kickin’ ass solving a real pain-in-the-ass problem for many entrepreneurs. Great example of painkiller versus vitamin, and this is definitely a painkiller.

    Next product/service I put out will definitely be more of a painkiller rather than this vitamin I’m dishing out right now haha.

  • http://www.tropicalmba.com Dan

    Mark– you got it, seems so simple right? But people are burning up to have this problem solved and Dave and Carrie do a great job of it. Pumped to have featured them hope to do some more in the future.

  • http://www.adsenseflippers.com Joseph Magnotti

    Great episode guys, but don’t you think most of us have relatively simple tax situations? All this FBAR complexity is only a problem if you are earning money overseas. Why not just earn dollars and find a way to limit your liability?

    For people making between $25k and $200k a year the audit rate is less than 1% (see link). That’s better than rocket failure (which runs at about 2%). And rocket failure has whole lot more consequences.

    http://www.financialsamurai.com/2012/03/26/what-is-the-average-audit-rate-by-income-level/

    I’m still using a PC! It might be my last Windows machine though.

    Dan, I can’t believe you are saving your passwords in Chrome. Next time you are here I’m hacking your system and taking over your Twitter account. Not that I would know what to do with it!

  • http://www.tropicalmba.com Dan

    hahahaha. wouldn’t be a bad idea to do an episode on security.

    regarding FBAR my understanding is that you have to do it regardless of where the income is sourced. if you don’t claim accounts the penalty is severe.

  • http://www.adsenseflippers.com Joseph Magnotti

    My point is don’t even have the foreign bank account. Earn everything in the US and pay limited taxes on it by working the tax code (pretty easy to do). For those of us with an online businesses I don’t think there is much value in earning the money overseas.

    Consult an expert, your result may vary! ;-)

  • http://www.tropicalmba.com Dan

    ah yes i see what you mean, yes for many LIPs this will make the most sense for sure. for us to continue this conversation we have to go down the rabbit hole!!! best do do over coffee :)

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