One of the major issues that location independent entrepreneurs, who spend time outside their home country, grapple with is tax. Let’s be honest: we’re all looking for ways to pay less of that! Phil Hodgen is a leading lawyer in this field, advising his clients on the relative advantages of foreign earned income exclusion, acquiring overseas residency or even, in some cases, expatriation. In this week’s show we bring you advice that could save you thousands of dollars. And yes, we’re talking dollars. This guidance is mostly applicable to U.S. citizens but Phil also talks about general principles that other nationalities will find useful too.
Listen to this week’s show and learn:
- How to break down tax liability in terms of “Never, Less and Later”. (2:38)
- The primary benefits of proving “bonafide residency”. (5:01)
- How telling the truth in your financials can help you make even more money. (18:40)
- The case of the “Accidental American”. (23:05)
- The advantages and disadvantages to keeping your U.S. passport. (31:42)
Mentioned in the episode:
- The Dynamite Circle
- Form 2555
- Form 5471
- Form DS 4079
- The Expatriation Chronicles of an Accidental American
- Dan on Twitter
- Ian on Twitter
- Jane on Twitter
Enjoyed this podcast? Check out these:
- TMBA030: How We Manage Our Finances and Minimize Taxes, Plus LLCs vs Corporations
- TMBA081: Huge Tax Breaks for Expats (Plus the 3 Biggest Tax Mistakes Expats & Travelers Make)
- TMBA172: Taxes, Taxes, Taxes, Taxes (featuring David McKeegan)
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- Have comments about the show, or ideas for things you’d like Dan and Ian to discuss on future episodes? Our producer Jane would love to hear from you at [email protected].
Thanks for listening to our show! We’ll be back next Thursday morning 8AM EST.
Dan & Ian