any Americans living abroad? taxes?

Quote from performancetrad:

...better not to create the situation in the first place.
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yet you recommend US citizens living abroad should setup S.A.'s to avoid taxes? if you're an american, based on what you've been saying, the odds you have a big fat FAIL doing what you intend on doing is very very high. also, the tips you dropped on a public msg board about your old company are golden! what are you thinking?!

nazspaz, 99% of the info in this thread is so wrong it's somewhere between humorous and scary... including the bs on the 10yr rule for expats who renounce. read up on the heart act for current laws.
 
Quote from propseeker:

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yet you recommend US citizens living abroad should setup S.A.'s to avoid taxes? if you're an american, based on what you've been saying, the odds you have a big fat FAIL doing what you intend on doing is very very high. also, the tips you dropped on a public msg board about your old company are golden! what are you thinking?!

nazspaz, 99% of the info in this thread is so wrong it's somewhere between humorous and scary... including the bs on the 10yr rule for expats who renounce. read up on the heart act for current laws.
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I'm not thinking about doing it, I unfortuntely probably way overpay my taxes because I don't take any chances at all when it comes to the IRS. Just curious how people do it, you hear stories and never know what is true and what is incorrect... much like all the debate here. Funny how passionate we all get about taxes since we all hate them so much.
 
Quote from QQQBALL:

I'm in my 50's and the people that I know who are really screwed have experienced bad marriages/divorces or problems with the IRS. One buddy just finally gave up and told the IRS to take whatever they wanted, and from what I can see they took everything and he even borrowed money from wife's retirement acc't to pay them off. They ragged him literally for years back in the early 1990's. He recently had a brain aneurysm & I wonder if that wasn't due in part to the huge stress he suffered with the IRS. He ran his biz out of his own building in a very upscale area of Socal, lived in a big house in the same city, raced open ocean boats (even had one of his boats on the cover of a racing magazine), etc.

When the IRS was done with him, he was whipped.

I don't mess with the IRS.
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Here's my fear, you hear stories where people did not think they were doing anything wrong and they wind up in an IRS mess like this, and it sticks in the back of your mind. In your friend's case, was he messing with the IRS to hide money or was he all on the up and up and they just took him down anyways?
 
Quote from NazSpaz:

Here's my fear, you hear stories where people did not think they were doing anything wrong and they wind up in an IRS mess like this, and it sticks in the back of your mind. In your friend's case, was he messing with the IRS to hide money or was he all on the up and up and they just took him down anyways?
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the irs doesnt just "take you down for no reason"for simple mistakes with your filing. unless you are committing outright fraud they always give you a chance to pay up before they get tough. with penalties of course.
its when you attempt evasion like some suggest on this thread that you get into big trouble.
 
Quote from propseeker:

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yet you recommend US citizens living abroad should setup S.A.'s to avoid taxes? if you're an american, based on what you've been saying, the odds you have a big fat FAIL doing what you intend on doing is very very high. also, the tips you dropped on a public msg board about your old company are golden! what are you thinking?!

nazspaz, 99% of the info in this thread is so wrong it's somewhere between humorous and scary... including the bs on the 10yr rule for expats who renounce. read up on the heart act for current laws.
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Prop.

1. I never recomended it. That is the simply the name of a company where i live.

2. I dont understand how setting up a company can be a big fat fail?

3. I dont have an old company..what are you refering to?

4. How is the 10 year rule wrong?

How about you calm down and read over the posts again. All i am saying is that expats who live overseas are not comiting a crime by using foreign companies which pertian to their country of residence.
 
slightly off topic, but does anyone know the following:

1) If i work for an american company based in overseas, do i pay us federal tax + that country's tax, basically double tax? I am not 100% certain, but few guys in my firm who got sent to work in the tokyo office were saying they got completely screwed because of the double tax, while their salary remained the same.

2) if i work for a foreign company overseas, then basically i get the 86k tax break and will only get taxed for the amount above 86k, is that correct? If say one makes 150k, is the additional 64k taxed in the lower bracket or at the higher 150k tax bracket.


thanks
 
Quote from newguy05:

slightly off topic, but does anyone know the following:

1) If i work for an american company based in overseas, do i pay us federal tax + that country's tax, basically double tax? I am not 100% certain, but few guys in my firm who got sent to work in the tokyo office were saying they got completely screwed because of the double tax, while their salary remained the same.

2) if i work for a foreign company overseas, then basically I get the 86k tax break and will only get taxed for the amount above 86k, is that correct? If say one makes 150k, is the additional 64k taxed in the lower bracket or at the higher 150k tax bracket.


thanks
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1. Depends on tax laws in each country.

2. I think it is much more complicated than that, and probably changes on a regular basis.
 
Quote from performancetrad:

Prop.

1. I never recomended it. That is the simply the name of a company where i live.

2. I dont understand how setting up a company can be a big fat fail?

3. I dont have an old company..what are you refering to?

4. How is the 10 year rule wrong?

How about you calm down and read over the posts again. All i am saying is that expats who live overseas are not comiting a crime by using foreign companies which pertian to their country of residence.
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1. you recommended americans living abroad could setup offshore corps to avoid paying taxes by leaving money in the corp and paying themselves a small salary. if they control the corp (you implied they could): fail.

2. see above. if you control your corp, are an american living offshore or onshore, make money at personal or corp level and are not paying: fail.

3. i meant to say new. your title trade co. in costa rica. it was a bad idea to say that because you obviosuly don't understand CFC rules or PFIC rules. anyone reading the flawed setups you posted, who don't like your attitude, can just drop an anon line to the... well do i really have to spell it out?

4. read up on the heart act. nullified.

calm down? fk. look up the definition of patronize. when you're ignorant about a subject, you don't have the virtue of doing that. you've been given some free bones, now stop giving such pompously bad advice.
 
Settle is Russia, trade via Venezuela/Nicaragua/Brazil broker ...

It would be very funny to watch attempts of Uncle Sam to get you from there :)

This works other way around too :)
 
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