How to file US TAXES living and working ABROAD | Avoid double Taxation!
Today’s question comes from Jennifer in Houston Texas. “I’ve been offered my dream job with a company in Mexico City, but I’ll need to move to Mexico to take this job. Will I need to pay taxes in both the US and Mexico?” Let’s take a look at how US expats are treated for tax purposes in the United States. The US tax code is unique from most other countries in that US citizens are taxed on their world-wide income, regardless of where you live. If your income meets the minimum filing requirements, then you are required to file a tax return with Uncle Sam. This means that millions of US expats who qualify to file foreign income taxes in the country where they live are at risk of paying income taxes twice, both in the foreign country they are living and the US. But, there is some good news for US citizens living and working abroad. You may qualify for a foreign earned income exclusion of up to $112,000 for tax year 2022. In today’s video we address the tax issues with working and living abroad. If you have a question, please head over to our website www.askacpa.co and leave a question for us. Thanks for watching! Connect with Brett Philips, CPA Website – www.PSCDFW.com E-mail – [email protected] Linkedin – www.linkedin.com/in/brett-philips-cpa Twitter - / brettphilips Small Business Guide to QuickBooks Online - https://tinyurl.com/bdcsrsh5 Music provided by Argofox: A Himitsu - Adventures • A Himitsu - Adventures [Royalty Free Music] #smallbusiness #quickbooks #Intuit #AskaCPA #expat #tax #taxdeductions #Section179 #bonusdepreciation #depreciation #irs #travel #workingabroad
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