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Income Tax for US Expat

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  1. #21

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    Along with the earned income exclusion, there is also the housing exclusion. Basically, you get a deduction for your housing expenses (rent, furniture rental, parking space rental, repairs, insurance, utilities (excluding phone and cable)).

    And if you are a US citizen working for a Hong Kong company you don't pay social security or medicare.

    Overall, if you structure your investments and work compensation properly, you will pay less taxes here than in the US, everything being equal....but then again you have a higher cost of living here.


  2. #22

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    Quote Originally Posted by Load Toad:
    One Yank mate I have pointed out that paying US tax might be pain in the arse but - should the sh1t hit the fan the US govt looks after it's citizens - getting them out without a question asked. Which for some would be a great advantage...
    Question is sometimes, who put the target on your back in the first place?

  3. #23
    Quote Originally Posted by Load Toad:
    One Yank mate I have pointed out that paying US tax might be pain in the arse but - should the sh1t hit the fan the US govt looks after it's citizens - getting them out without a question asked. Which for some would be a great advantage...
    It's true. As an American, I pay my taxes to hedge my bets against being kidnapped and held for ransom by Somali pirates. This summer's yacht trip around the Horn of Africa is gonna be sweeeeeet.
    chris86 likes this.

  4. #24

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    I did put a not so subtle double meaning in my post.


  5. #25

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    going off on a slight tangent here, how much should one expect to pay a tax specialist here to do my US federal and state returns? can anyone recommend a good accountant?


  6. #26

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    PM me if you want one contact. It depends on how many different forms he has to fill in.


  7. #27

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    Nov 2009
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    My advice is to use a software such as Turbotax... it is simple enough and much cheaper.


  8. #28

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    Quote Originally Posted by alecarne:
    My advice is to use a software such as Turbotax... it is simple enough and much cheaper.
    Yup, I'm going the 'Turbo Tax' route this year. I especially enjoy that I can fill it out online rather than having to buy a box of software.

  9. #29

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    Quote Originally Posted by paul9:
    Yup, I'm going the 'Turbo Tax' route this year. I especially enjoy that I can fill it out online rather than having to buy a box of software.
    Does TurboTax handle the international stuff okay?

  10. #30

    Join Date
    Sep 2009
    Posts
    39

    turbo tax did not used to cater for foreign earned income etc, has that changed recently?

    i very much doubt that whether you pay or taxes or not would have any influence on america coming to your "rescue" should some smelly kaka hit the whirly bit.

    while politics, place and timing would make all the difference.