Passport to Wealth™

In this episode, we discuss how to navigate foreign tax policy changes and how they can impact your US tax filing. We begin with a high-level review of the Foreign Tax Credit (FTC), which we broke down in full in another episode here: https://api.spreaker.com/v2/episodes/60883407/download.mp3.As an example, we discuss a recent tax policy change in Switzerland which raised the deduction you are eligible to claim for your childcare expenses. While this change reduces your Swiss tax bill, it can lead to an unexpected tax bill when filing your US tax return, as your FTC amount is reduced. Keeping updated on tax laws is important for everyone, especially expats! We provide some strategies for staying on top of tax law changes.

In this episode, we discuss itemized deductions and how you can use them to decrease your US tax bill. We discuss what itemizing your deductions means, what itemized deductions you are eligible to take, how to itemize your deductions, and considerations for expats.

In this episode, we discuss the standard deduction and how it it used to reduce your taxable income.We discuss how this deduction works, how it changes on an annual basis, who is eligible to use the deduction, why you should use the deduction, and a brief intro to itemized deductions. Tune in next week to hear how you can itemize your deductions.

In this epsiode, Savannah shares her story of how she ended up living in Europe. She dives into how she formulated a plan to move abroad, the job application process, visa considerations, and how her and Arielle met.As mentioned in the episode, you can find if your higher education is accepted in Germany here: https://anabin.kmk.org/anabin.html.

Are you considering leaving the US and moving abroad?In this episode, we discuss our initial tips and factors you should consider when planning a move abroad. We cover account consolidation, potentially changing brokerages, foreign bank account considerations, foreign pensions, and basic tax considerations. While not all-encompassing, this episode should start helping you understand the factors you need to consider to plan a successful move.

Explore how the Foreign Tax Credit can significantly reduce tax liabilities for U.S. expats living abroad. Discover the different categories of eligible foreign taxes and the complexities of the reporting process with Form 1116. Learn about the interplay between the Foreign Earned Income Exclusion and the Foreign Tax Credit, plus the importance of tax treaties to avoid double taxation. This insightful discussion encourages seeking professional advice to navigate the labyrinth of international tax strategies.

Explore how US expatriates can significantly reduce their tax bills using the Foreign Earned Income Exclusion. Discover the criteria for qualifying and learn about the physical presence and bona fide residence tests. Plus, unlock the secrets of the Foreign Housing Exclusion, which helps deduct housing costs from taxable income. Understand the complexities of tax compliance while living abroad and get valuable tips to avoid double taxation. Stay tuned for more insights on expat tax benefits!

American expats face complex challenges with foreign pension plans, including varying tax treatments and compliance issues. The conversation dives into plans from countries like Australia, Canada, the UK, and Germany, highlighting potential benefits like tax incentives. It also emphasizes the importance of understanding US tax laws, particularly under FATCA, to avoid penalties. Listeners are encouraged to consult experts when navigating these intricate financial landscapes for a smooth retirement planning experience.

Moving abroad can feel lonely, but building a community is essential. The hosts share insights on overcoming language barriers and finding friendship through social platforms. Engaging in group activities, like board games and sports, can create lasting bonds. They discuss the power of volunteering and how involving kids helps foster friendships. With personal stories, they emphasize cultural immersion as a key to forging connections with locals and fellow expats.

Filing US taxes while living abroad can be tricky, especially when it comes to charitable contributions. Discover how these donations can potentially reduce your taxable income and the importance of using IRS-approved charities. Learn about the complexities of itemizing deductions and navigating international tax rules. The discussion also highlights the impact of local tax rates and foreign credits on your giving. Plus, understand AGI limits and why consulting tax professionals can enhance your philanthropic efforts overseas.