More Americans are considering cutting their ties with the U.S. — here's why.
When Greg Swanson decided to move to Europe to get some real experience to go with his education in international business, he told himself he would stay for just two years.
And the U.S. government has tightened its rules in recent years to make it more difficult for Americans to evade taxes by hiding money offshore. “He looked at me and called me toxic,” Swanson said. “He said, ‘If I invest in you, you’re an American company.’”Those financial setbacks, combined with even more obstacles for saving for retirement, have put Swanson at a cross roads.
“Americans living abroad face a number of tax complications that folks living at home probably have never heard about,” said David McKeegan, co-founder of Greenback Expat Tax Services.Americans who reside in another country must file a Report of Foreign Bank and Financial Accounts, or FBAR. That form should disclose any accounts Americans have that holdThose fines vary based on whether or not a taxpayer failed to file those disclosures on purpose.
That includes the foreign earned income exclusion, which allows Americans to exclude up to $104,100 in 2018 that they earned in another country. Self-employed individuals will still be on the hook to pay the same 15.3 percent self-employment tax they would face in the U.S. When Laura Snyder, 51, moved to Europe in 1995, she knew “absolutely nothing” about how her tax situation would change.
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