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Eliminate Your U.S. Taxes, Legally

Posted March 26, 2008

“If you’re an American citizen, no matter where you roam, or how many days you spend there, you retain your U.S. tax liability.” — Richard Leonard

Blogger’s note: Richard Leonard is a 28-year veteran of the IRS, and he’s kindly offered his expertise to show International Living subscribers how to avoid paying too much in taxes. I thought you, or anyone you know who’s contemplating a move overseas, would appreciate a look. Find the article here or read on for more.

by Richard Leonard

Baltimore – (TFN): If you’re an American citizen, no matter where you roam, or how many days you spend there, you retain your U.S. tax liability.

You can mitigate this tax liability with the help of:

* The foreign-earned income exclusion… which exempts you altogether from U.S. tax on your first $87,500 of employment income if you are a resident of another country for a full tax year… or if you spend fewer than 35 days a year on U.S. soil.

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* Double-taxation agreements… which can, in cases, allow you to count foreign taxes paid, dollar for dollar, against taxes owed in the United States… and sometimes vice versa. Read on to learn two more ways to legally reduce (or eliminate) your U.S. taxes.

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