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Ask HN: Taxes while living abroad as a US citizen

2•wnolens•47m ago
I'm contemplating moving out of the US for personal reasons (to a place I am also a citizen) and would like to hear the stories of US citizens who live outside the US.

The tax implications and reporting requirements seem daunting, In particular I plan to pursue primarily self-employment/entrepreneurship which gets hit by the GILTI tax. And increased reporting requirements with huge penalties.

I get that foreign tax credits cover most regular income, but I want to move into a stage of life where my income isn't so regular. This is getting me down and making me feel like a less free citizen of the world, but certainly lots of people make this work?

Comments

toomuchtodo•42m ago
https://www.americansabroad.org/
rfarley04•40m ago
I have lived in Thailand for 13 years and taxes have been a huge pain. When I worked for a local company, I had to pay taxes in both places, for example. I have since started a US-based S Corp for my contract/freelance work and have payments arrive in family's US bank account, where I tend to keep them in savings while living off my wife's local salary. I use an expact-specific tax service (Greenback) that typically costs ~$650 for me to just give them all my paperwork and they do up the taxes for me. Absolutely worth it to just not have to worry about everything.

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