Tax Policy and Administration

Tax Policy and Administration PDF

Author: U S Government Accountability Office (G

Publisher: BiblioGov

Published: 2013-06

Total Pages: 58

ISBN-13: 9781289000943

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The deficit in the U.S. balance of trade has been the focus of major initiatives to improve Government export promotion programs and to identify and correct Government disincentives to exports. To adequately promote and service U.S. products and operations in foreign countries, U.S. companies employ a large force of U.S. citizens abroad. There is widespread concern that tax provisions are proving a disincentive to the employment of U.S. citizens abroad and, therefore, are adversely affecting exports. A GAO survey of a group of major U.S. companies having substantial operations abroad revealed that U.S. taxes were an important factor in reducing the number of Americans employed overseas. The tax laws do not fully relieve the companies' employees from taxes on income reflecting the excessive costs of living and working abroad. Companies generally reimburse overseas employees for their additional tax burden, making Americans more costly than citizens of competing countries, who are generally not taxed by their home countries. The complexity of the new tax laws makes compliance difficult and expensive. The congressional intent in passing the Foreign Earned Income Act was to create greater equity between people working abroad and at home and to provide benefits for the U.S. economy by encouraging Americans to work in hardship areas. In practice, the law falls far short of its goal of providing equity and runs counter to the general goal of simplifying U.S. tax returns. The deductions for cost of living, housing, schooling expenses, and home leave transportation do not appear to reduce income earned abroad by the actual costs of these items. The Act fails to consider other costs, the most significant of which is the tax on the tax reimbursement designed to compensate employees for the excess taxes, both U.S. and foreign, that are incurred as a result of working overseas.

U.S. Taxes for Worldly Americans

U.S. Taxes for Worldly Americans PDF

Author: Olivier Wagner

Publisher:

Published: 2017

Total Pages: 120

ISBN-13: 9781945884276

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Are you a citizen of the United States who lives abroad? You probably know that the U.S.A. is one of only two countries that applies citizenship based taxation in order to tax its own citizens on their worldwide income, irrespective of where they live or work anywhere in the world. If you're thinking about becoming a digital nomad or expatriating to another country, do you know how to avoid having to pay tax on your income while abroad? There could be huge penalties or tax evasion charges if you don't file correctly. Fortunately, these important questions have answers.By combining the right strategies for citizenship, residency, banking, incorporation, and physical presence in other countries, most people who work overseas can legally lower their U.S. tax owing to $0. In U.S. Taxes for Worldly Americans, Certified Public Accountant, U.S. immigrant, expat, and perpetual traveler Olivier Wagner preaches the philosophy of being a worldly American. He uses his expertise to show you how to use 100% legal strategies (beyond traditionally maligned "tax havens") to keep your income and assets safe from the IRS.Olivier covers a wealth of international tax information, including: ●Step-by-step instructions to fill out the Forms and Schedules you will use to file your offshore tax, no matter where you are.●How to qualify for special deductions, credits, and exemptions on international taxation.●Why opening bank accounts and corporations in foreign countries is easier than you think.●How residency or citizenship in another country can legally lower your taxes.●Practical advice for moving, living, and working with tax free income in other parts of the world.●What to consider before renouncing your American citizenship and saying goodbye to the IRS for good.As a non-resident American, there is no single easy answer to lower your taxes. If you don't understand every possibility, you could end up paying too much. Embrace a worldly lifestyle with confidence as you master the U.S. tax system for Americans living overseas.

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