The Foreign Housing Exclusion can be free money for the working Digital Nomad! Let’s find out how to qualify. Hey there, globe-trotting digital nomads! So, you’ve swapped your cubicle for a hammock in the Philippines, Bali, or even Thailand. Did you know the...
So, what is an FBAR and why would a Digital Nomad care about its requirements? FBAR stands for Foreign Bank Account Report. As an American living abroad, you more than likely will have a financial account at a foreign bank or financial institution. Unfortunately,...
Digital Nomads Using the FEIE Are In a Great Position to Save For The Future! Yeah. I know. A Solo 401k Plan even SOUNDS boring. Nothing about that sentence is, or sounds sexy or fun. It’s what your mom/dad, or grandma/grandpa tells you all the time. I hate that...
Did you know that the IRS will give you a First Time Abatement of a penalty? What this means is if you are assessed a penalty on your tax return, there is an easy way to get out of it. This wonderful tool is called, drum roll, the First Time Abatement, or FTA...
Digital Nomads using the Foreign Earned Income Exclusion while traveling the world is an important benefit that shouldn’t be ignored. As a Digital Nomad, you’re probably aware of the Foreign Earned Income Exclusion. Logically, if you aren’t living in the...
If you’re a digital nomad, crazy as it sounds, yes, they’re paying state taxes! Or you’re supposed to and aren’t. Either way you have a problem. Let’s talk about what’s up with this Generally speaking, states tax you on income earned within their...
Demystifying Tax Questions and Concerns for “Location Independent”, i.e. Digital Nomad Taxpayers With more and more people taking to the road and working remotely, how and to whom we pay our taxes has become increasingly complex. We are in a new era of Digital Nomads...
I’ll say it. The IRS Currently Not Collectible status is THE BEST. Anyone with a big tax problem, with neither the resources nor time currently available to resolve said tax problem, should look into being classified as Currently Not Collectible. The complexity...
If the IRS has assessed a “Trust Fund Recovery Penalty” (TFRP) against you, you must take this very seriously. As money withheld from employee paychecks, the IRS is very protective of this “Other People’s Money”. If this “other peoples...
Four reasons why you need an LLC, and three reasons you don’t. Do you need an LLC? The world is full of people with expectations. These expectations are generally founded on nothing more than “Joe has one, I must need one too”. As a business owner,...
