Like traveling? No income taxes(up to 120k) if you live outside of the US more than 330 days a year. (www.irs.gov)

submitted 2 months ago* (last edited 2 months ago) by Varyk@sh.itjust.works to c/lifehacks@sh.itjust.works

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when tax time comes around, you fill out an IRS form called the FEIE, the Foreign Earned Income Exclusion.

Check the "physical presence test" box, fill out your total income for that year, then write down the dates that you were not in the United States and where you were.

10 minutes, one extra form, no income taxes.

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[-] RegalPotoo@lemmy.world 9 points 2 months ago

Probably worth pointing out that the fact that the US claims any tax on income earned by its citizens overseas is very weird and not normal internationally

[-] Varyk@sh.itjust.works 3 points 2 months ago

That's one of the reasons why this life hack is so important.

I've known many travelers abroad and I have literally never met a single American who has filled out the feie.

they're either not paying taxes at all (terrible idea) or paying taxes to the US for no reason because they don't know about the FEIE(terrible idea).

this post was submitted on 24 Aug 2024

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