736-Tax Planning Advice for an American Couple Moving Abroad to Teach
Radical Personal Finance
Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP
4.2 • 1.9K Ratings
🗓️ 17 July 2020
⏱️ 44 minutes
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| 0:00.0 | Welcome to Radical Personal Finance a show dedicated to providing you with the knowledge, skills, insight, and encouragement you need, live a rich and meaningful life now, while building a plan for financial freedom in 10 years or less. |
| 0:10.0 | My name is Joshua, I am your host. Today on the show I'm going to talk to you about the tax obligations for Americans moving abroad. |
| 0:18.0 | Yesterday on the show, I apologize, I wasn't super happy with it, but anyway, it's out. |
| 0:22.0 | But yesterday in the show I talked about |
| 0:24.1 | changing taxes by moving abroad and how effective that can be and I received a very |
| 0:29.1 | thoughtful and well-written question from one of my patrons in planning for a Friday Q&A show and I thought |
| 0:35.4 | that I would just go ahead and do a standalone answer to it and so if you are an |
| 0:39.6 | American who would like to understand the tax obligations that you would have to the |
| 0:44.8 | United States and also to your prospective new country of residence then this is |
| 0:49.7 | the show for you I'll explain it to you. Jeremy writes in and says hi Joshua my name is |
| 0:53.5 | Jeremy I've been listening to radical personal finance for several years I |
| 0:55.9 | appreciate the wealth of quality content you have produced and I'm happy to support |
| 0:58.7 | the show on Patreon thank you Jeremy I wanted to reach out as a support of the show I wanted to reach out with a question regarding the taxation of American |
| 1:05.6 | expats meaning ex-patriots living abroad. I'm not sure if you accept questions |
| 1:10.1 | this way but I wanted to try. My wife and I are both American citizens considering |
| 1:14.3 | moving abroad. I am a public school teacher and she is self-employed and works from home. |
| 1:19.6 | She owns a single-member LLC digital marketing business. If we moved I would take a job |
| 1:25.2 | teaching at an international school and she would continue to run her business remotely. |
| 1:31.0 | However, before moving we want to get a complete and accurate picture of what our tax liabilities will be. |
| 1:37.0 | This is the scenario we expect. |
| 1:39.0 | I will be teaching at an international school, and the school will withhold income taxes to the local government for me. |
| 1:45.0 | I will make under $106,000. |
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