EP 13: Between A Rock & A Hard Place: A Quick Guide To Mitigating Double Taxation
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The U.S. taxes you on your worldwide income, regardless of where you live. If you live in the U.S. and have foreign income, or live abroad, you have to report your foreign income on your U.S. return.
The other country in the equation is also very interested in your income, especially if you live there. And so the fear of being double taxed is real and justified.
We are going to talk about Avoiding Double Taxation.
In this episode, we'll discuss the two main ways of mitigating this issue.
FEIE - Foreign Earned Income Exclusion and Foreign Tax Credits
In addition, we'll also discuss how income is classified, income sources, and tax treaties, as well as some ideas on dealing with stock options (RSU's ISO's, etc).
We'll end it by talking about some financial planning opportunities, that you can use in this situation, as well as the idea that we are not just focused on saving taxes now, but we are looking at a long-term approach.
The speakers' views and opinions discussed in this episode, should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.
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