Are you an American new to remote work and thinking about living outside of the US? Make sure you don't miss this episode with Mark Dissen, Founder of WayFarer Accounting which is specialized in helping expatriates and digital nomads with their taxes. The US and Eritrea are the only countries on earth that tax you for being a citizen, BUT there are some ways to save big on taxes while working overseas.
In this conversation we discuss how Americans can save big on taxes when working outside of the US, what you need to know and watch out for to take advantage of these significant savings - which means more investable cash. Enjoy this conversation with Mark Dissen.
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Show Notes
0:00:00 Â Welcome and context
0:04:27 Â What is your background
0:06:40 Â How many countries tax on a citizenship basis?
0:08:24 Â How should digital nomads start saving on taxes?
0:11:50 Â How to qualify for Foreign Earned Income Exclusion?
0:13:51 Â Avoiding State taxes while doing FEIE
0:17:04 Â What are the most common mistakes people make in qualifying for FEIE?
0:19:40 Â Tax liability of not paying taxes in foreign countries?
0:22:33 Â Walk me through bonafied residence?
0:25:31 Â How to become a resident of a foreign country?
0:28:39 Â FEIE for business owners
0:36:41 Â Definition of an Expat and a Digital Nomad
0:37:46 Â What other tax information should people consider when going abroad?
0:46:25 Â Paying for social security
0:52:00 Â Good resources for people to do their own research
0:55:50 Â Where can people find out more about you?
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