2017 was our 5th full year of early retirement, world travel, and blogging. Most of the content I’ve written comes from trying to figure things out for myself and our family, and then sharing the outcome. It’s helped create an exciting community of early retirees, tax geeks, expats, world travelers, nomadic families, and adventurers.
Although the blog became a profitable side business back in 2014, any financial benefit was mostly accidental. I typed some words, talked to some reporters, added some links, and (occasionally) cashed some checks.
In 2017 I thought, “Hmm, maybe I should actually try to do some businessy stuff with this thing.”
I think the results were positive.
“Daddy, Daddy, look….. TOYS!!!!!”
Elation. Ecstasy. Euphoria. Never has a 2 year old been as excited walking into a cousin’s toy room.
Which is perfectly understandable. I mean, just look at these photos of us playing with all of those toys.
Physically Present (photo credit)
A great number of world travelers utilize the Foreign Earned Income Exclusion to keep up to $102,100 in income out of the paws of the IRS (2017 tax year.)
For those who aren’t bonafide residents of another (non-US) country, this requires passing the Physical Presence Test (PPT) by being in a foreign country or countries for at least 330 days.
2017 is the first year we tried to pass the PPT, and getting it wrong by even one day could cost $20k or more in tax. Needless to say I wanted to get it right.
Happy Holidays everyone! I wish you all a joyful and well deserved holiday season.
We had another adventurous year, circumnavigating the globe and visiting 15 countries. France, Luxembourg, Belgium, Netherlands, Greece, Hungary, Austria, Italy, Switzerland, Croatia, Bosnia & Herzegovina, Montenegro, United States (but less than 35 days), Japan, and Taiwan.
Our Instagram shares some great photos of each.
Jr now has 28 unique stamps in his 2 passports. I was surprised when I added it all up this morning.
Many of we early retirees and aspiring early retirees are on the never ending quest to Never Pay Taxes Again.
With the Tax Cut and Jobs Act of 2017 about to be signed into law (aka the Largest Tax Cut in HistoryTM, perhaps a better name than The Mother of All Tax Cuts) it is worth assessing what impact this round of tax reform may have on the common tax minimization strategies.
Overall, I prefer a little more reform in my tax reform, but most individuals should see…