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.
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…
Greetings, friends. For the past 4 years I’ve shared the Go Curry Cracker tax returns to showcase how the Four Principles of Tax Free Living are applied in the real world.
I violate Principle #1 myself, which means I get to file additional tax forms, namely the Schedule C, Profit or Loss From Business (Sole Proprietorship). This is of course good fun.
It would be a shame to keep all of these good times to myself, so this year let’s explore the GCC business taxes. In doing so, I will reveal all of the juicy details on how I make (and spend) money blogging.
GCC: Tax Day is just around the corner, so what better time to showcase someone who has gone head-to-head with the US tax code and come out the victor.
Today’s guest post is by the Frugal Professor, and he is here to highlight how the Earned Income Tax Credit has accelerated his family’s path to Financial Independence.
Another year, another tax return.
For the 4th year in a row, we’ve had taxable income in the six figures range with income tax burdens of ~zero, or even negative. Uncle Sam is by far my most generous relative.
This year is much the same, although I decided to throw the IRS a token dollar.
Every now and then I get some curious emails. For example:
Hi, great blog! I was wondering, who does your taxes?
Strangely enough… I do. And I think you should too. (Yours, not mine.)