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Tuesdays with Morey - Tax Tips®

Tuesdays with Morey Tax Tips provides Tax Tips for people living and or working outside of the United States. These are citizens of the United States that live or work outside of the country and need valuable information on items concerned with filing their United States Tax Returns. Tuesdays with Morey Tax Tips includes information such as off-shore banking accounts and the requirements for filing and declaring these off-shore accounts. Tuesdays with Morey Tax Tips adds great value to those who are still confused on their tax obligations when living or operating a business off-shore.
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Now displaying: October, 2016
Oct 25, 2016

Morey and Macarena are together today to share information and to educate expats on how to be responsible with our taxes and to make sure we don’t get a nasty surprise letter from the IRS. Believe it or not, but the IRS does have a game book. It’s important, if you are considering buying international real estate, to know what your tax liabilities are and will be. Plan to plan and be prepared.

 

Key Takeaways:

[:56] How do you know what your tax liabilities will be in a foreign country?

[1:52] Expats are required to file U.S. Income Tax returns.

[2:07] If you live outside of the U.S. for over 330 days you may qualify for the Foreign Earned Income Credit.

[3:00] Even missionaries may be eligible for the Foreign Earned Income Exclusion.

[4:11] If you have a grant, trust or foreign corporation, you may have to pay income tax in the U.S.

[4:58] Do you know the rules of the Internal Revenue Services gamebook?

[5:57] You have to be careful, and be informed, about what taxes you have to pay.

 

Mentioned in This Episode:

Glazer Financial Network

Email Macarena: macarenarose@gmail.com

Tuesdays with Morey on Facebook

Expat Tax Expert

Email Glazer Financial: mglazer@glazerfinancial.com

MacarenaRose.com

Rainforest Realty

Oct 18, 2016

Morey and Macarena discuss the Foreign Earned Income Credit and how it applies to families living offshore. Big tax savings can be had using the credit, even if you are still working for a U.S. company. Call Glazer Financial to see how their tax professionals can help you prepare for your existing expatriate lifestyle or your upcoming travel plans to live out your retirement in the sun.

 

Key Takeaways:

[:46] The Foreign Earned Income Credit -- Solutions for an expatriate in Turkey.

[3:12] Do you work from home in a foreign country but get paid from a U.S. entity?

[5:01] Lifestyle planning and tax planning need to be considered before moving offshore.

[6:59] Moving offshore often becomes a cost rather than a surplus.

[7:47] Just like your life, the tax world changes year after year.

 

Mentioned in This Episode:

Glazer Financial Network

Email Macarena: macarenarose@gmail.com

Tuesdays with Morey on Facebook

Expat Tax Expert

Email Glazer Financial: mglazer@glazerfinancial.com

MacarenaRose.com

Rainforest Realty

Oct 11, 2016

Morey and Macarena join forces again today to discuss the penalties of not paying your US taxes. They warn that even if you have an accountant or tax preparer it doesn’t mean he or she is versed in how to report international accounts or foreign corporations. Some accountants aren’t even aware of the additional forms required by the IRS when a US citizen has an offshore account. Be prepared and plan your financial future with a team who understands your expat lifestyle. Call Glazer Financial today.

 

Key Takeaways:

[:48] How do you know if you are legally paying all of your US taxes?

[1:26] If you have a foreign corporation, you need to file two separate tax forms.

[3:19] Morey Glazer is always available to answer your financial and tax related questions.

[3:51] The IRS may impose tax penalties in amounts far greater than the original tax.

[4:40] In Belize, you need to bring in $2000.00 a month to be a residence.

[5:52] If you sell an international company, you should be prepared to pay US taxes on your stock dividends.

[6:49] Many accountants don’t review foreign investments or accounts.

 

Mentioned in This Episode:

Glazer Financial Network

Email Macarena: macarenarose@gmail.com

Tuesdays with Morey on Facebook

Expat Tax Expert

Email Glazer Financial: mglazer@glazerfinancial.com

MacarenaRose.com

Rainforest Realty

Oct 4, 2016

Morey and Macarena stress the importance of tax compliance during today’s podcast. They discuss the little details of offshore accounts and offshore corporations some accountants and lawyers may not deem important. Morey reminds us the IRS is smarter than taxpayers think, and even though you haven’t filed for 5 or 6 years it doesn’t mean they are not aware of your status. They just might be hot on your trail. Morey and his team at Glazer Financial keep up-to-date on all of the changes in tax liabilities and international tax requirements so you don’t have to.

 

Key Takeaways:

[1:40] Introducing Teresa, Glazer Financial’s international expert.

[3:45] US citizens must file income taxes every year with the IRS, no matter where they live.

[5:37] Annual taxes may apply even if you are only receiving Social Security payments.

[7:30] FACTA rules have locked US citizens in. IRS agents have systems in place to look at your return records.

[9:11] You must have a plan to get current on your taxes and prepare for your financial future.

[9:59] No one knows what the IRS will do in the future to collect taxes.

[10:26] Many accountants are not aware of the requirements for offshore corporations or offshore accounts.

[12:58] Practice vigilance and be suspect of any account or lawyer who tells you not to worry about filing US tax returns.

[15:56] If you haven’t filed your taxes you need to become current before the IRS does.

[16:31] IRS news release — A New Focus on Tax Professionals

[18:38] Before you set up a foreign trust, check with the IRS to see what tax implications apply.

[19:30] Buying real estate through your IRA offers a significant tax deferment.

[21:23] Remember — Tax evasion is punishable by law.

 

Mentioned in This Episode:

Glazer Financial Network

Email Macarena: macarenarose@gmail.com

Tuesdays with Morey on Facebook

Expat Tax Expert

Email Glazer Financial: mglazer@glazerfinancial.com

MacarenaRose.com

Rainforest Realty

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