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BigDUSA
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What's the deal with paying taxes to the IRS if you are working in LOS? I plan on teaching english next January. I will go the teacher license, legal work permit route.
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Bangkok Girls : Meet Attractive Thai Girls
Posted on: 11:01 pm on July 31, 2003
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expatchuck
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BigD:
You will have an exclusion of foreign earned income in the amount of $80,000 annually after you have been overseas for 330 days out of a 365 day period.
Your 365 day period does not have to be a Jan/Dec year but will begin once you arrive at your destination. You can either claim the exemption based on physical presence (as above) in a foreign country or based on Bona Fide Residency. Residence is somewhat harder to claim but that is what I do. I have no home in the US and have not been there since 1991 so I can go either way. You will probably want to claim Physical Presence to obtain your exemption.
Check the irs.gov site to learn ALL about it.
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Thai Girls : Meet Sexy Thai Girls
Posted on: 8:54 am on Aug. 2, 2003
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China Sailor
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Actually our man Dubbya had Congress increase it to 130,000 USD. Of course that is assuming that your employer reports it to the IRS (mine doesn't).
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Bangkok Girls : Meet Sexy Bangkok Girls
Posted on: 10:41 am on Aug. 2, 2003
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ThaidUp
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China Sailor, What do you mean Dubbya increased to $130,000 USD, I interested in reading about this topic, can you provide more info. The Senate alomost tried to eliminate the 80K exclusion during the law tax change in May 2003, but that was curtailed by the Congress.
BigD, Expat is right in your case, you should go the physical presence test unless you plan to move here lock, stock & barrel.
BigD, the USA is one of the few countries that charges income tax on income no matter where it is earned, even if you denouce your citzenship and move to another country.
BTW, most Thai companies (if any) do not report income to the USA. Just keep your Thai taxes paid up so you can renew your work permit easliy. You can also credit tax you pay to Thailand back on you US taxes as foreign tax credit.
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Bangkok Girls : Meet Attractive Thai Girls
Posted on: 2:07 am on Aug. 4, 2003
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