Passport to Wealth (Passport to Wealth)

As an American living abroad, filing your US taxes can be challenging. In this episode, we walk through charitable contributions and how you may be eligible to use these contributions to lower your US tax balance. 

Leaving your home country and moving abroad can be an isolating experience. In this episode, we discuss our top tips for meeting friends and developing a community abroad. 

Most foreign countries have pension plans that are offered to employees living and working in that country. These plans are to ensure that residents are saving for and set up for a successful retirement.

However, these plans become increasingly complex for US citizens or those with a US filing requirement, as the tax treatment can differ from the treatment in the resident country. 

In this episode, we discuss the basics of these foreign pensions, how they can be treated in the US, and steps you should take to ensure they are properly reported. 

As a US expat, there are two main tax benefits available to reduce your US tax balance and avoid double taxation. In this episode, we discuss one of those benefits, the Foreign Earned Income Exclusion (FEIE).

We will discuss who qualifies for the exclusion, how much you can exclude, additional exclusion for foreign housing expenses, what income can be excluded, how to claim the exclusion, and how it can impact your eligibility to take other credits.

We will cover the other expat tax benefit, the Foreign Tax Credit (FTC) next week!

As a US expat, there are two main tax benefits available to reduce your US tax balance and avoid double taxation. In this episode, we discuss one of those benefits, the Foreign Tax Credit (FTC).

We will discuss how the foreign tax credit works, the various "buckets" in which different income sources fall, what kind of foreign taxes are eligible to be used, and how it works in combination with the Foreign Earned Income Exclusion (FEIE).

Are you considering leaving the US and moving abroad?

In this episode, we discuss our initial tips and factors you should consider when planning a move abroad. We cover account consolidation, potentially changing brokerages, foreign bank account considerations, foreign pensions, and basic tax considerations. 

While not all-encompassing, this episode should start helping you understand the factors you need to consider to plan a successful move.

In this epsiode, Savannah shares her story of how she ended up living in Europe. 

She dives into how she formulated a plan to move abroad, the job application process, visa considerations, and how her and Arielle met.

As mentioned in the episode, you can find if your higher education is accepted in Germany here: https://anabin.kmk.org/anabin.html.

In this episode, we discuss the standard deduction and how it it used to reduce your taxable income.

We discuss how this deduction works, how it changes on an annual basis, who is eligible to use the deduction, why you should use the deduction, and a brief intro to itemized deductions. 

Tune in next week to hear how you can itemize your deductions.

In this episode, we discuss itemized deductions and how you can use them to decrease your US tax bill. 

We discuss what itemizing your deductions means, what itemized deductions you are eligible to take, how to itemize your deductions, and considerations for expats. 

In this episode, we discuss how to navigate foreign tax policy changes and how they can impact your US tax filing. 

We begin with a high-level review of the Foreign Tax Credit (FTC), which we broke down in full in another episode here: https://api.spreaker.com/v2/episodes/60883407/download.mp3.

As an example, we discuss a recent tax policy change in Switzerland which raised the deduction you are eligible to claim for your childcare expenses. While this change reduces your Swiss tax bill, it can lead to an unexpected tax bill when filing your US tax return, as your FTC amount is reduced. 

Keeping updated on tax laws is important for everyone, especially expats! We provide some strategies for staying on top of tax law changes. 

In this episode, we dive into the importance of U.S. expats participating in elections and how their vote can impact tax laws that impact them while living abroad. If you’re living outside the U.S., your vote can influence policies that directly affect your finances as an American abroad.

We’ll guide you through the process of registering to vote from overseas, including how to request absentee ballots, meet state-specific registration deadlines and requirements, and how to cast your vote. Stay informed and ensure your voice is heard, no matter where you live!

Resources:
Federal Voting Assistance Program
votefromabroad.org

In this episode, Arielle shares her story of how she ended up living in Europe. 

She discusses taking a semester off college to backpack across Europe, her itch to escape her comfortable life stateside, and how she ended up living in Switzerland. She dives into the visa she received allowing her to work, how she landed her first job, finding a permanent apartment, and her advice for others looking to take the leap and move abroad. 

If you are thinking of moving abroad, it is possible! Take the leap. 

In this episode, we explore how to manage your finances during election seasons. We break down the myth that stocks underperform in election years, analyze how the election of a new candidate can influence markets, and discuss the best strategies for investors to navigate these changes.

While elections can bring volatility, we explain why these market fluctuations are often temporary—and why staying calm and focused on your long-term goals is key.

Welcome to the Escaping the US series! We will dive into the various steps of how to plan and implement a move abroad. 

In this episode, we discuss how to choose a location and visa considerations when moving abroad. This includes ideal climate, lifestyle preferences, cost of living, and potential visa options. 

In this episode of the Escaping the US series, we explore how to successfully cut ties with the U.S. and prepare for a smooth transition abroad.

We'll cover important topics like consolidating your accounts, how the length of your stay impacts your planning, and the best brokerages and banks for U.S. expats. We'll also discuss choosing foreign financial institutions, managing currency conversions, severing ties with your current U.S. state, and offer tips for families moving with children (or pets!).

In this episode of Escaping the US, we dive into the logistics of moving your belongings overseas.

We cover everything from deciding what to take with you and managing sentimental items, to evaluating the costs of shipping versus rebuying furniture and electronics abroad. We'll also discuss options for storing items in the U.S., donating what you no longer need (and the potential tax benefits!), and the practical steps for shipping your belongings to your new home.

Whether you're moving a few boxes or a whole household, this episode will help you navigate the process with ease!

In this episode of the Escaping the US series, we dive into the essential steps for finding housing after moving abroad. 

We start by exploring how to secure temporary accommodations for a smooth transition, whether you’re relocating to Europe, Asia, or beyond. From there, we cover strategies for finding long-term housing through top online platforms, what to look for during viewings, and the key questions to ask landlords or agents. Learn how to craft a personalized rental application, understand what to expect after you’re approved, and get tips on settling into your new home. 

Whether you're a digital nomad or a more long-term expat, this episode is packed with advice on navigating the rental market abroad and making your new space feel like home.

With the US election results just announced, we explore how the outcome could affect Americans living abroad.

In this episode, we dive into potential shifts in tax policy, immigration updates, and the ongoing debate around ending double taxation. We also discuss how a new presidency might impact international tax treaties—and share our hopes for changes that could benefit expats globally.

In this episode, we’re diving into a fun and relatable topic for expats: the ultimate US shopping list!

We’ll share what’s on our must-buy list, how we navigate shopping trips when stateside, and the best tips for packing up and bringing those items back abroad.

In this episode, we welcome Claire Naughton, a seasoned content and marketing consultant with a passion for helping expats, travel enthusiasts, and financial service providers. As a US expat now thriving in France, Claire shares her journey of creating a fulfilling life abroad. Claire also shares her experiences and insights on her popular blog, the Millennial Abroad.

We explore her move to France, the challenges of navigating visa requirements, finding meaningful work, and transitioning to a long-term expat lifestyle. Claire opens up about launching her own consulting business and sheds light on the growing trend of young entrepreneurs seeking to establish roots in France.

Join us as we dive into her unique insights on career development, cultural adaptation, and living life on your own terms. If you’ve ever dreamed of turning a love for travel into a sustainable lifestyle, this episode is for you!

In this episode, we explore practical strategies for maintaining meaningful connections with friends and family while living abroad. 

From navigating time zone differences and leveraging technology to scheduling virtual activities, we cover tips for staying close despite the distance. We also discuss setting healthy boundaries with loved ones back home, evaluating relationships to ensure they continue to enrich your life, and managing holidays when travel isn’t an option. Finally, we share ideas for staying connected to U.S. traditions through local events and organizations, as well as preserving ties to your culture and roots.

In this episode, we welcome Sandra Morno, a seasoned tax strategist and adventurous MoneySmart Travelnista with over 15 years of experience. Sandra is dedicated to helping female entrepreneurs and expats navigate the complexities of cross-border taxes and make smart financial choices while living and working internationally. Her passion lies in simplifying taxes and empowering her clients to hold onto more of their hard-earned income.

Sandra shares her inspiring journey of living and traveling across South America, offering insights into building a social network abroad and the invaluable life lessons she’s gained along the way. Tune in as she provides her top tips for relocating overseas, covering both personal and professional strategies to help you thrive in your global adventure.

You can contact her via her website or find her on LinkedIn if you want to connect.

In this episode, we cover key end-of-year tax and financial planning strategies for those living abroad. We dive into:

• Charitable Giving: Learn about strategies like charitable bunching and qualified charitable distributions (QCDs). You can explore a list of qualified charitable organizations here.
• Capital Gains and Losses: Discover ways to optimize your investments through tax-loss harvesting and portfolio rebalancing.
• Retirement Planning: Maximize your year-end opportunities with tips on IRA contributions, Roth conversions, and catch-up contributions.
• Additional Strategies: We also discuss managing currency exchange rates and efficient gift and estate planning.

Tune in to make the most of 2024 and start 2025 with a strong financial foundation.

In this episode, we dive into making IRA contributions as an American living abroad. We explore the basics of IRAs and why they are important for expats, how the Foreign Earned Income Exclusion (FEIE) affects contribution eligibility, and key considerations for Traditional IRA deductibility. We also discuss Roth IRAs, including income thresholds for contributions, and examine how access to US retirement plans may influence your options. Finally, we share practical tips for navigating IRA contributions while living overseas.

In this episode, we sit down with Shannon Weinstein, a fractional CFO for business owners looking to scale or sell their business. She hosts the top 1% podcast, Keep What You Earn, where her real talk and relatable examples make financial information a source of inspiration, not intimidation. She is a financial literacy advocate, volunteer, donor, investor and a sought-after speaker for masterminds and business communities. 

Shannon shares the thought process behind her decision to take the leap and move to Costa Rica. We dive into her experience of settling into a new country, navigating the visa process and housing markets, building a sense of community, and making Costa Rica feel like home. 

You can contact her on her website or find her on LinkedIn if you want to connect. 

In this episode, we dive into the power of setting SMART goals, those that are Specific, Measurable, Achievable, Relevant, and Time-bound.

We explore why these types of goals are especially important for expats navigating new environments and life changes. You’ll hear examples of SMART goals tailored to expats, tips for staying on track, and a peek into some of our own personal goals.

Whether you’re planning for career growth, personal development, or settling into your new life abroad, this episode will help you make 2025 your best year yet!

In this episode, we dive into practical tips and strategies for setting meaningful financial goals tailored to your unique expat journey. We break it down into three essential steps: reflecting on what matters most to you, setting clear and specific goals, and understanding your current financial landscape.

Building on insights from our previous episode on SMART goals, we discuss how to prioritize immediate goals, explore budgeting apps to help you stay on track, and share methods to hold yourself accountable.

We also cover common financial goals that may resonate with expats and offer advice on tackling one of the toughest challenges... staying motivated.

Life as an expat is ever-changing, making flexibility key to crafting a sustainable and adaptable financial plan. 

In this episode, we chat with Sasha Young da Silva, an American tax and estate planning attorney based in Portugal. Sasha shares the journey that led her to Portugal, the inspiration behind her move, and the unique benefits of holding multiple passports.

We explore her experience adjusting to life abroad, navigating the cultural and identity shifts that come with learning a new language, and raising a child with a multicultural background. Sasha offers insightful perspectives on third-culture kids and adapting to different work environments.

She also delves into her professional work serving American expats in Portugal, addressing the complexities of U.S. tax and estate planning issues for those living abroad, and how she discovered her passion for this niche. Connect with Sasha on LinkedIn or through her company website.

In this episode we chat with Nathalie Goldstein co-founder of MyExpatTaxes about her journey to Europe and entrepreneurship. We discuss how she made the move abroad, transferred within her company to a foreign office, navigated language and cultural differences, built a family, and launched a globally recognized firm.

Nathalie Goldstein, founder and CEO of MyExpatTaxes, is revolutionizing tax services for US expats. Originally from California, Nathalie moved to Austria where she built a successful business and embraced the expat lifestyle. With a degree in Finance and International Business, Nathalie combines her expertise as an enrolled agent to simplify the complexities of US expat taxes. Recognized on the Forbes 30 Under 30 list, she’s dedicated to helping Americans abroad navigate their financial challenges with ease.

In this episode, we break down what the WEP repeal means, who is affected, and how it could change your retirement planning and Social Security payments. 

This repeal could have a significant impact on expats who receive foreign pensions and were previously subject to reduced benefits. We discuss how this shift impacts Americans abroad, key considerations for maximizing benefits, and what expats should do next to ensure financial security. If you’re a US citizen living overseas, this update could reshape your retirement strategy.

In this episode, we chat with Katrina Nacci, a cross-border CPA and US expat, who shares her journey of moving overseas, navigating work sponsorship, and ultimately founding her own international accounting firm.

We dive into her experiences navigating immigration in different countries, career changes, building a business as an expat, and the lessons she learned along the way. As the founder of KN Tax, she offers valuable insights into US expat taxes, the realities of cross-border careers, the entrepreneurial mindset, and how to find success while living abroad.

If you’re curious about the expat lifestyle, cross-border careers, or starting a business in a foreign country, this episode is packed with inspiration and practical advice. 

In this episode of the Escaping the US series, we guide you through settling into a new country and making it feel like home. 

From setting up internet and utilities to registering with local authorities, opening a bank account, and navigating transportation, we cover everything you need to make your transition smooth. We also dive into key topics like bringing medications, finding healthcare, and building a community so you can feel at home faster.

Whether you’re a first-time expat or a seasoned traveler, these tips will help you hit the ground running.

In this episode, we are joined by Emily Haines, CPA and founder of Xpatax Solutions. Emily is an expert in U.S. taxation for expats, with years of experience helping individuals navigate the complexities of cross-border tax compliance. She specializes in making tax planning more accessible and stress-free, especially for Americans living in or connected to Germany.

We dive into the key 2024 tax updates that could impact your filing this year. While most of the changes were relatively minor, adjustments to the standard deduction and the foreign earned income exclusion due to inflation are worth noting. We also look ahead to potential major tax changes expected in 2025.

Other topics covered include how to set up an ID.me account, which you can read more about here, important tax deadlines to keep on your radar, and updates on Beneficial Ownership Information reporting and its evolving deadlines.