I am moving to Brazil to go to work for the next 18 months to 2 years. I believe if you are out of the country for so many days and do not return you do not have to pay taxes on your money.
2007-09-03 13:38:19 · 7 answers · asked by Ryan M 1 in Business & Finance ➔ Taxes ➔ United States
Sorry to tell you, but as long as you are a US citizen you will have to file an income tax return on your worldwide income. But you can exclude up to $82,400 of income earned outside the US if you meet certain conditions. I have attached a link to this info for you.
Foreign Earned Income Exclusion
If you meet certain requirements, you may qualify for the foreign earned income and foreign housing exclusions and the foreign housing deduction.
If you are a U.S. citizen or a resident alien of the United States and you live abroad, you are taxed on your worldwide income. However, you may qualify to exclude from income up to $82,400 of your foreign earnings. In addition, you can exclude or deduct certain foreign housing amounts.
2007-09-03 16:49:13 · answer #1 · answered by Anonymous · 0⤊ 0⤋
This Site Might Help You.
RE:
How many days do I have to work out of the country to file exempt on my taxes.?
I am moving to Brazil to go to work for the next 18 months to 2 years. I believe if you are out of the country for so many days and do not return you do not have to pay taxes on your money.
2015-08-10 10:35:22 · answer #2 · answered by Marilou 1 · 0⤊ 0⤋
You MIGHT be eligible to exclude a PORTION of your wages if you work outside of the US. To qualify for the Foreign Earned Income Exclusion you must either be a resident of a foreign country for the entire tax year OR must be physically present in one or more foreign countries for at least 335 days in a full 12 month period.
If you are not eligible for the exclusion you may take a credit against your US tax liability for any foreign income taxes paid. You may also elect the credit in lieu of the exclusion if it results in a lower tax liability for you.
You are NOT exempt from filing tax returns; you must always file if your income exceeds the filing requirement amount for your filing status.
Get a copy of IRS Pub 54 from their website. It will tell you most of what you need to know about paying taxes when living and working overseas.
2007-09-03 15:01:50 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
A U.S. citizen or permanent resident must file his return in the U.S. if the world wide income exceeds the filing requirement. The U.S. has tax treaty with most of the countries, which means that on the income in other countries, you will get credit for the taxes paid in other countries.
You will have earned income in Brazil. You will be entitled for Foreign Earned Income exclusion up to $85,000. For this you will complete Form 2555.
If your income in Brazil will be more than $85,000 you will be able to exclude income up to $85,000, and as well claim credit for taxes paid on income over $85,000.
2007-09-03 18:29:54 · answer #4 · answered by MukatA 6 · 0⤊ 0⤋
http://www.irs.gov/publications/p514/ar02.html#d0e5564
Look at this website and then call the IRS and ask. As a US citizen, you are taxed on worldwide income, so the IRS will be looking to tax you. You will be paying taxes to Brazil and the taxes charged by them will/may be higher than the US tax. Your US tax will be credited (offset) by the amount paid to Brazil so you may not have to pay anything to the US, but you will have to pay Brazil.
2007-09-03 14:43:21 · answer #5 · answered by magnolia 5 · 0⤊ 0⤋
You do have a legal obligation to pay tax if you are a US citizen or green card holder. You should seek out a first-class tax advisor who is familiar with US taxes, including procedures for dealing with criminal investigations. You are at serious risk of prosecution, and there is no statute of limitations on tax liability on unfiled returns.
2016-03-13 05:02:27 · answer #6 · answered by Lori 4 · 0⤊ 0⤋
ask a tax consultant.
2007-09-03 13:42:25 · answer #7 · answered by katie d 6 · 0⤊ 1⤋