@@RetireandGo That’s some more great advice! Yes sir, I will be investing it. I actually lived in Hawaii also for the past 7 years (Molokai and Big Island) and I’m looking to go back and buy land to start my own farm. Hawaii imports 92% of its food and that’s just not ok. Have a great year Sir, and thank you again.
Hello, I had a question about what you say when you come back home from a contracting job when you are questioned at the airport. I know when I went on holiday I was saying leisure. But now that I am an independent contractor I am nervous about what to say when I am traveling home.
Are you sure about the gifting part? I know I can give someone up to the federal gift amount and they won’t have to pay tax on that but me as the person giving the money; for sure I will have to have paid tax on that gift money. Correct me if I am wrong. Thanks
double check the 2023 tax codes to be sure. but now investing is even better than ever just so you know. the amounts you can shelter and invest is going up. dividend income is 40k annual no tax! boom!
Hey! I came across your youtube page love your stuff! I am trying to become a contractor overseas as quickly as possible. I just got back home from the military so i'm looking to get started on going overseas asap
Thank you for your years of hard work in the military Make sure you get your VA benefits lined up and secured You have all your medical records ready to take to the VA? You can hire a group to work on it as well There may be direct work overseas that aligns with your military time Or you may need to do some studies Get some certifications Either way you are in a great position Get overseas and make / invest money !
That’s great! It is a wonderful way to travel, make good money, get ahead financially with some investments and pay off debts And see interesting places! I’m very excited for you :-)
Thanks sir that answered my question my concern was I’ve been in Nigeria working since October 2020 we are October 2021 still here but rumor was I have to be outside the country 330 days in a period of January to December but you definitely cleared that up 👍🏾
Yes, I had a 9 month contract offered me once, my plan was do the contract, spend 3 months in Thailand, then return to the US haha That way, tax free work
I’m using a CPA in Hawaii my home state. Very important to use a home state CPA so you get state taxes right. Also, I would change your home state to Texas or another that’s tax free to maximize income annually while you work overseas
Thank you. Can you please share the names of these American contractor companies in the middle east? couldn't find any company looking for US citizens specifically.
How do I change my residency now that I’m overseas working already? I’m currently paying taxes to a state where my father lives and using his home as my Home of record for the company. Great video.
On your next rotation to the states go to Texas and get a state ID, change your drivers license , get a po box there Double check if anything else needed You will save thousands annually
QUESTION: If your overseas as a 1099 employee, but looking at more than FEIE deduction...Are you aware of a way to structure to reduce/eliminate taxes?
There are a few options , you can still gift a family member or more than one family members every year thousands of dollars and it’s tax free on both ends Set up an investment account online for a few family members and gift the max allowed for each through the year while working overseas. Max retirements as well
Hi, Im trying to work in Japan. If an employer is Japanese, I pay local tax there, but what if an employer is American company? I still no need to pay tax to states side as long as 330 days rules valid?
If you are a US contractor working for a company that is operating on a US base … you should have some tax exemptions that will be sweet. Also if you work in the country, but long term, off base, then you may have to pay Japanese taxes
Excellent question, if you have any liens on your assets or if you owe back payments in child support you will not be able to get a passport clearance out of the US, and you will not be able to get a secret clearance. Keep up all debt payments You do not have to be debt free Just making payments on time ok?
Make sure you use a CPA They will properly fill out your tax documents You are not exempt per say its more that you are not taxed on a certain amount of overseas earned income But use a CPA to ensure your taxes are done right ok?
You can go directly to Thailand and stay there so as not to re enter the US This protects your income from taxes Then, apply for work in Japan, lots of contracts , go direct and not through the US Keep outside the US and you can work contracts of less than one year
First 104k earned overseas is federally tax free but confirm your situation with a CPA not me Also check state tax laws Get a CPA for sure ! They will save your money
@@RetireandGo I have history work only 5 years I am US citizen and I am originally from Iraq I want come back there we don't have taxes there how I pay for social security to get my retirement after I get 62
@@fffuuukkku keep searching for interpreting positions and applying Don’t wait on others Don’t wait on a company Search and apply constantly You are in a good position for a good paying job
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Thank you for this video. Great advice. I’m about to head to Iraq for the first time as a contractor and really wondered about this.
Oh really!? Be safe! Make money and invest it ok? Don’t buy a pickup truck haha
Invest your income
@@RetireandGo That’s some more great advice! Yes sir, I will be investing it. I actually lived in Hawaii also for the past 7 years (Molokai and Big Island) and I’m looking to go back and buy land to start my own farm. Hawaii imports 92% of its food and that’s just not ok. Have a great year Sir, and thank you again.
Excellent info and insight thank you, I liked and subscribed to your channel.
Thank you and welcome :-)
Hello, I had a question about what you say when you come back home from a contracting job when you are questioned at the airport. I know when I went on holiday I was saying leisure. But now that I am an independent contractor I am nervous about what to say when I am traveling home.
Hmm make sure you carry only allowed items
Travel light
Be professional
Have all documentation and apps ready
You should be fine
Are you sure about the gifting part? I know I can give someone up to the federal gift amount and they won’t have to pay tax on that but me as the person giving the money; for sure I will have to have paid tax on that gift money. Correct me if I am wrong. Thanks
double check the 2023 tax codes to be sure. but now investing is even better than ever just so you know. the amounts you can shelter and invest is going up. dividend income is 40k annual no tax! boom!
Hey! I came across your youtube page love your stuff! I am trying to become a contractor overseas as quickly as possible. I just got back home from the military so i'm looking to get started on going overseas asap
Thank you for your years of hard work in the military
Make sure you get your VA benefits lined up and secured
You have all your medical records ready to take to the VA? You can hire a group to work on it as well
There may be direct work overseas that aligns with your military time
Or you may need to do some studies
Get some certifications
Either way you are in a great position
Get overseas and make / invest money !
Made my decision to go overseas after watching this video. Thank You so much 🔥🤙
That’s great!
It is a wonderful way to travel, make good money, get ahead financially with some investments and pay off debts
And see interesting places!
I’m very excited for you :-)
Does this 104k taxable income apply to only combat zones or can I be anywhere outside the US?
104 k non taxable *
outside the usa . but make sure you check with a cpa ok? let them do a check to make sure the area qualifies.
Thanks sir that answered my question my concern was I’ve been in Nigeria working since October 2020 we are October 2021 still here but rumor was I have to be outside the country 330 days in a period of January to December but you definitely cleared that up 👍🏾
Yes, I had a 9 month contract offered me once, my plan was do the contract, spend 3 months in Thailand, then return to the US haha
That way, tax free work
QUESTION: Who's your CPA?
I’m using a CPA in Hawaii my home state. Very important to use a home state CPA so you get state taxes right.
Also, I would change your home state to Texas or another that’s tax free to maximize income annually while you work overseas
Thank you. Can you please share the names of these American contractor companies in the middle east? couldn't find any company looking for US citizens specifically.
Try SAIC and Vectrus
These are two big ones
Get your resume in order and do some searching on indeed dot com
All the best :-)
How do I change my residency now that I’m overseas working already? I’m currently paying taxes to a state where my father lives and using his home as my Home of record for the company. Great video.
On your next rotation to the states go to Texas and get a state ID, change your drivers license , get a po box there
Double check if anything else needed
You will save thousands annually
QUESTION: If your overseas as a 1099 employee, but looking at more than FEIE deduction...Are you aware of a way to structure to reduce/eliminate taxes?
There are a few options , you can still gift a family member or more than one family members every year thousands of dollars and it’s tax free on both ends
Set up an investment account online for a few family members and gift the max allowed for each through the year while working overseas.
Max retirements as well
Hi, Im trying to work in Japan. If an employer is Japanese, I pay local tax there, but what if an employer is American company? I still no need to pay tax to states side as long as 330 days rules valid?
If you are a US contractor working for a company that is operating on a US base … you should have some tax exemptions that will be sweet.
Also if you work in the country, but long term, off base, then you may have to pay Japanese taxes
Nice Rolex!
Thank you :-)
It’s been through two decades of work with me
Tough watch
Can I go work overseas if I currently owe federal and state taxes? Will I also be able to obtain a passport owning taxes?
Excellent question, if you have any liens on your assets or if you owe back payments in child support you will not be able to get a passport clearance out of the US, and you will not be able to get a secret clearance.
Keep up all debt payments
You do not have to be debt free
Just making payments on time ok?
So do you put exempt on your W4 ?
Make sure you use a CPA
They will properly fill out your tax documents
You are not exempt per say its more that you are not taxed on a certain amount of overseas earned income
But use a CPA to ensure your taxes are done right ok?
Where do you find CPAs? Are they on the bases?
Google your area, they will often work from home and are not expensive
Really worth it !
@@RetireandGo Thanks!
What if you crossed 104k income and only stayed 6 months in afghanistan? Is there a way to get more taxes back?
You can go directly to Thailand and stay there so as not to re enter the US
This protects your income from taxes
Then, apply for work in Japan, lots of contracts , go direct and not through the US
Keep outside the US and you can work contracts of less than one year
Lots of truckers work 6 months overseas then live in Thailand or the PI for 6 months
I am us citizen I want go work in Iraq self employment or work for someone How I pay taxes and social security how much if I make $100000 a year
First 104k earned overseas is federally tax free but confirm your situation with a CPA not me
Also check state tax laws
Get a CPA for sure ! They will save your money
@@RetireandGo I have history work only 5 years I am US citizen and I am originally from Iraq I want come back there we don't have taxes there how I pay for social security to get my retirement after I get 62
@@fffuuukkku if you speak Arabic and are a US citizen look for Kuwait and Saudi work as well as a contractor
@@RetireandGo I am on waiting list as Arabic interpreter since two years spouse to go to Kuwait I passed everything but still waiting
@@fffuuukkku keep searching for interpreting positions and applying
Don’t wait on others
Don’t wait on a company
Search and apply constantly
You are in a good position for a good paying job