How US Citizens Legally Pay 0% Taxes
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- Опубликовано: 12 сен 2024
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Summary of this video:
🌍 U.S. citizens pay taxes globally to the IRS.
💰 Foreign Earned Income Exclusion can help reduce taxable income.
🏝️ Living in a tax-free country allows for greater tax benefits.
🔄 Structuring foreign companies may reduce U.S. tax liabilities.
⚖️ Avoid U.S. dependent agents to prevent extra taxes.
🔄 Expatriation can be a solution but comes with its own tax consequences.
📈 Capital gains tax remains payable regardless of residency.
Key Insights
🌎 Global Tax Obligation: U.S. citizens and Green Card holders are taxed on worldwide income, emphasizing the importance of tax planning when living abroad. This can lead to significant tax liabilities if not managed properly.
💼 Foreign Earned Income Exclusion: By claiming this exclusion, individuals can avoid taxes on over $100,000 of earned income if they meet specific residency requirements. This can be a crucial strategy for high earners living outside the U.S.
🏖️ Tax-Free Living: Residing in countries with no income tax can substantially reduce the overall tax burden, allowing U.S. citizens to retain more of their income while fulfilling tax obligations to the U.S.
🏢 Company Structuring: Establishing a foreign company requires careful planning to avoid U.S. taxes, particularly through ownership structures that minimize control by U.S. citizens.
🚫 Dependent Agents: Having employees or significant operations in the U.S. can trigger additional taxation. This makes it essential for U.S. citizens operating abroad to maintain clear boundaries to avoid unwanted tax implications.
✈️ Expatriation Considerations: Renouncing U.S. citizenship can eliminate tax obligations but may involve significant exit taxes based on net worth. This is a serious consideration for those seeking to minimize tax exposure.
📊 Capital Gains Tax: U.S. citizens are taxed on capital gains regardless of residency, making it critical for investors to understand the implications of their holdings and potential strategies to mitigate these taxes.
DISCLAIMER: This video is not tax and/or financial and/or investment advice. Any information or advice I give is purely based on my own experience and research. I am not a tax professional and/or lawyer and/or accountant so I am not liable for any steps you take to lower your taxes. I'm not a financial advisor nor do I pretend to be. Always do your own research.
I was reading an article the other day about how some people in the U.S. are legally paying 0% in taxes. It blew my mind
It’s all about knowing the tax code and using it to your advantage. Things like tax credits, deductions, and even living in states with no income tax can really make a difference.
I’ve always thought that was something only the ultra-wealthy could do, but apparently, even regular folks can take advantage of these strategies. It just seems so complicated.
That’s interesting. I know things like Roth IRAs and municipal bonds offer tax advantages, but I’ve never really dug into how to maximize them. It feels like you need a lot of knowledge to make it work.
My wife and I have been working with Aaron Morgan Bell for years, and he’s helped us keep more of our money by optimizing our tax situation. It’s not about cheating the system-it’s about using the rules to your advantage
That sounds smart. I’ve been trying to figure out how to reduce our tax burden, but I always feel like I’m missing something. Maybe it’s time we got some professional help.
These frequent tax code changes are disrupting my long-term investment strategies. Are there ways to structure my investments to be more resilient to potential tax code modifications?
I honestly think America needs a completely restructure of their political system. It is just not working. Trump and Biden being elected out of 300 million people to run the country is evidence for that too.
This is why the US should elect more progressive politicians, who know how to manage budgets and give us (yes, pur country's initials literally spell out that pronoun) much better tax credits in return for better public education and better public healthcare. but since these are nonexistent, my husband and I are being guided to finance our retirement and healthcare through a diversified investment portfolio
@@hasede-lg9hj How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
I've experimented with a few over the past years, but I've stuck with Annette Marie Holt for about three years now, and her performance has been consistently impressive. She's quite known in her field, look her up.
Would love to see an interview with your US tax expert. Excited to hear his insights.
1) FEIE; 330 days outside the US.
2) resident with a 0% state tax
3) Rent exclusion deduction
4) A foreign corporation owned @ 50% with a non US partner.
5) El salvador
All that Hoopla, PR is a better option, dispite all the negatives. that a whole lot of headache just to not pay Taxes, especially most are alll crypto people. Wise man said Lead the path of least risistance. you'll be suprised what you can or can't do...
@@TiO_PipaSwhat is PR????
@@Hmmm313I assume Puerto Rico.
👀 doooo not tempt me frodo
My goodness these bots like WOW.
From $37K to $45K that's the minimum range of profit return every week I thinks it's not a bad one for me, now I have enough to pay bills and take care of my family.
Some times last week I tried trading all alone but ended up loosing $3K 😢
Could you please explain how beginners like me can start making this much 😢
I have Alex Robert to thank
He is a licensed broker and a FINRA AGENT here in the States.
Yes!!! That's exactly his name (Alex Robert) so many people have recommended highly about him and am I just starting with him from Brisbane Australia 🇦🇺
Spain has a 60,000 euro exculsion
Damn bots
Please do have this tax expert on. These tax videos along with your asset protection ones I find to be the most useful.
YES, please interview your US tax expert. We need a deliberate, slow, organized, clear breakdown of the exemption from federal taxation for US citizens living 331-365 days abroad in a year. Is the foreign earned income (under $126,500 in 2024) exempt just from federal income tax, to is it also exempt from the 12.4% FICA Social Security tax and 1.45% (sometimes higher) Medicare tax? What about money earned writing/editing online while living outside the USA all year, but paid by a company that is incorporated and/or has its principal place of business in the USA? Thank you -
I'm saving all your videos to revisit. Well explained complicated taxes. I'm sure not there yet to throw a million around, but a man can dream!!
No taxable income. No taxes. You can borrow against crypto, DeFi.
No need to apply for foreign citizenship (for biznez).
Hi, can you please expound on this. I like the sound of it. Thanks very much!
Nice knowledge You're working very hard Thank you for you're experience❤
Tax expert interview 🙌
Great video! Can't wait to see one about Versidium, it's a game-changer.
If you want to reduce taxes even more, you can use an S-Corp to hold that 50% of the company, so that you can pay yourself a fair salary and issue the rest as dividends which will be taxed at the income rate without social security and medicare taxes. Also with a company like from Malta which has a tax treaty with the US, you could issue "qualified dividends" so that you are only taxed at the long term capital gains rate.
need more info on this subject please!
Why does El Salvador care, and why would El Salvador give a Passport with a Bitcoin deposit?
I’m a US resident but I have family in Malta and have grandparents that came here. I was looking to get a passport through descent Would I still have to pay crypto tax?
Would love to watch an interview with your U.S tax expert. If I have any questions, I’ll put them in this thread.
Thanks for the excellent analysis, but I'm all for Versidium.
Versidium's technology is ahead of its time. This will be huge!
The security features of Versidium set it apart from others.
Great video.
I see Versidium as a long-term hold. Great fundamentals!
I am not buying Versidium beacuse you bots are flooding the comment section way too much.
Versidium's recent update shows they're serious about success.
Most people they keep their mouths shut on who they are, or where they live. It's private matter, not any government's.
The more I learn about Versidium, the more I believe in its vision.
Please do the interview, thanks.
I mean the caveat being that it better be an active business with no passive income which would put it under the PFIC regime which is a higher tax rate with more complex reporting, in which case a CFC would probably be better. Also, you better hope the company is tax resident in a double tax treaty country and so are a qualifying percentage of the owners if any products or services are digital under the current rules and you better not be using Amazon FBA under the current rules for effectively connected income unless you are tax resident in a double tax treaty country. You also better hope you have no discernable or colorable substance in a jurisdiction that taxes you based on having employees there or for using independent agents in a country you are selling to. I mean if you are dropshipping to the US from a Mexican warehouse that might not subject you to effectively connected income rules in the US, but if you are selling an online course, oh boy have the rules changed for you. You better have like a BVI company with a board of directors in Malta making it a company tax resident, but non-domiciled in Malta giving you a very unique tax advantage if you run it right, and staff in like Jersey or Guernsey on the channel islands ot another zero tax corporate jurisidiction where you can book profits and you better also be living and tax resident in Malta yourself to take advantage of the US tax treaty, but doing your work for the company which you draw a salary on during the three months a year you are living in the Cayman Islands, because there are plenty of tax authorities ready to take a piece out of you otherwise. I mean today the rules of the game with economic presence have become so much more complex that the odds of you running a company at zero tax and not running afoul of the law without a very complex multi-juridictional structure and substance are almost non-existent. The loopholes are all being rapidly closed thanks to the OECD and BEPS, the EU Blacklist, FATCA, CRS, and the FATF. I mean digital presence rules are likely to subject many companies to tax in multiple jurisdictions. Even a lot of old asset protection havens like Nevis and the Cook Islands have changed their corporate tax rules and changed their management and control rules in such a way that you are probably subject to tax there if you use one of the old school asset protection entities they were known for like the Nevis or Cook Islands LLCs. I would not be suprised if pressure from the US, SWIFT, and the EU don't soon make the asset protection trust rules less tax neutral as well. I mean South Dakota and Nevada don't like the competition. Oh and whatever structure or structures you put in place last month might not be viable six months from now because the rules in every jurisdiction are changing all the time.
Also, you can just buy crypto under your foreign company, and don't forget to make your salary a contracting service fee, you can hire yourself as a 1099, and so your company can claim your salary as a business expense.
While this used to work, if you own more than 50% of the company, I think this doesn't work anymore.
Congratulations you just subjected yourself to social security & Medicare tax at a rate of 15.3%. Don't do that, be an actual employee of the foreign corporation.
Also, congratulations, you just subjected yourself to a much higher tax rate as a Passive Foreign Investment Company if you own 50% or less and your partner is not a US person, or the higher corporate rates on capital gains if you have more than a 50% controlling interest and it is a controlled foreign corporation under Subpart F. Maybe talk with an actual US tax lawyer or an accountant familiar with international tax planning, because that is textbook WHAT NOT TO DO!
Can you do a video off belgium?
You haven't said any way that US citizens legally pay 0% taxes...
is it really a law in el Salvador of becoming a el salvador citizenip thru Bitcoin?
No. Unless you have alot. They are giving away passports and citizenships to qualified individuals with extreme qualifications to benefit the country and economy. There is a max quota per year so you will have to compete with pretty heavy people.
Yes, 1 mln USD equivalent in shtcoin.
@@zeusconquers where can I see or read the complete rules and guide about this?
@@micomarinas2753 I would look it up on the government website. I'm sorry but I don't remember exactly where I read it. I don't even remember exactly what the quota is something like 230 per year but the standards are broad and fit many people. It's free too and worth a shot if you think you can make it. I'm going to try it as I am in artificial intelligence and developing services and applications using web3 tech. Both qualify as an example specific to me.
lol! i would take this with a grain of salt
Make the usa tax expert a reality--thank you
how can i move to dubai and not pay tax as a us citizen
Suppose i have a UAE tax residency and US Green Card, How does IRS will know how much i earned from overseas ?
Because you tell them when you file your tax return and how much is in your non us bank account when you file FBAR
@@georgeweatherspoon8328 Thanks George, my point was if I don't file FBAR at all, then how will they know?
Versidium's use case is exactly what the crypto world needs.
Versidium is gaining traction among serious crypto investors.
Been tracking Versidium's development. Impressed with the progress!
Versidium's low presale price is a steal. Time to load up!
Renounce renounce renounce
Nationals don't need to renounce your country... Or move.
That’s fake don’t do that
@@WealthyExpat yeah. These bots are relentless
If you're looking for a solid x100, Versidium should be on your radar.
Nothing like zero taxes as a U.S citizen unless you dodging taxes
Im glad im not merikan…
Did you even watch the video at all? The first $126,500 earned income of a US citizen living abroad in 2024 is exempt from federal taxation. On January 1, 2025, the exemption amount is likely to increase to about $131,000 per year, per person.
Forget the rest, Versidium is where it's at. Potential moonshot!
Im glad im not merikan…
The USA is communist.
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