| View previous topic :: View next topic |
| Do you file US taxes? |
| Yes |
|
56% |
[ 27 ] |
| No |
|
43% |
[ 21 ] |
|
| Total Votes : 48 |
|
| Author |
Message |
fortysixyou
Joined: 08 Jun 2006
|
 Posted: Sat Jul 11, 2009 12:55 am Post subject: Americans: Do You File Your Taxes? (POLL) |
 |
|
Do you report your taxes?
I don't.
Should I be worried? |
|
| Back to top |
|
 |
phoneboothface
Joined: 26 Apr 2009
Location: Korea
|
| Posted: Sat Jul 11, 2009 12:58 am Post subject: |
|
|
You don't actually need to pay any taxes there anyways since I'm juuuuuuuuust guessing that you don't have alot of passive income back in the States.
Can't tell how worried you should be, someone with more knowledge of the IRS can help with that one. I file cuz I make money back home and thus must pay taxes on it all... |
|
| Back to top |
|
|
T-J
Joined: 10 Oct 2008
Location: Seoul EunpyungGu Yeonsinnae
|
| Posted: Sat Jul 11, 2009 1:28 am Post subject: |
|
|
Didn't file for eight years when I was here in the 90's. No need to worry, but you will have to file when (if) you return for all the past years and that can be a monster headache and costly. I think it was $50 for each year that I filed when I returned. Don't quote me on that, my memory might be a little foggy.
This time around is much different. Keeping up with the taxes, I also own property in the States, so I have to pay property and school tax. The other thing I'm doing this time around is staying financially plugged in so to speak. I have active bank accounts and one credit card that I use regularly (without running up a big balance). Returning to the States after a seven year absence is a big hole to fill in building a credit history. You are starting from scratch and NO ONE will touch you. It is even next to impossible to rent an apartment. It effects you car insurance rate now as well. Long story short, unless you are planning on becoming a part of the Korean soil at some point in the future, maintain your financial health back home.
My two cents. |
|
| Back to top |
|
|
frankhenry
Joined: 13 Mar 2007
|
| Posted: Sat Jul 11, 2009 3:03 am Post subject: |
|
|
| I never have. I hope it's never a problem. |
|
| Back to top |
|
|
Geckoman
Joined: 07 Jun 2007
|
|
| Back to top |
|
|
waynehead
Joined: 18 Apr 2006
Location: Jongno
|
| Posted: Sat Jul 11, 2009 3:14 am Post subject: |
|
|
| I'll get around to it someday... |
|
| Back to top |
|
|
Big B
Joined: 23 Jun 2009
|
| Posted: Sat Jul 11, 2009 4:37 am Post subject: |
|
|
| Got a stimulus check last year cuz of it. Also, need to file for financial aid for grad school next year. Of course, you could always go Wesley Snipes about it... |
|
| Back to top |
|
|
pkang0202
Joined: 09 Mar 2007
|
| Posted: Sat Jul 11, 2009 3:03 pm Post subject: |
|
|
Shouldn't you do it, just to maintain a good credit rating?
I would imagine having a few years of no income would destroy your credit rating. |
|
| Back to top |
|
|
T-J
Joined: 10 Oct 2008
Location: Seoul EunpyungGu Yeonsinnae
|
| Posted: Sat Jul 11, 2009 4:53 pm Post subject: |
|
|
| pkang0202 wrote: |
Shouldn't you do it, just to maintain a good credit rating?
I would imagine having a few years of no income would destroy your credit rating. |
It's not just the income. See my post above. If you spend seven years in Korea and file your taxes every year, but have no financial activity, your credit rating will be ZERO. I'm fairly confident that the current economic woes will have subsided seven years from now, but obtaining credit is not always nor will it always be as easy as it has been in the past.
Don't make the mistake of thinking that a good credit rating is only important if you are looking to borrow money either. If you are thinking "I'll have enough saved up, I won't need to borrow." Your credit rating effect many different things now, at least in the States.
Bottom line is that I know it is fun and exciting to "cut the ties" and feel like you're really living the expat life. The truth of the matter is that living "the life" should include maintaining a financial footprint in your home country. Been there done that, take it for what it's worth. |
|
| Back to top |
|
|
saw6436
Joined: 16 Jan 2003
Location: Daejeon, ROK
|
| Posted: Sat Jul 11, 2009 5:10 pm Post subject: |
|
|
| I file every year. One of my friends is an attorney with the IRS. He told me that it is necessary to file even if you owe nothing ( eg; working abroad). |
|
| Back to top |
|
|
alphakennyone
Joined: 01 Aug 2005
Location: city heights
|
| Posted: Sat Jul 11, 2009 5:14 pm Post subject: |
|
|
| it's not hard to file really. i don't report the small things like my silly $100 savings account dividend from my US bank account. I just fill out the foreign income exclusion form and 1040 and I'm done. Takes just an afternoon every year. |
|
| Back to top |
|
|
Milwaukiedave
Joined: 02 Oct 2004
Location: Goseong
|
| Posted: Sat Jul 11, 2009 9:29 pm Post subject: |
|
|
| I file every year and it only takes about 45 minutes to fill out the forms. I agree with TJ, if you have any interest in going back at some point, it's better to keep up with things like that. |
|
| Back to top |
|
|
Geckoman
Joined: 07 Jun 2007
|
| Posted: Wed Sep 30, 2009 10:49 pm Post subject: Spread the Word! |
|
|
I've met so many Americans who didn't know they had to file their federal incomes taxes every year.
Spread the word!
 |
|
| Back to top |
|
|
Mallard
Joined: 03 Jul 2008
|
| Posted: Fri Oct 02, 2009 1:27 am Post subject: |
|
|
| If you plan on going back to grad school when you get back to the states, you're going to need your tax return to do your fafsa if you want financial aide. If you're planning on going back to school, it's good to file them |
|
| Back to top |
|
|
bluelake
Joined: 01 Dec 2005
|
| Posted: Fri Oct 02, 2009 1:57 am Post subject: |
|
|
| Yup, I've filed every year; it's been twenty of them now... |
|
| Back to top |
|
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
