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happeningthang
Joined: 26 Apr 2003
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 Posted: Tue Sep 02, 2003 9:59 am Post subject: and another thing.... the taxman back home? |
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Hey all,
Just another thought that occured while s/trolling through Davies....
Can anyone shed light on what sort of taxes are due to the taxman at home while living, and working abroad?
I probably should be asking him, but I don't want to tip my hand 
cheers |
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Son Deureo!
Joined: 30 Apr 2003
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| Posted: Tue Sep 02, 2003 10:07 am Post subject: |
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This depends on where you're from. If you're American, the first $76,000 dollars earned abroad are tax deductible as long as you spend 330 days or more outside of the country. The IRS still expects you to report your income and where you got it. If during a tax year you have any U.S. income (stock dividends, etc.), you are still liable for taxes on that.
For more info, check www.irs.gov.
If you're from somewhere else, I can't help you. |
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happeningthang
Joined: 26 Apr 2003
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| Posted: Tue Sep 02, 2003 11:37 am Post subject: |
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Yeah good point San, probably should have thought that one through...
I'm from Australia. So any specific advice would be great.
Thanks for the effort.
cheers |
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uber1024
Joined: 28 Jul 2003
Location: New York City
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| Posted: Tue Sep 02, 2003 12:30 pm Post subject: |
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| Son Deureo! wrote: |
| This depends on where you're from. If you're American, the first $76,000 dollars earned abroad are tax deductible as long as you spend 330 days or more outside of the country. The IRS still expects you to report your income and where you got it. If during a tax year you have any U.S. income (stock dividends, etc.), you are still liable for taxes on that. |
How tough is this to track, hypothetically speaking, of course?
This doesn't really sound fair to me. So if I come to korea next summer and stay for a year, the WHOLE salary I make is taxable by BOTH governments? |
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OiGirl
Joined: 23 Jan 2003
Location: Hoke-y-gun
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| Posted: Tue Sep 02, 2003 3:51 pm Post subject: |
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| uber1024 wrote: |
| Son Deureo! wrote: |
| This depends on where you're from. If you're American, the first $76,000 dollars earned abroad are tax deductible as long as you spend 330 days or more outside of the country. The IRS still expects you to report your income and where you got it. If during a tax year you have any U.S. income (stock dividends, etc.), you are still liable for taxes on that. |
...
So if I come to korea next summer and stay for a year, the WHOLE salary I make is taxable by BOTH governments? |
I think it's 330 consecutive days, or 330 days in a 12-month period. It doesn't have to be Jan.-Dec. In fact, it comes out to a SWEET deal if your US income for the year before you go to Korea and the year after you come back is less that US $76,000. |
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Son Deureo!
Joined: 30 Apr 2003
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| Posted: Tue Sep 02, 2003 3:51 pm Post subject: |
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| uber1024 wrote: |
| Son Deureo! wrote: |
| This depends on where you're from. If you're American, the first $76,000 dollars earned abroad are tax deductible as long as you spend 330 days or more outside of the country. The IRS still expects you to report your income and where you got it. If during a tax year you have any U.S. income (stock dividends, etc.), you are still liable for taxes on that. |
How tough is this to track, hypothetically speaking, of course?
This doesn't really sound fair to me. So if I come to korea next summer and stay for a year, the WHOLE salary I make is taxable by BOTH governments? |
No. Korea can never tax you on what you made in the U.S., unless maybe you become a citizen or something. As for the U.S. taxing your Korean salary, as long as you can prove that you've been out of country for more than 330 days you don't pay tax on the first $76,000. The whole point is that you don't get taxed on the same salary by both governments. |
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Tancred
Joined: 15 Jan 2003
Location: Upon a mountain in unknown Kadath
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| Posted: Tue Sep 02, 2003 4:14 pm Post subject: |
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does anyone have the canadian info on this? My friend went back to canada, declared half of his earnings and told me he owed about $1,500 in taxes.
Is anyone informed on this for canada? Thanks. |
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just because
Joined: 01 Aug 2003
Location: Changwon - 4964
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| Posted: Tue Sep 02, 2003 8:25 pm Post subject: |
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Happeningthang,
I'm under the impression that all the money you make is the money you keep as long as you pay tax here. So here come the good days because the tax rate at home is ridiculous compared to here. |
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rudyflyer
Joined: 26 Feb 2003
Location: pacing the cage
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