Are you considering working remotely from abroad and wondering about the tax implications? 🤔
Here’s a story about a client, Mr. Smith 🕵️, interested in moving to Costa Rica or Panama and the tax benefits he could look forward to.
🏠 Foreign Earned Income and Housing Exclusion
As an American working abroad, you can take advantage of the Foreign Earned Income and Housing Exclusion, which could provide huge tax savings. The exclusion allows you to exclude up to $120,000 of foreign-earned income from your taxable income in the U.S.
💰 Maximum Standard Housing Exclusion Increase
For the 2023 tax year, the maximum standard housing exclusion increases to $16,800.
💸 Tax Credits for Taxes Paid to Foreign Countries
If you’re paying taxes in a foreign country, you may be eligible for a tax credit in the U.S. for those taxes paid. It will help reduce your tax liability and prevent double taxation.
At Palma Financial, we provide personalized tax planning and compliance services to help you make the most of your foreign income. 💼
Don’t miss out on the tax benefits of working abroad! 🌟
👉🏻Book your tax assessment today and explore new and exotic lands. 🌴