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Hey US taxpayers: if you live outside the US 330+ days per year, you don't have to pay federal earned income tax on your first ~126,500 USD each year with IRS form 2555

IRS form 2555 qualifies you for the IRS Foreign Earned Income Exclusion, and is a simple form to fill out with the rest of your taxes, takes 5-20 minutes depending on how many countries you lived in that year.

IRS form 2555

IRS instructions

This is the official language of the IRS form 2555 physical presence test:

“You meet the physical presence test if you are physically present in a foreign country or countries 330 full days during any period of 12 consecutive months including some part of the year at issue. The 330 qualifying days do not have to be consecutive.”

Plainly, it doesn’t matter if you were absent from the United States between January 1st and December 31st to qualify, it only matters that you were not present in the United States for 330 of 365 consecutive days that include, in some part, the current tax year.

You could have been in the US until april, and then outside the US from May until the following april, and that’s fine to claim the FEIE and exclude a variable amount of your earned income tax as determined each year by the IRS (currently at $126,500 annually).

By tax year(Jan. 1 - Dec. 31) you were only out of the country for 270 days, but out of 365 calendar days, you were out of the country for 330+ days from May to April, and so you pass the physical presence test, which qualifies you for the Foreign Earned Income Exclusion.

It can be a US or non-US company that employs and pays you, you just have to be physically outside the US.

shoutout to @[email protected] for bringing it up yesterday

View original on crazypeople.online
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Hi there, friendly travel reminder that living abroad comfortably(rent, groceries, utilities, data/wifi) costs ~$500 USD equivalent a month in most countries and up to $1000 a month in the rest

hey there! Living abroad is a very attainable goal and comfortable lifestyle.

tldr is get a passport, get any remote job for 10-15 hours a week, move to one of the $500 countries, rest, recuperate, live.

Take it from there without financial pressure weighing you down; build up passive income, get access to better healthcare, great food, world wonders and innumerable other benefits.

If you are an English speaker, you have immediate access to thousands of teaching jobs that pay anywhere from $2000-10000 USD per month.

FAQs are in the community sidebar and feel free to ask any other questions about living abroad in the comments, messages, or this community.

View original on crazypeople.online
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Visitor overload at Machu Picchu; go to the hundreds of free, open sites across the Sacred Valley instead

Anybody interested in seeing Macchu Picchu should be aware of a few things:

First, if you want to go to MP, you'll have a nice, somewhat busy time. Bear in mind that:

A lot of people want to see MP as the most famous Incan town and nobody regrets their visit, MP is in a beautiful valley and Peru is wonderful.

Visiting Macchu Picchu is going to require multiple in-advance reservations, multiple legs of travel, hundreds of USD equivalent for separate train tickets, shuttle buses, guides, entrance tickets, you will be surrounded by tourists and tour services and many areas of MP are restricted from access. The Macchu Picchu ruins are heavily reconstructed.

There are literally hundreds of other intact ancient Incan sites you can visit for free and walk around inside of unrestricted or for a few dollars. There are so many citadels, towns, qolqas, lakes and sacred sites in Peru to see with far fewer or no other tourists, no entry fees and unrestricted access. Many sites are within walking distance of Cusco(the Peruvian city you'll take your trains and buses to MP from).

https://www.telesurenglish.net/perus-comptroller-general-warns-of-visitor-overload-at-machu-picchu/Open linkView original on crazypeople.online
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