* Yes, if you’re still a resident/domiciliary of a state that has an income tax. You’re taxed on worldwide income, even while living overseas. * Usually no, if you’re a nonresident of that state and have no state-source income there. Nonresidents are typically taxed only on income sourced
For U.S. citizens living abroad, understanding your tax obligations goes beyond just federal income taxes. While the federal government taxes your worldwide income, state taxes can add another layer of complexity—especially since digital nomads pay state taxes depending on their state of residency and ties. Even if you
For U.S. citizens living abroad, understanding your tax obligations goes beyond just federal income taxes. While the federal government taxes your worldwide income, state taxes can add another layer of complexity—especially since expats pay state taxes depending on their state of residency and ties. Even if you qualify
Living abroad is exciting, but U.S. taxes can still follow you! As an American, you’re required to file a tax return no matter where you live, but it doesn’t have to be hard. Managing financial accounts is crucial for expats, as the IRS can track these accounts
When you think about your dream lifestyle, what do you imagine? Perhaps sunny afternoons sipping Rioja in a cobblestone plaza, exploring world-famous museums, or savoring the Mediterranean diet in a bustling mercado. Or maybe it’s the relaxed pace of life, incredible diversity of landscapes—from beaches and mountains to
Over the past few years, countless U.S. expats, digital nomads, and retirees living abroad have been startled by unexpected account closures from major American financial institutions. Familiar names such as Morgan Stanley, Fidelity, and even domestic divisions of UBS have abruptly terminated accounts due to complex compliance burdens, leaving
Considering trading the hustle of American life for Colombia's vibrant culture, stunning landscapes, and affordable living? You’re not alone. This beautiful country in South America is a great country that has rapidly become one of the most popular destinations for U.S. expats, digital nomads, retirees, and
Living as an expat offers a world of adventure and flexibility, but it also presents unique tax challenges. Understanding your tax obligations as you navigate different states and countries is essential. From federal and state taxes to local foreign tax obligations, we provide all the information you need to stay
If you’ve ever looked into moving your residency to Florida, you’ve likely encountered endless talk about the “183-day rule.” It’s a confusing number thrown around by high-tax states eager to keep you on their tax rolls, but here’s the catch: Florida itself doesn’t care how
Establishing Florida residency can be life-changing for American expats, digital nomads, and retirees living abroad. With zero state income tax, favorable estate and asset protection laws, and straightforward residency requirements, Florida offers an ideal domicile for U.S. citizens who don’t reside in the United States full-time. But how
Moving your residency to Florida can significantly enhance your financial well-being, primarily because Florida imposes no state income tax, offers strong asset protection, and provides beneficial estate planning opportunities. However, establishing residency isn’t just about spending a certain number of days, like the commonly misunderstood 183-day rule. Instead, it’
Establishing Florida residency can be life-changing—unlocking significant tax savings, protecting your assets, simplifying your financial life, and giving you access to everything from a Florida driver’s license to lower insurance rates. Yet, for expats, digital nomads, retirees, or frequent travelers, proving you’re a Florida resident often feels
How much tax do states actually collect? And where does that money come from? Every year, state governments in the U.S. raise over a trillion dollars through various taxes—some relying heavily on personal income taxes, others depending almost entirely on sales taxes or excise taxes. These differences reflect
If you're an American nomad, you understand how challenging it can be to stay connected to important mail. From bank statements and tax documents to personal letters, these are items you definitely don’t want to lose or have delayed simply because you're traveling on the
The Bona Fide Residence Test is a set of rules used by the U.S. government to determine if you qualify as a bona fide resident of a foreign country. This test helps U.S. citizens and residents who live abroad reduce their U.S. tax obligations by proving they
Living abroad can be an exciting adventure, but it comes with its own set of challenges. One of these challenges is maintaining a US address, which is important for legal, financial, and personal reasons. TLDR: Maintaining a US address while living abroad is essential for various legal, financial, and personal
Domicile and residency might sound like the same thing, but they actually mean different things when it comes to U.S. law. These terms are important, especially for things like taxes, voting, and legal rights. Knowing the difference between where you live temporarily (your residency) and where your permanent home
Living abroad opens up exciting opportunities but can also come with unexpected challenges—especially when it comes to managing your finances. For American expats, finding a bank that meets your unique needs while staying compliant with U.S. regulations is key to maintaining a US bank account. Maintaining US financial
If you’re an American living abroad, managing your finances can get complicated. Juggling different currencies, navigating tax laws, and planning for retirement may seem daunting. However, retirement accounts like a 401(k) or IRA can still be effective tools for your financial future, even from afar. Social Security alone
Understanding New York’s residency laws is important for income tax purposes because it determines how much you might owe in state taxes. Whether you live in New York full-time, part of the year, or even just spend occasional time there, the state has specific rules for classifying your residency
Retiring abroad is becoming more popular among Americans, and for good reason! Moving to another country can offer lower living costs, great healthcare, and a new lifestyle. Whether you’re dreaming of a sunny beach, a bustling city, or a peaceful village, there are fantastic options worldwide. This article is
![How to terminate Illinois residency? [Guide]](/content/images/size/w600/2024/10/illinois.jpg)
Leaving Illinois residency can be a smart move if you're looking for lower taxes, a new job, or a lifestyle change. Illinois has a flat income tax rate of 4.95%, and as a resident, you're taxed on your worldwide income. For many people, moving to
Whether you’re moving to California, planning to leave, or living abroad as an expat, understanding California’s residency laws is essential. Your residency status can determine how much state tax you owe, whether you qualify for in-state tuition, or even how the state views you when it comes to
Are you dreaming of packing your bags and moving abroad for a while? Whether it’s for a new adventure, to save on living costs, or to work remotely from a beautiful beach, moving to another country is exciting. But it can feel a bit overwhelming when you start thinking