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"So you're an expat? What's that?" Tax implications of living and working abroad

An expatriate–or expat for short– is just fancy lingo for someone who is living in a different country than their upbringing. And while the idea of being an expat is thrilling for some (What? Living and working in Paris, London or Tokyo?  Yes, please!) it will almost always mark the beginning of needing a legit CPA to help with your taxes. Why? Because United States citizens pay taxes on worldwide earned income. What does that mean? It means that Uncle Sam gets his share even if you live, work, earn money, and pay taxes on that money in a different country. The waters of expat taxes can get murky with complexity, so for now let’s just get our toes wet (a.k.a., seek further competent help if you are going to take the plunge). Continue reading “"So you're an expat? What's that?" Tax implications of living and working abroad”

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On January 1, 2013, in a galaxy not so far away: the 2013 Medicare Tax Increase

I have one good guess as to why George Lucas sold Lucasfilm along with the prodigious Star Wars franchise to Disney in 2012 instead of 2013. It’s called Medicare Hospital Insurance, slated to begin in January 1, 2013. What is that, you ask? Exactly.

Conceived to help pay for the new  Patient Protection and Affordable Care Act, or “Obamacare”, this Medicare Hospital Insurance provision is nothing more than a new tax with a fancy name. The tax is levied on individuals making more than $200,000 or married couples making more than $250,000, as well as anyone with unearned income (that could include you). Continue reading “On January 1, 2013, in a galaxy not so far away: the 2013 Medicare Tax Increase”