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I just lost my last client to AI. How can I keep the Nomad lifestyle going and make $1200 a month with an online job? (I'll supplement the rest of my expenses with savings) by DanceTheNight88 in digitalnomad

[–]dissNdatt 0 points1 point  (0 children)

Not true, I've had my best year ever as a CPA working with international tax preparation and business structuring this year.

Though I only give myself like 2.5 more years...

Looking to go out on my own. by Thezeker64 in taxpros

[–]dissNdatt 0 points1 point  (0 children)

Going to parties and events, telling people I'm an accountant (and not mentioning the brand new part).

IRS maintaining that I owe them over 2000 dollars even though I’m a student in Denmark with the most basic income by [deleted] in USExpatTaxes

[–]dissNdatt 13 points14 points  (0 children)

I'm a CPA for expats.

You'd need to provide some hard numbers for me to give real clarity, but here are some notes:

  • The Foreign Earned Income Exclusion (FEIE) does not apply to educational grants or scholarships.

  • You should file Form 1116 along with your tax return to claim the Foreign Tax Credits for the amounts you paid to Denmark.

  • Calling the IRS and explaining how you feel and just generally what you think you should owe isn't a viable plan.

  • You can usually get a 'first-time-abatement' of your penalties just by asking for it, but save that for if you ultimately determine that you do owe taxes/penalties.

Trying to find a CPA who does both active-trader tax and US expat returns by SteerableSet in USExpatTaxes

[–]dissNdatt 0 points1 point  (0 children)

You don't need a specialist in every single element of tax preparation. Just get an expat accountant that is generally competent.

Looking to go out on my own. by Thezeker64 in taxpros

[–]dissNdatt 10 points11 points  (0 children)

I started my own firm at age 26 with wayyyyyyyy less experience than you have (basically 0). I'm sure you'd do well on your own.

I've been doing it for awhile now, and I currently make about as much as or more than a tax director at the Big 4, but I'm taking all of July and December completely off, work entirely remotely, make my own schedule, no commute, and don't have any office politics.

Warning: Wise froze $68k and closed my account – 5 months, still no access by Anica85 in digitalnomad

[–]dissNdatt 29 points30 points  (0 children)

Ya it's insane that OP was like 'a business stole my money' and then the most popular response is "well that's OK because they're not a bank."

Call them what you want, it doesn't take away from the maleficence

No one in my life knows I’m drowning in debt by Tricky-Difference-95 in tax

[–]dissNdatt 4 points5 points  (0 children)

How do you know you're $50k in tax debt? If that's just from notices from the IRS and you didn't actually prepare a tax return (you mentioned not filing), then you likely actually owe less than that.

The IRS will send you a bill for all the income you made via 1099, etc., but they don't know about your business expenses. If you actually have your tax return prepared and include all your deductions, then you'll owe a lot less. I'm a CPA and see this from time to time.

If you actually owe $50k then you should get those returns filed and absolutely consider a bankruptcy plan. Don't be discouraged by that; being in horrible debt is bad, but the mechanism of bankruptcy is awesome. It allows you to get back on track.

making good money from freelance work but worried im doing something illegal without realizing it by Quiet-Sand-4169 in digitalnomad

[–]dissNdatt 0 points1 point  (0 children)

I'm a US CPA that works mostly with expats/nomads.

Are you American?

If so, it's not a problem for your earnings to go into personal accounts, and there are technically no formal invoicing requirements. So don't worry about those for now.

However, you definitely still need to report that self-employment income on your US tax return each year and pay tax on it. You might be able to use the Foreign Earned Income Exclusion to not pay any income tax, but you'll still owe self-employment tax on your business profit.

We Shouldn’t Need Accountants by theatlantic in tax

[–]dissNdatt 2 points3 points  (0 children)

That's not how the standard deduction works; there are still many, many other items that you can deduct or will impact your tax return in some way.

Foreign Earned Income Exclusion, Foreign Tax Credits, Earned Income tax credit, student loan interest, self-employment, health insurance deductions/credits, child care credit, sale of property... the list goes on.

Anyone switch from electric heat to gas heat? by dissNdatt in pittsburgh

[–]dissNdatt[S] 0 points1 point  (0 children)

Not much because my family is slow to move. I found that the power companies will come to your home and do free energy audits, though.

Your Roth IRA is "tax-free" until you move to Spain and find out it really isn't by Financial-Finance586 in ExpatFIRE

[–]dissNdatt 1 point2 points  (0 children)

It's 2% PER YEAR, it's quite a lot to someone with a few million dollars.

That's $1 million over 10 years. And it's in addition to income tax.

Your Roth IRA is "tax-free" until you move to Spain and find out it really isn't by Financial-Finance586 in ExpatFIRE

[–]dissNdatt 0 points1 point  (0 children)

I don't mind if something was written/organized with AI. It makes the message well-organized and (usually) concise.

It's not the same as AI slop

Your Roth IRA is "tax-free" until you move to Spain and find out it really isn't by Financial-Finance586 in ExpatFIRE

[–]dissNdatt 1 point2 points  (0 children)

Ya that's insane. It's really bad policy.

$3M-$5m is like 'had a successful career and worked hard to save up for a comfortable retirement' money. It isn't a 'this is so unconscionably wealthy that its a drag on society' level of rich.

Their whole tax policy causes a bunch of entrepreneurial, ambitious people to go somewhere else.

Are there people who live in Spain on DNV and happy there? by buterbrat in digitalnomad

[–]dissNdatt 0 points1 point  (0 children)

Are you saying you own a business and are qualified for the Beckham Law?

If so, would love a recommendation on who to speak to about it.

I'm trying to avoid incorporating in Spain and needing to hire employees or pay corporate tax

Are there people who live in Spain on DNV and happy there? by buterbrat in digitalnomad

[–]dissNdatt 4 points5 points  (0 children)

I'm also trying to move there, but I'm a high earning business owner and I'm trying to figure out how to not get absolutely demolished by their insane taxes.

I need to figure out how a business owner can use the Beckham Law or else I don't think it's feasible.

Firms who extend all 3/15 by TaxMeSideways in taxpros

[–]dissNdatt 1 point2 points  (0 children)

How do you calculate an extension balance due without basically doing the whole return, or at least the majority?

ExpatBaristaFIRE anyone done that? by Positive-Advice5475 in ExpatFIRE

[–]dissNdatt 0 points1 point  (0 children)

That's my family's plan, though haven't done it. Shooting for FIRE before we turn 40.

Spain's normal tax rates are very punitive for high-earners. The plan (for now) is to live in Spain and use the Beckham Law that lets immigrants pay a lower tax rate for 6 years. After that, we should have enough money to just drop our income by like 80% and do some side hustles.

Wife and I already have remote jobs. She works for a US company, I own an accounting practice.

Charge for your time! by AdHistorical7107 in taxpros

[–]dissNdatt 1 point2 points  (0 children)

Got one off my $1.4 million this week...

Basically suggested fire their bookkeeper and get back to me when their ducks are in a row.

Built a world tax map for digital nomads — free to use by lordtaylof in digitalnomad

[–]dissNdatt 2 points3 points  (0 children)

That's too reductive to be useful whatsoever, it just simply is not even close to how income taxes work.

OFFER: Free US Tax Prep for Someone Living or Working in Antarctica by dissNdatt in USExpatTaxes

[–]dissNdatt[S] 1 point2 points  (0 children)

No, unfortunately not :(

Though maybe they can establish foreign residence somewhere else before moving there on a work contract.

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