tag:blogger.com,1999:blog-34249799.post4404262266732598401..comments2024-03-29T07:15:02.402+13:00Comments on AmeriNZ Blog: Taxing DayArthur Schenckhttp://www.blogger.com/profile/10568299067544221996noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-34249799.post-10745469086378910632008-04-17T15:01:00.000+12:002008-04-17T15:01:00.000+12:00Yes! The NZ tax system is great in its simplicity...Yes! The NZ tax system is great in its simplicity. The IRD even makes you explain to them why you feel you need to file a tax return when you call up for a form.<BR/><BR/>However, there are many tax cuts in the US (i.e. itemized deductions) that are there to promote certain social activities such as buying houses and contributing money and clothes to charity.<BR/><BR/>The IRS has many publications that explain tax concepts in a way that is more understandable to those who are not accountants.<BR/><BR/>For expats, the publication is <A HREF="http://www.irs.gov/pub/irs-pdf/p54.pdf" REL="nofollow">Publication 54</A>. It explains Self-Employment tax obligations as well as the bank account thing.<BR/>http://www.irs.gov/pub/irs-pdf/p54.pdfdhttps://www.blogger.com/profile/16687492454625470270noreply@blogger.comtag:blogger.com,1999:blog-34249799.post-91494565724965285312008-04-16T23:53:00.000+12:002008-04-16T23:53:00.000+12:00I don't mind paying taxes when it's for feeding th...I don't mind paying taxes when it's for feeding the hungry, etc. I just hate it when it's for paying for some stupid, F***ing war I opposed from the beginning.Roger Owen Greenhttps://www.blogger.com/profile/05298172138307632062noreply@blogger.comtag:blogger.com,1999:blog-34249799.post-53915821688797153022008-04-16T22:48:00.000+12:002008-04-16T22:48:00.000+12:00Profession showing? Maybe, but I wish that more ex...Profession showing? Maybe, but I wish that more expats had easy access to that sort of information. Even after all these years, I never heard that about bank accounts--never. Guess I'm lucky I'm not rich.<BR/><BR/>As for self-employed, I reckon a person with standing could argue (in court) that by ratifying a tax treaty, Congress <I>intended</I> to allow ALL foreign resident US citizens to be exempt from double-taxation. But that's just my opinion, and I'm neither a lawyer nor a tax professional (jeez, I'm sick of disclaimers!).<BR/><BR/>What I find disheartening, though, is the positively anal nature of US tax authorities. New Zealand is <I>nothing</I> like that!Arthur Schenckhttps://www.blogger.com/profile/10568299067544221996noreply@blogger.comtag:blogger.com,1999:blog-34249799.post-51025162231740175102008-04-16T19:43:00.000+12:002008-04-16T19:43:00.000+12:00Generally, the US is only interested in "earned" i...Generally, the US is only interested in "earned" income (i.e. wages, self-employment income etc), and will not tax foreign investments.<BR/><BR/>However, if a person is self-employed in a foreign country, they are still required to pay FICA on their US Federal Tax Return. Ridiculous, I say!<BR/><BR/>I should note that US citizens living abroad have an automatic 2 month extension to file their tax returns, although it is not an extension to pay any amounts due (and any amounts due paid at the extension date will be subject to interest from April 15th to the fling date).<BR/><BR/>Finally, all US citizens (no matter where they live) have to report - separately - any foreign bank accounts (i.e. outside of the US) that they have signature authority over and/or a balance of $10,000 or more by filing a special form by June 30th each year.<BR/><BR/>Is my profession showing? ;)dhttps://www.blogger.com/profile/16687492454625470270noreply@blogger.com