The Silicon Valley paradox: one in four people are at risk of hunger

Re:The Silicon Valley paradox: one in four people are at ris... by lucaspiller on Thursday December 14, 2017 @05:03AM (#15921137)

One of the complicated parts about this for US citizens is taxes. If you are a US citizen you have to file taxes with the IRS for your worldwide income, even if you are living and paying taxes in another country. I assume most EU countries have a tax-treaty with the US, so you wouldn't have to pay taxes twice, but it definitely makes it more complicated.

[ Parent | on HN ]

Re:The Silicon Valley paradox: one in four people are at ris... by koliber on Thursday December 14, 2017 @05:35AM (#15921256)

Yes. The process of filing taxes in the US for citizens living abroad is complicated enough that it warrants hiring an accountant. This is a few hundred bucks whether you end up owing tax or not. Additionally, there is a mandatory filing of foreign bank accounts called FBAR. This is a real pain in the butt as the process is cumbersome.

All in all, I waste one day of productivity per year because of the IRS and FBAR filing requirements. I don't have to pay any tax.

[ Parent | on HN ]

Re:The Silicon Valley paradox: one in four people are at ris... by zinckiwi on Thursday December 14, 2017 @06:13AM (#15921401)

Curious, as this will start to affect my family soon: is TurboTax and its ilk not up to this task yet? (That is, a net nil return on foreign income given a double-taxation treaty.)

[ Parent | on HN ]

Re:The Silicon Valley paradox: one in four people are at ris... by BeetleB on Thursday December 14, 2017 @06:25PM (#15928306)

Only if your income exceeds something like $90K. If they could get that kind of a job anywhere in the world, they don't need to leave the US.

[ Parent | on HN ]