Wealthy people are renouncing American citizenship

Re:Wealthy people are renouncing American citizenship by ghaff on Thursday August 05, 2021 @01:56PM (#28077219)

Yeah, while you could argue that the IRS should do pre-filled electronic returns, the reality is that if you have a W2 and a couple 1099s, doing your taxes is pretty straightfoward.

As you say, it's more complex income sources and potentially deductions that lead to big accountant bills.

[ Parent | on HN ]

Re:Wealthy people are renouncing American citizenship by mellavora on Thursday August 05, 2021 @04:19PM (#28079133)

Or simply the fact of living overseas.

And you mention 1099s, i.e. self employed. Well, if you run a sole proprietorship as an expat, you still have to file US self-employment tax forms, and there are also QUARTERLY filing requirements with penalties for non-filing.

Or you need to get the paper certifying that your country has a totalization agreement with the US (not all do).

And since 1099 isn't a thing in EU, you have to file the US 'small business' tax form, which is actually 3-5 forms.

so as an expat, even what should be very straight forward turns into a massive mess.

[ Parent | on HN ]

Re:Wealthy people are renouncing American citizenship by ghaff on Thursday August 05, 2021 @04:29PM (#28079294)

Sure. Yes, I was assuming a US citizen/resident working for an employer who has income from a few basic sources and is taking standard deduction--which actually describes a lot of people. (And I was mentioning 1099s mostly in the context of a brokerage account.)

[ Parent | on HN ]