If you’re traveling, it can be all too easy to toss tax
concerns to the side.
However, even though you can leave, you can’t leave your
taxes behind. No matter where you go, why, or for how long, there are still
taxes to be paid.
Do it Yourself and Don’t Lie
As an American, tracking taxes is easy. Via a variety of
Smartphone apps, spreadsheets, and other technological tools, people are able
to keep track of their finances. However, in other countries, the tracking
methods commonly utilized in the United States may not be so easily available.
When that is the case, you either have to keep track of everything by hand, or
to rely on the sometimes-faulty banking methods in the country you are
currently in.
If you do decide to place your funds in foreign accounts,
either temporarily or long-term, do make sure it’s with a legitimate bank and
that you have clear plans in place for reporting these amounts when you get
back to the States. Regardless of what you may think, Swiss accounts and other
foreign accounts aren’t secret and should be thoroughly and fairly reported to
avoid trouble.
Don’t Forget to File
Remember, the money you make and spend abroad isn’t some
huge secret. If you want to avoid trouble, questions, and a possible audit, be
honest in all of your financial dealings.
The temptation to lie or embellish might be great, but
remember, you can always be found out.
The bottom line is, while abroad, the tax laws still count.
So, no matter why you’re abroad, be sure to observe, follow, and obey the tax
laws within your given state.
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