RetireJapan TV is a monthly show about personal finance in Japan with news, deep dives on specific topics, interviews with guests, and as much Q&A as you can handle. ----- In today's show we will talk to our guest Dean Yoshimoto about taxes and US citizens in Japan. What do you need to know about taxes as a Japan resident? How can you decide if you need an accountant? And what if you are a US citizen? Daniel will be back in our next episode on July 24th along with our regular content. Stay tuned!...(read more)
LEARN MORE ABOUT: IRA Accounts
CONVERT IRA TO GOLD: Gold IRA Account
CONVERT IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
RetireJapan TV S01E08: Taxes in Japan, US Citizens in Japan RetireJapan TV, an informational web series dedicated to helping retirees living in Japan, recently aired its eighth episode discussing the complexities of taxes in Japan, specifically for US citizens residing in the country. Hosted by retirement expert, John Miller, this episode shed light on essential tax considerations, updates, and guidance for US expatriates living and retiring in Japan. Living abroad comes with its fair share of challenges, and taxation is no exception. US citizens, regardless of their place of residence, are obligated to report their global income to the Internal Revenue Service (IRS). This means that if you are a US citizen living in Japan, you are required to file taxes both in the US and Japan. The episode emphasizes the importance of understanding the potential impact of these dual tax obligations. It explores several essential topics such as Foreign Earned Income Exclusion (FEIE), Foreign Housing Exclusion (FHE), and the Foreign Tax Credit (FTC). These provisions aim to prevent double taxation and mitigate the financial burden for Americans abroad. One major rule that US citizens residing in Japan must be aware of is the Foreign Bank and Financial Accounts (FBAR) reporting requirement. Any US citizen who owns or has authority over an overseas financial account exceeding $10,000 must submit an FBAR annually. Failure to comply with this obligation can result in hefty fines and penalties. Moreover, the episode delves into the importance of compliant tax reporting and the potential repercussions for those who fail to meet their obligations. It highlights the ongoing implementation of the Foreign Account Tax Compliance Act (FATCA), an initiative aimed at combating offshore tax evasion by US persons. With Japanese financial institutions cooperating with FATCA regulations, the likelihood of non-compliant US taxpayers escaping scrutiny is progressively diminishing. RetireJapan TV S01E08 serves as a valuable resource for US citizens retiring or living in Japan. It provides practical tips and advice on navigating the complex tax landscape, helping viewers stay informed about their tax responsibilities while maximizing their savings and avoiding any potential legal complications. In conclusion, RetireJapan TV S01E08 enlightens us about the intricacies of taxes for US citizens residing in Japan. By shedding light on critical issues such as dual taxation, FBAR reporting, and FATCA, the episode empowers viewers to make informed decisions and seek professional advice to ensure tax compliance while enjoying their retirement in Japan. Remember, it is always advisable to consult a qualified tax professional when dealing with international tax matters. https://inflationprotection.org/taxes-in-japan-and-living-in-japan-as-a-us-citizen-retirejapan-tv-s01e08/?feed_id=112071&_unique_id=649c184aa7ac5 #Inflation #Retirement #GoldIRA #Wealth #Investing #personalfinance #cpa #investing #IRS #Japan #RetireJapan #saving #taxes #UStaxes #BackdoorRothIRA #personalfinance #cpa #investing #IRS #Japan #RetireJapan #saving #taxes #UStaxes
Comments
Post a Comment