I'm contemplating moving out of the US for personal reasons (to a place I am also a citizen) and would like to hear the stories of US citizens who live outside the US.
The tax implications and reporting requirements seem daunting, In particular I plan to pursue primarily self-employment/entrepreneurship which gets hit by the GILTI tax. And increased reporting requirements with huge penalties.
I get that foreign tax credits cover most regular income, but I want to move into a stage of life where my income isn't so regular. This is getting me down and making me feel like a less free citizen of the world, but certainly lots of people make this work?
The tax implications and reporting requirements seem daunting, In particular I plan to pursue primarily self-employment/entrepreneurship which gets hit by the GILTI tax. And increased reporting requirements with huge penalties.
I get that foreign tax credits cover most regular income, but I want to move into a stage of life where my income isn't so regular. This is getting me down and making me feel like a less free citizen of the world, but certainly lots of people make this work?