Have you ever heard of the Physical Presence Test? If you're an American living abroad, it's crucial to understand this test and how it affects your US tax obligations since you could highly benefit from it.
Here's a sneak peek into the knowledge and practical tips that await you in this video:
- A comprehensive understanding of what the Physical Presence Test entails and how it impacts your expat tax strategy
- How to file the test, when, and the crucial value you should pay attention to for 2020
- How the test is distributed across different periods and grasp the concept that shapes its application.
- The specific period you should consider to ensure you qualify for the exclusion granted by the Physical Presence Test
- An illustrative example of the Physical Presence Test in action, making the intricacies more straightforward.
- Factors to consider when you're outside the US and how they interact with the test, influencing your tax scenario
- how your tax home is essential in determining the effectiveness of the test
- How the test functions for digital nomads, opening new doors of possibility for their lifestyles.
We also discuss common scenarios that can affect your ability to meet the Physical Presence Test, such as travel outside the US and interruptions to your stay abroad.
So, if you want peace of mind regarding your US expat taxes, let Greenback Expat Tax Services be your guide. Contact us today to schedule a consultation and take the first step towards stress-free expat tax compliance.
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