Us Taxes, Expat Exemption: Anybody Has A Cpa For This?

[armei]

Dear all,
I'm new in the forum. I'm a dual Argie-US citizen that is returning to Buenos Aires after a few years.
I have an online business and I was wondering, once I return, if I would qualify for the Expat Exemption.
Has any of you done this?

For income source in Argentina, it is probably straight-forward. But most of my clients are based in the US. Because I will be conducting all the work from BsAs, however, it seems that I could take advantage of this.

If any of you could provide some info, that would be great. An expat-savvy CPA would be appreciated as well.

I've read the basics already (how to qualify, physical presence test, etc).

Thank you!
Ari

 

[GS_Dirtboy]

Are you speaking of the $250K exemption from foreign-earned income or the Foreign Tax Credit? The tax credit prevents you from being forced to pay taxes twice on the same income. This applies to income earned in Argentine but is reported on your US income taxes. As far as I know there is no similar tax credit for income earned in the US but is reported on your Argentina taxes. Pretty sure you'll pay twice on this. The exemption is just that, exempts you from paying on the first $250K earned outside of the US. I think it's $250K, My numbers might be off a bit. This was relatively easy to figure and qualify for.

Good luck.

 

[citygirl]

It's 95K, not 250K. (at least for individual). Above that, you will pay taxes in both places as there is no tax treaty btwn US and Argentina.

Keep in mind, even if you qualify for the exemption, you will still need to pay the employer portion of taxes since you are self-employed.

You do need to file every year, even if your income is below the 95K threshold.

 

[GS_Dirtboy]

Right, I was thinking married filing jointly. (That should be my BA Expat handle). Thanks for the correction.

 

[armei]

[background=rgb(255, 255, 191)]Thanks for your answers. Has any of you done it? Would you be willing to share your CPA's contact info over PM?[/background]​

[background=rgb(255, 255, 191)]Thank you![/background]​