February 1, 2017 Ep. 154 ~ Taxes for Digital Nomads and International Entrepreneurs ~ Stewart Patton
“When you operate through the right legal structure, you can do so in a way where you are not paying US tax each year on the profits of the business.” Stewart Patton
Today listeners it is my honor to welcome the founder of U.S. Tax, Stewart Patton to the show. Stewart is a U.S. tax attorney and expat entrepreneur currently residing in Belize. He specializes in helping U.S. citizens who live and invest outside of the U.S. understand and optimize their tax situation. Everyone knows the challenges one can have with taxes. Entrepreneurs have a much bigger job dealing with taxes than the average person, and those expat and digital nomad entrepreneurs have even another layer to figure out. Stewart, being one of us himself has figured out how to handle these challenges and he makes it as easy as possible to handle your finances while abroad.
I have been studying this stuff for years but, I am surprised how many entrepreneurs don’t know about or understand how their taxes work. So today, we are going to talk to Stewart about some of the little-known advantages of being an entrepreneur abroad, how to move money where you need it, when you need it, and how we can maximize our business profit and minimize our taxes.
6:48: What are the advantages to creating a business inside the US vs outside the US?
10:51: Which is the best, Wyoming LLC, Nevada C-Corp, Delaware LLC, Texas LLC?
13:00: For Digital Nomads - What qualifies for not living in the US?
13:33: Foreign Earned Income Exclusion
21:23: Where are some good places to incorporate abroad?
26:16: Panama Papers
Half-Pat: Not an expat, just half in (The U.S.) and half out. You don’t spend enough time outside the U.S. to incorporate outside the U.S.