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Вміст надано Mike Jesowshek, CPA, Mike Jesowshek, and CPA. Весь вміст подкастів, включаючи епізоди, графіку та описи подкастів, завантажується та надається безпосередньо компанією Mike Jesowshek, CPA, Mike Jesowshek, and CPA або його партнером по платформі подкастів. Якщо ви вважаєте, що хтось використовує ваш захищений авторським правом твір без вашого дозволу, ви можете виконати процедуру, описану тут https://uk.player.fm/legal.
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Foreign Income Mastery for Entrepreneurs: Your Ultimate Guide

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Manage episode 402125817 series 2287541
Вміст надано Mike Jesowshek, CPA, Mike Jesowshek, and CPA. Весь вміст подкастів, включаючи епізоди, графіку та описи подкастів, завантажується та надається безпосередньо компанією Mike Jesowshek, CPA, Mike Jesowshek, and CPA або його партнером по платформі подкастів. Якщо ви вважаєте, що хтось використовує ваш захищений авторським правом твір без вашого дозволу, ви можете виконати процедуру, описану тут https://uk.player.fm/legal.

Send us a Text Message.

Ever wondered if your global business ventures could be affecting your U.S. taxes more than you realize?

In the podcast episode, Mike Jesowshek delves into the intricacies of foreign income for small business owners, covering essential aspects such as reporting requirements, types of foreign income, tax treaties, exemptions, the foreign earned income exclusion, the foreign tax credit, and compliance with reporting obligations. He emphasizes the importance of U.S. citizens and residents reporting worldwide income on their U.S. tax returns, regardless of where the income is earned. Mike also discusses strategies to mitigate double taxation, such as utilizing tax treaties and claiming foreign tax credits or income exclusions, while underscoring the critical nature of maintaining accurate records and understanding compliance requirements to ensure transparency and adherence to tax laws.

[00:00 - 05:00] Introduction to Foreign Income for Entrepreneurs

  • Mike Jesowshek introduces the topic of foreign income reporting for small business owners.
  • Discussion on the requirement for U.S. citizens and residents to report worldwide income.

[05:00 - 10:00] Tax Treaties, Exemptions, and Foreign Earned Income Exclusion

  • Explanation of tax treaties and exemptions to avoid double taxation.
  • Details on the foreign earned income exclusion, including eligibility criteria.

[10:00 - 15:18] Compliance and Reporting Requirements

  • Overview of the compliance and reporting requirements for U.S. taxpayers with foreign income or assets.
  • Explanation of FBAR reporting requirements for individuals with foreign bank accounts or financial interests.

Quote:

"There might be a credit, there might be some exclusion of it, there might be some exemptions, but the IRS wants to know about it." - Mike Jesowshek, CPA

______

Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast

Join TaxElm: https://taxelm.com/

IncSight Packages (Full-Service): https://incsight.net/pricing/

Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale

-------

Podcast Website: https://www.TaxSavingsPodcast.com

Facebook Group: https://www.facebook.com/groups/taxsavings/

YouTube: https://www.youtube.com/@TaxSavings

  continue reading

305 епізодів

Artwork
iconПоширити
 
Manage episode 402125817 series 2287541
Вміст надано Mike Jesowshek, CPA, Mike Jesowshek, and CPA. Весь вміст подкастів, включаючи епізоди, графіку та описи подкастів, завантажується та надається безпосередньо компанією Mike Jesowshek, CPA, Mike Jesowshek, and CPA або його партнером по платформі подкастів. Якщо ви вважаєте, що хтось використовує ваш захищений авторським правом твір без вашого дозволу, ви можете виконати процедуру, описану тут https://uk.player.fm/legal.

Send us a Text Message.

Ever wondered if your global business ventures could be affecting your U.S. taxes more than you realize?

In the podcast episode, Mike Jesowshek delves into the intricacies of foreign income for small business owners, covering essential aspects such as reporting requirements, types of foreign income, tax treaties, exemptions, the foreign earned income exclusion, the foreign tax credit, and compliance with reporting obligations. He emphasizes the importance of U.S. citizens and residents reporting worldwide income on their U.S. tax returns, regardless of where the income is earned. Mike also discusses strategies to mitigate double taxation, such as utilizing tax treaties and claiming foreign tax credits or income exclusions, while underscoring the critical nature of maintaining accurate records and understanding compliance requirements to ensure transparency and adherence to tax laws.

[00:00 - 05:00] Introduction to Foreign Income for Entrepreneurs

  • Mike Jesowshek introduces the topic of foreign income reporting for small business owners.
  • Discussion on the requirement for U.S. citizens and residents to report worldwide income.

[05:00 - 10:00] Tax Treaties, Exemptions, and Foreign Earned Income Exclusion

  • Explanation of tax treaties and exemptions to avoid double taxation.
  • Details on the foreign earned income exclusion, including eligibility criteria.

[10:00 - 15:18] Compliance and Reporting Requirements

  • Overview of the compliance and reporting requirements for U.S. taxpayers with foreign income or assets.
  • Explanation of FBAR reporting requirements for individuals with foreign bank accounts or financial interests.

Quote:

"There might be a credit, there might be some exclusion of it, there might be some exemptions, but the IRS wants to know about it." - Mike Jesowshek, CPA

______

Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast

Join TaxElm: https://taxelm.com/

IncSight Packages (Full-Service): https://incsight.net/pricing/

Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale

-------

Podcast Website: https://www.TaxSavingsPodcast.com

Facebook Group: https://www.facebook.com/groups/taxsavings/

YouTube: https://www.youtube.com/@TaxSavings

  continue reading

305 епізодів

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