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Where does Jake pay his taxes?

Posted By: Jake Jacobs
Date: Wednesday, 7 April 2010, at 3:01 a.m.

In Response To: Where does Jake pay his taxes? (Chuck Bower)

Hi Guys:

I have Permanent Resident status in Singapore, sort of a way station in between holding a green card (yes, they are green here too) and citizenship. I haven't considered applying for citizenship, but even if I were to consider it I think I'd need to wait until after renewing my PR status in 2013 before I would even be eligible to apply.

As for where I pay taxes (thanks for reminding me to get my documents submitted to my US accountant), the answer is: all over the place! The Japanese automatically withhold 20% before my earnings in Japan are wired to Singapore, Singapore wants its share of anything I earn here, and the US wants a piece of everything I earn anywhere.

The US also wants to know about each bank account with more than USD $10,000, including corporate accounts, and if you own more than 10% of a foreign corporation there is separate reporting for that.

Luckily, there is a big exemption for living overseas, and the taxes paid to Singapore and Japan are deductible. And accountants do all the figuring and filing so it is nowhere near as bad as it sounds.

Jake

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