International banking info requested

[capnflyright]

I'd like to get some info from the guys who have flown overseas for non-American owned companies. My particular issue of interest is taxes. Does the 330 day outside of the US still apply if you are being paid by this type of company and if you have a foreign bank account? Is it a smart move to open a foreign bank account besides your current account in the States? I'll be flying out of the "trouble" spot in the Middle East so any tips are greatly appreciated. Thanks for your time and input.

 

[Diesel]

i would try netbank.

 

[G21Agoose]

I'd like to get some info from the guys who have flown overseas for non-American owned companies. My particular issue of interest is taxes. Does the 330 day outside of the US still apply if you are being paid by this type of company and if you have a foreign bank account? Is it a smart move to open a foreign bank account besides your current account in the States? I'll be flying out of the "trouble" spot in the Middle East so any tips are greatly appreciated. Thanks for your time and input.

The US tax system requires you to pay taxes on all foreign income unless there is an
agreement with that tax authority (a 1 for 1). You must file regardless. This still applies evn if you live outside of the US full time- it makes no difference other than not having to pay state taxes.
As far as foreign, or offshore, accounts; there is no restriction but you must declare them to the IRS. If you wish to "shelter" money there are many legal and many illegal ways. Remember, though, if you consult a tax advisor regarding tax 'minimisation' the tax advisor must report their advising you to the IRS.
The US is one of the few countries in the world that taxes its citizens on all worldwide income regardless of whether you live in the US or not- Draconian to say the least.
If you need more info PM me and I shall be happy to help- although I am not a tax advisor so cannot offer official help.
Good luck.

 

[AerroMatt]

The US is one of the few countries in the world that taxes its citizens on all worldwide income regardless of whether you live in the US or not- Draconian to say the least.

Ah, the power of the IRS! And everyone thinks the CIA is the US government agency to fear and loathe... :angryfire

Good luck to you, Capn.

 

[Wiggums]

You need to read IRS publication 54 or consult an accountant, probably both. The deal is you can exclude the first $82,400 (2006) of your income from tax if you are outside the US for 330 days. You may or may not have to pay the social security tax depending on the company you work for and the registration of the aircraft you fly. If you work for a foreign company they will not withhold income for you, so you must pay estimated tax.

The other option, if you hold a passport to another country, is to renounce your US citizenship.

 

[X man]

overseas taxes

Greetings
Depends on who you work for. If you are working in the ME for a local company, they do not report to any US authority what they pay out, so it is your business what you tell the US government. There is a tax exeption on the first 82,000 or so dollars, as stated by someone who thinks about those figures, so you actually only pay tax on anything above that figure. You make 100,000 per year, you are taxed on 18,000 of that as a person employed offshore. Bringing money into the us should be in amounts under 10,000, or it is reportable by the bank, I still think this is current. Sometimes it works well to send some to your US account, some to the account you will set up overseas. Draw from that later.
By the way, Americans can hold two passports so you do not have to do anything stupid like renounce your US citizenship, what a bozo. And whether you are flying an "N" regestered aircraft does not have anything to do with what you must report either. There are BOOKOO "N" regestered aircraft flown by Yanks for ME owners, another rumor put to rest I hope.
If you are in the ME working for a local company, set up an account in the US, one where you can access the "other funds", and make like your not making much. Trips home. bring some cash. If your were working in the ME for an American company, it is probably reported to the IRS.