undefined | Better HN

0 pointsgregjor4y ago0 comments

If you make more than $100k a year a few hundred dollars a year for professional tax prep shouldn’t be a big deal. And the cost of tax preparation and advice is deductible.

US citizenship has benefits beyond the passport. What that is worth depends on the individual. People from all over the world wait years for US visas and work permits, so there’s some value and demand implied.

I have children and family in the US, so I don’t put a price tag on my passport. Any place desirable enough for me to get citizenship there and renounce my US citizenship is going to tax me too.

0 comments

anonymoushn4y ago

If it cost "a few hundred dollars a year" and less than 1 day of my time I would be ecstatic. That is nothing like what it actually costs.

gregjorOP4y ago

I don’t know your situation. I pay around $250 for professional tax prep (CPA and IRS enrolled agent). TurboTax costs about half that. It takes me much less than a day every year, maybe two hours. People who have high incomes and complex tax situations can probably afford to have someone else deal with their taxes. Tax advice and preparation, either by a person or software, is deductible on your tax return.

Your mileage may vary, but for most people considering the digital nomad thing taxes are not complex or expensive. Very few nomads I met in six years traveling made a lot of money. Their main hassle was self-inflicted: not setting up a US address and keeping a US bank account before they went traveling.

j / k navigate · click thread line to collapse