01/25/2024
If you’re an American expat living and working in the UK, you’ve likely wondered about the tax implications of retirement. While navigating the tax laws of both the US and the UK can be complex, understanding them is essential for creating a smart tax (and overall retirement) strategy. That’s where we come in. Bright!Tax has […]
01/22/2024
John, an American entrepreneur, saw Portugal not just as a scenic backdrop but as a land of opportunity for his business ventures. His entrepreneurial spirit led him to delve deep into the intricacies of US taxation for expatriates, a realm fraught with complexities and potential pitfalls. While he was adept at managing the operational aspects […]
01/11/2024
If you’re a US citizen or permanent resident who has moved abroad, you might think that you’re off the hook for state taxes — but if you most recently lived in Virginia, you may very well still be subject to an annual Virginia tax obligation. It may not seem fair, but Virginia is one of […]
12/26/2023
“What are marginal tax rates?” This query introduces a fundamental yet often misunderstood element of global tax systems. Marginal tax rates, require a nuanced understanding to fully appreciate their impact on individual fiscal responsibilities. In the following article, we will define marginal tax rates, introduce strategies to potentially reduce your marginal tax rate, and offer […]
11/11/2023
With remote work, the gig economy, and digital nomadism disrupting the traditional employment model, a crucial question arises: What’s the difference between an independent contractor and an employee? Virtually all Americans have heard of these terms, and most have an idea of what they mean, but not everyone is aware of the important distinctions between […]
11/09/2023
Although maintaining a US address may not be a priority when moving overseas, understanding how to do so is beneficial. Despite varying circumstances, having a US mailbox while living abroad can often prevent future logistical issues. But what exactly are the benefits of maintaining a US mailing address, and how can you do so? We’ll […]
11/03/2023
Whether you’re transferring foreign earnings to a US bank account, financially supporting your family in another country, or purchasing property overseas, life as an expat often involves transferring large sums of money internationally. Despite how common it is to move large sums of money internationally, doing so can trigger additional reporting obligations or incur expensive […]
10/21/2023
Moving abroad is an exciting adventure, but certain details, like determining and possibly changing your state residency for tax purposes, can be less exhilarating. Even if aspects like these aren’t terribly exciting, though, they are important. Your state residency can have major tax implications, so it’s worth taking the time to read up on […]
07/20/2023
Taxes on lottery winnings can significantly impact the financial outcome for lucky individuals who hold a winning ticket. For US expats who enjoy trying their luck in the lottery, understanding the implications of winning is especially important. US citizens and permanent residents residing outside the United States are still obligated to file an annual tax […]
07/06/2023
For US expats living in the UK, the phrase “capital gains taxes” is likely familiar. Just like in the US, capital gains taxes in the UK are levied on the proceeds arising from the sale of certain assets. This includes, in some cases, residential property. Of course, the specific ways that capital gains taxes on […]