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Running a business while on the go is becoming more appealing for remote workers, who are able to utilize tools to connect with their teams and oversee business operations while on the go.
Even more, there are perks to working remotely overseas beyond experiencing a new place. In fact, entrepreneurs can save money on taxes while they nurture their business.
The tax system in the U.S. taxes all American citizens and Green Card holders on their worldwide income, meaning remote entrepreneurs will still have to file taxes in the U.S.
Additionally, American entrepreneurs who settle into another country rather than hopping around to different places may have to pay foreign taxes too. This means the best way to avoid paying foreign taxes is to travel across different countries and avoid spending long periods of time in one place.
If that is out of the question, there are some countries that still have low or no income taxes, but this varies.
Minimizing your U.S. income taxes while operating your business remotely can be done, but it will depend on your specific situation.
For instance, someone can claim the Foreign Earned Income Exclusion that allows a remote professional to exclude the first $108,700 (as of 2021) earned from U.S. income tax liability. To qualify, international remote workers have to spend 330 full days in a 365-day period outside of the U.S.
