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I had to buy a new cell phone because my phone and wallet were stolen. As such, I couldn't use my business credit card. How can I record this in my accounting so I can still deduct it and keep my books clean?

I have an S-Corp.
As long as you have a receipt, paying with cash is fine. I use a cash expense account in my books and record a transfer from the company bank to keep it at $0
it was with my "backup" debit card...
I do have the receipt though
If I file personal taxes and do not claim FEIE on federal, can I file non resident tax for state?
And not be a resident of any state
i think you have to be domiciled _somewhere_
for example i live in texas, according to my tax returns, but iโ€™ve not set foot in the US since late 2019
utrexrwuqyi Yeah, you are probably a resident of the last state where you have stayed before leaving the US. Even if your driver license already expired. And if it was Californiaโ€ฆ oh, well, I hope not
so do i file a resident tax or nonresident tax?
dc has a healthcare penalty of like 2k if i didn't have health insurance throughout the year
for residents
Can't he be considered an itinerant?
Itinerant is a status thatโ€™s used for tax home, and residency is more a domicile issue
Gonna switch my license over to south dakota in July thanks for the tips tpbgtzdnmq
for US residents, anyone know if the June 15 deadline still applies to digital nomads even if they don't have a permanent foreign residence? I'm still domiciled in the US and pay the state taxes but curious if the June 15 deadline since I'm physically out of the country and qualify for the FEIE
The June 15th filing date is for Americans who are abroad on the tax filing date
ah ok, so definitely applies to digital nomads still abroad at the moment and not just expats right? (i.e. you don't need to be a resident of a foreign country?)
You do not need to be a resident of a foreign company
awesome thank you! the accounting firm i use is super slow this year and looks like they can'f finish it by may 17 (submitted everything over 7 weeks ago) and been waiting a week for reply to this question :)
This year has been tough on tax firms. First the IRS pushed back the filing date, then Congress passed not one but two provision that changed this current tax season.
yeah i figured they're overwhelmed, previous years tend to take them less than 4 weeks to complete my taxes and i normally file everything by april 15
Asking for my gf who has been out of the US for all of 2020. She is claiming FEIE and is a sole proprietor, but is confused if she has to file a resident or nonresident state tax form
And if filing a resident state tax form would disqualify her from claiming FEIE
Really depends on her relationship with the state
Just to confirm, I can file for an extension if I don't think I will owe any tax? i.e. I withheld more than I owe? Also does the June 15th extension for Americans living abroad count without any forms? (I can't post my sources, but just want some community confirmation ๐Ÿ™‚ )
Americans living abroad on tax filing date have until June 15th with no forms to file. Youโ€™ll need to check a box on the return when you do file it indicating you were abroad

An extension to October 15th only requires a payment if you think you will owe taxes
vizffmcxhxi residency in the US requires residency in a state, which is why nomads are encouraged to set up residency in a no income tax state. New York has a 548 day rule that if youโ€™re gone long enough, you no longer need to file as a resident, but otherwise youโ€™re a resident of that state until you establish residency elsewhere.
Non-resident state returns are used when you have source income from a state that youโ€™re not a resident of
Filing a resident state return does not disqualify you from filing the FEIE
does CA have a similar rule?
They do, but you have to be relocated on an employment contract
:nerd_face:
Friendly reminder that today is the tax filing deadline if you are living in the US!

If you are abroad, your deadline in June 15
nerd_face
thanks Krystal
If you have an S-Corp, does that decrease the amount you can exclude for FEIE? As in, can you only exclude W2 income and NOT K-1 income?
correct
FEIE is only up to a certain amount anyway, so if you're already in excess, does it make a difference if that amount is paid out as W2 vs K1? In other words, is K1 income taxed differently?
dont you pay significantly less SE tax after some threshold near $104k?
oh it's $142k this year. My philosophical issue is whether it's worth it to plan my year around feie if I'm going to have an Scorp anyways
The FEIE really doesnโ€™t play nice in the sandbox with an S-Corp unless your maxing above the max
I just secured myself a fully remote job. They're okay paying me in whatever state I choose, although they're not set up in all places and would have to do some paperwork on their end to get set up in South Dakota. So to reiterate / follow up from some things I mentioned on other channels previously; Currently, my doctors and storage unit are in Philadelphia, but the address on my license and vehicle registration is at my virtual mailbox in the suburbs of Philly in PA, and my voter registration and banking residential address is with a friend in rural PA. As I nomad, the plan at the moment is to return to PA a fair amount, perhaps 2 - 4 times a year, and out of all of the places to keep my doctors and storage unit, PA makes the most sense.

However, I am currently physically in FL staying with a friend, and I've been strongly considering making the move to FL. Additionally, I would like to leave the U.S. in a year or so. To change my domicile to FL - I guess I would have to see doctors and bring my storage unit here, to make the best case for that? Is there any benefit in being an FL resident, but still being domiciled in PA? One of my thoughts was, maybe just change my license, car registration, voter registration, and mailbox to FL, leave a few things in PA, and then if PA comes after me for taxes, worst case, I just pay it.

But then as a follow up... do you think it might be sound advice to simply remain a resident of PA for the time being until I'm further along in my nomading project? I really haven't been gone long enough to have a good sense of how often I'll be back. I know a lot of people often use, say, their parents' address for their first year of nomading, and this would be something similar. I also wouldn't even be opposed to spending, say, 3 months out of the year in PA, but it's also possible that as I start doing this, I'll basically decide I don't want to go back.

Lastly, would I benefit fromm talking to a tax professional about this? vrntewcxkn if you think my question is simple enough to warrant free advice on Slack, I'll take it! But I'm not opposed to doing a consultation if you want to talk about that. Feel free to DM me.
wow that gave me a headache trying to think about
Really need to work on that state residency blog. Lol
yes ๐Ÿ˜›
if you're talking about doctors like you will be needing regular medical visits in PA that feels like it could complicate things?
though maybe the only complication about that is insurance, like do you end up on a different plan if you're considered to be living in FL vs living in PA
if you're actually living in one of these for at least a year i think you'd have to be considered a resident in that one..
a lot of states have laws like "if you've lived here for more than 3 months your out of state drivers license is now considered invalid". of course most of these laws are, uh, probably hard to enforce but worth thinking about
So the insurance is a national plan. I do regularly see a primary care doctor (need to see one once every 3 months or so), but I would love to do those visits via telehealth if possible. Unfortunately, it's unclear whether the telehealth "exceptions" in PA will be allowed after COVID. I know some states are friendlier than others for telehealth. I also see specialists sometimes, but I'm not tied to any one specialist. I would happily see one in whatever state I happen to be in.
The infuriating thing about PA is that it's basically illegal to not have a permanent home. Like, I had to sign something electronically saying I could face 10 years imprisonment if the address of my voter registration is not where I actually live. I'd love to see them in court about this so if they prosecute me, great.
Whereas, I'm particularly thinking of something like Escapees in FL or TX, where they handle a lot of those legal matters for you. Also, it does seem FL is pretty decent in terms of telehealth.
I'm lucky I don't own a car or vote lol
Voting is overrated, although this conversation may get a bit too much into politics for my tastes. The voter registration is just one more piece of evidence (in my opinion) that I'm "domiciled" in PA. Says nothing about whether I actually vote. :)
And ditching the car is gonna happen at some point! But at the moment it's very helpful in the U.S.
You can definitely vote in PA if you live overseas, pretty sure you don't go to prison for that.
See section 11 - Declaration
"I declare that... I will have lived at the address in section 5 for at least 30 days before the election."
"WARNING If a person signs an official registration application knowing a statement declared in the application to be false, makes a false registration, or furnishes false information, the person commits perjury. Perjury is punishable, upon conviction, by a term of imprisonment not exceeding seven years, or a fine not exceeding $15,000, or both, at the discretion of the court."
My understanding of the law is that if I'm just using my old address in PA, I'm fine
Yea. So it's any 30 days? That's fine
It's not the 30 days right before the election. Otherwise. PA people abroad couldn't vote at all.
I mean you also have to fill out the "address of your residence." But what if there is no residence? That's the part that gets me.
But yeah that's a separate discussion, point I was making is, the laws in PA really aren't meant to accommodate this type of thing. Like, originally I tried using my virtual mailbox, and I received a letter saying it had to be a residential address.
You tried to use a virtual mailbox for your driver's license?
For my driver's license and vehicle registration, I already am using a virtual mailbox, believe it or not.
There's a long email chain between me and the DMV about this.
I'm referring to voter registration, for which I had to use a residential address.
So, who wanted a physical address, voter registration?
Right, that's makes sense
Yup
Otherwise people could just get a PO Box and change districts
Yup. Yeah so the whole reason I didn't leave everything at my old address in Philadelphia is being I'm trying to make the tax case that I'm domiciled in the suburbs of Philadelphia (where I grew up and where there isn't a 3.5% wage tax) as opposed to the city itself. So my voter registration is currently with a friend, everything else is at the virtual mailbox in the suburbs.
Anyone know how strict the 180 day rule is for in-state income tax in the states? I'll be pretty close to 180 days in Colorado for this next tax year, but not sure if I have to count every literal day, or partial days, or just days I had an official lease, etc.
Anyone know how the IRS will do/think about it?
What kinds of ties do you have to the state of Colorado, were you a resident there previously?
Nope, I've historically been a Texas resident(lived there for years and own my home there). Just over the last year I've ended up doing a handful of extended visits in Colorado in airbnbs, hotels, and even some leases. All of which potentially add up to ~180 days.
Is all your income in Texas or were you working in Colorado?
Im officially based out of Texas but work remote. So in Texas?
Work performed in a state is taxable in that state. By the letter of the law, you should file a non-resident income tax return in Colorado for the time you spent working there.
That said, if you have continuously for years been domiciled in Texas, been resident Texas, filed taxes in Texas, voted in Texas, used a drivers license issued in Texas, etc., what are the chances you get hit with a residency audit? Also, itโ€™s a 183-day rule, not 180 days.
That's sort of my thinking. Everything you said is true - DL, taxes, property, voting, etc. ~5 years of being a full on texas resident
Hello any accountant to recommend for an LLC (foreign owner) if speaks a bit Spanish much better ๐Ÿ™‚
If you're a W2 employee of a US company, do you technically need a work visa for whatever country you nomad to?
It depends on the country. If you are visiting the UK for an on-site meeting, conference, or class no. But if you are working for the UK subsidiary and plan to stay, yes. Other countries are different.
zdggssmcxvee If you don't have a work visa you'll be restricted to 3 months as a tourist anyway.
> If you're a W2 employee of a US company, do you technically need a work visa for whatever country you nomad to?
<@U01H90Y7HCN> There are other considerations on the US-side too. It's not that simple (legally speaking). In other words, your employer may not be able to support this (most likely they won't due to payroll setups, social taxes setup in the target country, etc). Although if you're not becoming a tax resident in the target country, it may be up to the employer & domicile state in US, although don't quote me on the last one.
Go on Fiverr and you should find someone able to talk in spanish with the informations you want
Question here. I'm doing an LLC now (previously I did all work as a sole proprietor)
Can I still do my taxes as sole proprietor (IE get payments directly) or do I need to receive payments in a separate account and pay myself wages
I think you should ask an accountant to be sure
I have an LLC. Payments go to a business account and I take distributions as I want.
My taxes were pass-through to my personal reporting, though I did pay quarterlies.
Disclaimer Iโ€™m not an accountant ๐Ÿ™‚ I believe itโ€™s not necessary to work as an employee of an LLC that you own in order to get money out of it. You can just transfer money from the business to yourself as a draw. Iโ€™ve heard itโ€™s important to keep the LLCโ€™s finances separate from your personal finances and then do that formal draw to your personal bank account before spending money youโ€™ve made through the LLC on personal things. I donโ€™t believe there are any rules preventing you from contracting directly for other companies (bypassing your LLC and receiving money as a sole proprietor) but in those situations you wonโ€™t be covered by the protections that an LLC provides.
Yeah that sounds about right to me
I've never had an LLC be profitable before lol so I've never had to deal with taking money out except to disovle it lol
Single member LLCs are treated the same as sole propโ€™s for taxes. You should have a business account and use that money for business expenses only and record any money you take out of the business for personal expense as an ownerโ€™s draw. Donโ€™t set up payroll for yourself unless you set up a corporation
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