The Impact of Renouncing Your US Citizenship on Your Financial Future

May 24, 2023 ⚊ 1 Min read ⚊ Views 53 ⚊ BUSINESS

In addition to the exit tax, renouncing US citizenship means severing ties with the US tax system. This includes the loss of certain tax advantages and benefits that US citizens enjoy, such as the ability to contribute to retirement accounts like Individual Retirement Accounts (IRAs) and 401(k) plans. Renouncing citizenship also means no longer being eligible for certain tax deductions and credits that can reduce your tax liability.

Read details: https://usaexpattaxes.livejournal.com/5219.html

Tags: Expat Taxes for US Citizens Living Abroad

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