What You Need To Know About Paying US Taxes While Living In Switzerland
Living in Switzerland is a fantastic experience but if you’re one of the 40,000 Americans living in Switzerland, there are some important things you need to know about paying the US taxes Switzerland residents are required to pay. US tax laws are something that can be daunting but they don’t have to be. Knowing the basics of how taxes work for expats like you will help you avoid any tax penalties in the future. All US citizens and US green card holders who earn a minimum of $10,000 (US Dollars) (or just $400 in self-employment income) anywhere in the world are required to file a US federal tax return and pay tax to the IRS. It doesn’t matter where you live or where your income is generated, a US federal tax return is required. The good news is that doesn’t necessarily mean that you’ll owe US tax to the IRS. If you are paying income tax in Switzerland, there are several tax exclusions and exemptions available to prevent you from paying tax twice on your income and being required t...