Navigating The Tax Laws For a Location Independent Business

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248 Quote New One of the best parts about having a business that allows you to work from anywhere is getting to experience different cultures.

And with different cultures also come different laws you must abide by, including tax laws.

Today’s guest not only has a business he can run from anywhere, but he also helps other location independent business owners make sure they don’t pay more taxes than they need to (and stay within the law).

David McKeegan, co-founder and owner of Greenback Expat Tax Services, supports business owners who live outside their native country by simplifying the tax process and giving them peace of mind so that they can focus on what they do best.

In today’s show, David sheds light on what to look out for when you’re traveling for extensive periods of time, and shares financial tips to improve your freedom lifestyle.

Podcast: Subscribe in iTunes | Play in Browser | Download

What you’ll learn in this podcast:

Why the modern tax system is a mess for digital nomads
What the U.S. tax code has in common with a small dictatorship in Africa
What the 183-Day Rule is (and why it matters to you if you travel)
What residency rules are (and how they affect how you get taxed)
How to minimize excessive tax depending on where you are in the world
A tip for storing receipts so that you get all of your business expenses written off
Why you need to look at the sales tax rules for the country that you’re selling to
How the U.S. tax code works for digital nomads (and a costly mistake that many overlook)
How keeping compliant with your taxes can have a positive financial repercussion (despite popular belief)
App recommendations for the digital nomad

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Key resources:

Check out David’s website at Greenback Expat Tax Services
Valuable Resource: Residency Taxation Rules
DrakeZero -a professional online tax prep software
QuickBooks is an accounting software package developed and marketed by Intuit.
Listen to: Save Thousands of Dollars by Setting Up Legal and Financial Systems with Kyle Durand

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