Spend 330 days out of twelve months overseas and the first 85.7K is tax free I believe. Here is the IRS rule http://www.irs.gov/publications/p54/ch04.html#d0e3823
I knew a guy that missed it by 2 days back when and got hammered by the IRS. Important to carefully document stays.
For most jobs this means taking vacation in foreign countries about half the time.
You may also get to choose the currency you get paid in, get some good advice on this.
Last edited by Wobble; 05-28-2008 at 12:23 PM. Reason: typo on number
There is a lot to the 330 days, not quite as cut and dry as it may seem. The IRS likes to audit the $85.7 exclusion. Good point with the currency. There are some complicated issues there. By U Boy - make sure your asking these questions and make sure you understand what their talking about. If you can't understand what their saying then you dayum sure won't be able to explain it to the IRS.
IMO the taxes are the most important aspect of that $100K number. Don't forget the tax prep fees you'll have to dish out for the taxes. That chit is complicated and can be very expensive. It all adds up. Best to get a handle on it so it doesn't catch you by suprise. I see you mentioned they pay for your cost of living and travel. You need to ask about the tax consequences of that as well. It may be added to your wages, which can bring more tax liability on top of the $100K. So even though your not "paying for it" you MAY still be taxed for it. Don't listen to jo chit the rag man "I've done it this way for years" guy. Do it right.
Last edited by TexomaPowerboater; 05-28-2008 at 04:32 PM.
I couldn't imagine taking a gig like that.
Sure, the money sounds good. But everything you're giving up, and you have a new bride.
I've had the opportunity to take jobs that would have me traveling heavily, but I like coming home at night, and being with my wife and dogs. I've sacrificed the coin to live my life the way I want to.
I have a few friends that travel heavily for work, and they always dread the trips - but they do get paid well for it.
I know there are two sides to it all, I guess it just wouldn't be worth it to me.
Oh, and the no beer thing... Not a chance...
late 70s to 80s my fathers co did a lot of work over there, there is no drinking/ or sex over there they will kill you. we use to get paid 3000 a week in 90 I was all set to go to turkey for 6mons for a 100,000 to run a job installing carpets in a hotel . but the war in kuwaut worried my father so we gave it up and Iwas the only us guy on the job.I would have yelled at someone and got my head taken off for being a mean boss.I might just go to Dubai and try to sell some $40,000 area rugs for 80,000 get some gas money back
I was involved with the building of the Air Port parking roof years ago, It was all Solor panels on a spaceframe building.
I was the only person who landed and had on Cowboy Boots.
Im sure things have changed a bit.
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