I'm expecting a large payout from a previous gig next year (2022) and it will be taxed as common income. This would probably end up as my biggest payout of my life. I'm currently in the US as a H1B. Can I move out of the country to a low tax haven and save on the US taxes? Since the money will be deposited to my US account, do I owe any taxes to the US? How difficult would be to come back to the US after one year? PS: I don't plan to commit any fraud or crimes. Morally, I have my reasons to not pay taxes to the US government
How big is the payout?
🤣 are you sure you that you will get paid...looks like shady deal
If you are receiving it as income there’s nothing you can do. You need to plan ahead to avoid taxes. If you want to pay no taxes then you need to live off 100% capital gains up to 40k+standard deduction per person (so like 105k if married w/no kids)
What is this 40K reference?
That’s the limit for 0% taxes on long term capital gains
No legal way. The few hundred lucky bastard in silicon valley every year tried everything already.
Maybe if you moved to Puerto Rico, but I’m not sure how well that would apply either.
Since it was earned for work done in the US, the income will be treated as US income and subject to US taxes.