The Tax and Financial Impact of Moving Abroad with Savannah Chaffin

Today, Shannon Weinstein chats with Savannah Chaffin, an enrolled agent and expat tax expert in Vienna, Austria. Savannah shares her experiences navigating the complex world of international taxation, from lifestyle changes and cost of living to the intricate tax obligations US citizens face abroad.   Key topics include the importance of thorough research, consulting financial planners, understanding foreign tax systems, and reporting foreign income. This episode is packed with practical advice for anyone considering or already living an expat life. Tune in for valuable insights and real-life stories to help you manage your international move.   Savannah Chaffin is an Enrolled agent and self-declared "expat tax nerd", passionate about helping fellow expats navigate tax and finances when living abroad. She is the founder of Alveus Tax and co-founder of Passport to Wealth.   LinkedIn: https://www.linkedin.com/in/s-chaffin/  Website: https://www.passportwealth.com/    What you'll hear in this episode: 03:44 Decision to move made quickly and spontaneously. 06:46 Foreign income must be reported on US taxes. 12:28 Consolidate accounts and find a suitable bank. 14:30 Find familiar US tax preparer for complexity. 22:14 Switzerland taxes global wealth, not income. 25:11 Earned income exclusion: $126,500 in 2024 taxes. 26:39 Use physical presence test to adjust contributions. 31:02 Consider legalities: residency, taxes, visas abroad.   If you like this episode, check out: Simple S Corp Salary Guide for Beginners Why You Want to Avoid Tax Extensions Moving to a Tax-Free State - Worth it?   Want to learn more so you can earn more? CFO Power Session: https://www.keepwhatyouearn.com/power-sessions Visit keepwhatyouearn.com to dive deeper on our episodes Visit keepwhatyouearncfo.com to work with Shannon and her team Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/   The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.