Krakenimages.com / Shutterstock.com Quick Read US citizens face taxation on worldwide income regardless of where they live. The Foreign Earned Income Exclusion prevents double taxation up to $120K. Extended travel abroad can trigger additional tax liabilities from host countries. A recent study identified one single habit that doubled Americans’ retirement savings and moved retirement from dream, to reality. Read more here. Adherence to a F.I.R.E. (Financial Independence Retire Early) strategy ...

Core Insights - The IRS has penalized American taxpayers over $162 million for falsely claiming tax credits, often influenced by misleading online advice [1] Group 1: Tax Misconceptions - Misleading tax advice from social media influencers and scammers has become common, making fact-checking essential to avoid legal issues [1] - A popular misconception is that receiving a raise leads to a higher overall tax burden, which is a misunderstanding of the U.S. progressive tax system [4][5] Group 2: Tax Strategies and Legalities - The "Overseas Zero Tax Strategy" suggests that moving to different countries can legally avoid income taxes, but U.S. citizens must report all income earned abroad [3][4] - Claims of writing off personal expenses as business deductions are often illegitimate; the IRS requires that deductions be "ordinary and reasonable" [6][7]