Understanding Tax and other outgoings - Texas

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Feb 9th 2012, 12:45 pm

#31

Yorkieabroad

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Re: Understanding Tax and other outgoings - Texas

Quote:

Originally Posted by Steerpike

I use the analogy of 'foreign tax credit'; some mutual funds I own invest a small amount in foreign countries, and pay a small amount of foreign tax. I'm allowed to take credit for that tax. The whole thing ends up saving me about $5 each year but takes me HOURS of research to find the right info to pop into the form.

You're spot on there....I spent the last couple of years consolidating overseas accounts/assets to make reduce legwork at tax time - the biggest time saver was getting all my overseas shares into a US based E-trade Global account, so they effectively do all the legwork for me.