Will Form 3520 Nomads 2023-2024

I will say that there are a lot of days when I think maybe it would be a great idea to move off to some Caribbean island or some foreign country and sway in a hammock on the beach and that sort of thing or as one of my friends used to say go sell coconuts on the beach or rent surf boards to tourists and in doing so maybe I could avoid paying the United States income taxes the fact is that's really not true a US citizen is subject to tax on worldwide income so no matter where that income is earned no matter the source or the type of income it is it's still subject to the United States tax this was actually a rule that was established way back in the early days of the Civil War to prevent citizens from deciding that they would move their wealth overseas they would avoid their military obligations as well as paying us income taxes so that rule was set up a long long time ago now a US citizen is required to still file tax returns in the same way the regular form 1040 that you have to file you get an extra two months of automatic extension if you haven't about the country on the day that it's due but you also have to file a state tax returns and gift tax returns and pay estimated taxes the same as if you were here now there are certain ways to minimize or reduce that that US income tax on that foreign money for example if you're paying taxes depending on the treaties that we have with the other countries if you're paying taxes in those other countries you may be able to take a credit against your...