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US Tax Filing & Compliance

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Lisafuller
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Re: US Tax Filing & Compliance

Post by Lisafuller » Fri, 04 Mar 2022 12:45 am

HogHollow wrote:
Thu, 03 Mar 2022 3:14 pm
malcontent wrote:
Thu, 03 Mar 2022 9:56 am
You still have to pay Singapore income tax on top of that. The effective rate at that income level is around 15-16%. Yes, that is around half what you’d pay in the US, but the savings are more than eaten up by the cost of living. You have to consider the large indirect taxes you pay here, like when you buy a car. The US tax code does not cater for that - - there is no way to credit “car taxes” you paid here against your US tax bill. Big picture, you’d almost certainly be better off money-wise in the US, if it were not so, there’d be no need for expat packages.
Oh yes, point taken about having to pay the additional Singapore income tax.

No argument here about the cost of living difference in Singapore. Seeing Driscoll strawberries for $15 a box, $20 pints of Hagen Daaz, and the ridiculous prices for their detached houses in the news, it's definitely much pricier to live in Singapore even compared to metropolitan areas in the US like NYC or SF.
Yup, the COL is ridiculous. Seems cheaper here at first glance, but when you really consider all factors you’re worse off.

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malcontent
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Re: US Tax Filing & Compliance

Post by malcontent » Fri, 04 Mar 2022 7:49 am

Lisafuller wrote:
Fri, 04 Mar 2022 12:45 am
Yup, the COL is ridiculous. Seems cheaper here at first glance, but when you really consider all factors you’re worse off.
The system is set up to be affordable for most citizens who fit the mold - ie. live with their parents until they get married, buy a new BTO direct from HDB using their CPF, with some subsidies thrown in for good measure. They can then enjoy the baby bonus, free schooling, parenthood tax rebate… etc, etc. In such a case it is possible to pull through much of that the savings without everything getting eaten up by the cost of living, especially if they can get by without a vehicle and forgo expensive hobbies.

The situation is starkly different for an expat, even without a car, housing alone can be a budgetary challenge, then add school age kids into the mix and it can quickly become unmanageable — especially now with local school fees (if you are even lucky enough to get a spot) now costing at least half of International School.

Just have a look at the school fees for attending LOCAL school next year in 2023… for a non-SC, non-PR, non-ASEAN student:

Primary $10,500
Secondary $21,000
Pre-U $25,200
Every great and deep difficulty bears in itself its own solution. It forces us to change our thinking in order to find it - Niels Bohr

Lisafuller
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Re: US Tax Filing & Compliance

Post by Lisafuller » Fri, 04 Mar 2022 11:26 am

Yup, I was referring to the COL for expats.

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malcontent
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Re: US Tax Filing & Compliance

Post by malcontent » Fri, 04 Mar 2022 2:15 pm

Lisafuller wrote:
Fri, 04 Mar 2022 11:26 am
Yup, I was referring to the COL for expats.
I still remember when I first moved to Singapore and stayed with a local family living in an HDB. The owner of the flat told me Singapore is only a good place to live if you are rich. But when Jim Rogers (the ultra-wealthy hedge fund guy) moved here from NYC, it was quite telling when he was asked whether he had found a home here yet — he said he’s still looking, as it was a bit of a challenge to find something with decent value here.
Every great and deep difficulty bears in itself its own solution. It forces us to change our thinking in order to find it - Niels Bohr

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HogHollow
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Re: US Tax Filing & Compliance

Post by HogHollow » Fri, 04 Mar 2022 11:08 pm

malcontent wrote:
Fri, 04 Mar 2022 2:15 pm
Lisafuller wrote:
Fri, 04 Mar 2022 11:26 am
Yup, I was referring to the COL for expats.
I still remember when I first moved to Singapore and stayed with a local family living in an HDB. The owner of the flat told me Singapore is only a good place to live if you are rich. But when Jim Rogers (the ultra-wealthy hedge fund guy) moved here from NYC, it was quite telling when he was asked whether he had found a home here yet — he said he’s still looking, as it was a bit of a challenge to find something with decent value here.
I guess George Soros didn't give Jim Rogers a very good expat package when he moved here. :D

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Re: US Tax Filing & Compliance

Post by Lisafuller » Sat, 05 Mar 2022 12:24 am

malcontent wrote:
Fri, 04 Mar 2022 2:15 pm
Lisafuller wrote:
Fri, 04 Mar 2022 11:26 am
Yup, I was referring to the COL for expats.
I still remember when I first moved to Singapore and stayed with a local family living in an HDB. The owner of the flat told me Singapore is only a good place to live if you are rich. But when Jim Rogers (the ultra-wealthy hedge fund guy) moved here from NYC, it was quite telling when he was asked whether he had found a home here yet — he said he’s still looking, as it was a bit of a challenge to find something with decent value here.
Not entirely relevant but my daughter knew his daughter Happy personally, she’s excellent at Mandarin. They do have a house here that I know of, although it has been over 10 years so I’d be surprised if they didn’t.

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