217| How to Save Thousands in US Federal Taxes Using Geo-arbitrage | David McKeegan

Starting a Business

Starting a business as an expat often stems from personal experiences and challenges. David McKeegan shares how a tax mishap led him to establish Greenback Expat Tax Services. He and his wife faced a $20,000 tax bill due to a mistake with the foreign tax credit and foreign earned income exclusion, which they eventually resolved 1. This experience inspired them to create a business that helps other expats navigate complex tax issues. McKeegan emphasizes the importance of clear communication in their services, ensuring accountants can speak "regular person English" to better assist clients 2.

   

Lessons from Failures

Learning from failures is crucial for expats starting businesses abroad. David McKeegan recounts a financial misstep when he purchased a condo in New York City, intended as a rental property, which turned out to be a money-losing venture 3. Fortunately, he managed to sell it with a small gain once the economy recovered. He also highlights the importance of adaptability, recommending books like "Antifragile" and "The End of Jobs" that discuss thriving in disorder and the shift towards individual entrepreneurship 4. These lessons underscore the need for resilience and strategic thinking in business.