Other Reasons to Bank Abroad.


Your blood might boil when you read what the state did to a reader. Your bank account however may feel a chill.

Here is what this reader shared:

“Gary, Recently I discovered a tax lien filed on my credit report for state tax in the amount of $3000.00. To make a long story short, in April of 1999 when I filed my Federal return I was in Maryland and used a Maryland address, being a Texas resident no state taxes were due, The state of Maryland somehow obtained my personal information, billed me for fabricated tax amounts based on my Federal return, obtained a court judgement and filed it as the lien on my credit report. I am looking into just how many laws they broke. When i got Maryland on the phone the girl actually giggled, and replied, "Yeah, we got your paper work here, we think you were here all year, you gotta prove to us where you were."

Here is a warning as I have discovered this as well. When resident in Ecuador I had my US accountant file using a US address. As I feared, the Ecuadorian postal system. The state of that address tried to impose state tax…and I had to go through some red tape as well.

When you file your Federal taxes, the IRS has an agreement with the states and reports you tax to them so they can collect state tax. If you happen to be temporarily in that state, you can end up having assets frozen as this reader did, so beware how and where you file.

May everything in your life always be protected.

Gary


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