330 Day Challenge – Harnessing the FEIE as a Digital Nomad

330 Full Days – The Foreign Earned Income Exclusion (FEIE) Rules

Have you ever dreamed of traveling the world? Can you envision yourself spending a year backpacking through Thailand, taking in sunsets on a sailboat in the Greek Islands, meeting friends at a cooking class in Italy or on any other adventure outside of the US?

In our ever-expanding digital world, that dream has never been closer to a reality for so many people.

Now what if we told you there was someone out there willing to help fund your trip? What if we told you that you have a rich uncle willing and able to offer up financial assistance for you to live in a foreign, exotic location of your choice?

Well the truth is, you have exactly that. The hero willing to help make this dream a reality is none other than good ole Uncle Sam!

That’s right, the United States government is willing to help fund your overseas trip… as long as you can meet their FEIE 330 Day Challenge!

Check out our article Foreign Earned Income Exclusion (FEIE) Explained

What about State Taxes?

Most states will still consider you to be a resident of the state while living overseas temporarily. This means you will be responsible for paying your normal state taxes.

However, if you follow our advice and plan ahead you can become a resident of one of the states who have no income tax prior to moving and avoid state taxes entirely.

To illustrate, if you are a California resident making $100K, you can add an extra $7,000 onto your total tax savings!

Check out our article on How to Eliminate State Taxes

So I Can Wipe Out ALL Taxes on Up to $104,100 of Income?!

Well, not quite. You will still be responsible for paying social security and Medicare taxes, otherwise known as payroll taxes or self-employment taxes. There’s no getting around those ones.

This makes it extremely important to structure your business properly if you are self-employed.

But the tax savings it does offer with income tax savings and potentially state tax savings should be enough to get you very, very excited.

Check out our article on The Best Entity for FEIE

Can I Just Pretend to Be Overseas for a Year and Cash In?

Sure! As long as you don’t mind sharing a prison bunk with a large man named Bubba!

Seriously, this is the IRS. They don’t like to be cheated. As with all tax strategies this should never be employed artificially. You must complete the FEIE 330 day challenge to receive your reward.

Whats the Catch?

I know, it seems too good to be true. Most great sounding tax tips are (you didn’t really believe the one about getting social security numbers for your dog to claim them as a dependent, did you?).

However, this strategy is one hundred percent legit. While it may seem weird for the US government to reward you for leaving their country, the FEIE rule actually makes sense. We pay taxes to enjoy the benefits our government offers us. If you aren’t living in the country for the full year, they don’t expect you to pay as much for those benefits.

I’m Sold! How Do I Find Out More?

You are in the right place! At 330Days.com we are dedicated to giving you every piece of information you need to make this happen. We have the FEIE & tax aspect covered by one of the most well-known CPA’s in the online world and will also help you plan and execute your trip itself.

You will hear from countless people who have successfully completed the challenge to learn what works, what doesn’t and how to make the most of your adventure!

Meet The Team

Jack

Jack is an e-commerce entrepreneur that has started and scaled three separate companies to over one million dollars in revenue in their first twelve months. All three companies were built with just a cell phone and a laptop. He is a strong believer in building your dream rather than someone else’s and enjoying the journey every step of the way.

Having visited 20+ countries, he has come to find out he is at his happiest working from a laptop in a foreign city. In his quest to make this a permanent lifestyle he joined the co-living revolution. This helped him realize you do not need to quit your job or convince your friends to go with you to happily see the world. All you need is an adventurous spirit and the right information.

When not traveling, Jack spends his time in Southern California getting crushed by big waves on his surfboard. If he’s not there he is probably reading ‘escape the rat race’ books on the beach.

Sam, CFA

Sam is an e-commerce entrepreneur who once believed that financial independence and early retirement was a dream only the ‘lucky’ entrepreneurs and/or the frugal (read: obsessive) savers could achieve. Then he discovered the power of the internet and the limitless active and passive income streams it offers. This changed his mindset to one where any individual can achieve financial independence with a little creativity and hard work.

Through his attainment of the Chartered Financial Analyst (CFA) designation, Sam brings a unique background of having studied and dissected the fundamentals of investing. He believes the days of working for one corporation, earning a pension, and investing in the stock market are no longer the surest way to live an above average lifestyle and retire early. Instead, he believes in harnessing the new opportunities of the digital age. With this he supercharges his income to break free of the corporate rat race.

In his free time Sam enjoys traveling, boating, reading, and playing poker. A fun fact about Sam is that he managed to get promoted from an Associate to Partner overnight. “How?” you may ask – He quit his corporate job and started a company with his friend and named himself Partner.

Josh founder of 330days.com

Josh, CPA

Josh is a CPA and the founder of CPA On Fire, a tax and accounting firm specializing in working with online based entrepreneurs.  He has had the honor of working with some of the top entrepreneurs in the online space, including John Lee Dumas of Entrepreneur on Fire and Scott Voelker of The Amazing Seller.  He has been featured on some of the top podcast on ITunes and appeared on national TV giving tax and accounting advice to the online space.

Through his work at CPA On Fire, Josh has developed a passion for working with location independent business owners.  Those who can and do work anywhere and everywhere.  In this work, he has discovered the power of the 330 Day rule and the foreign earned income exclusion. He has helped hundreds of entrepreneurs take advantage of it.

When he’s not doing tax and accounting work, Josh is spending time with his wife Courtney, his three-year-old twin boys, Jacob and Eli, and his new born daughter, Mollie.  He also coaches the Willard Lady Flashes tennis team. They just pulled off their first undefeated season and SBC championship in school history.