Last Updated 5 days ago

In this episode, Yaacov Jacob and Philip Stein discuss the implications of the recent OBBB changes in U.S. tax laws for citizens living abroad, particularly focusing on the child tax credit, social security numbers for children, the new Trump savings accounts, and tuition scholarship vouchers. Enjoy!

• The child tax credit is a significant benefit for US citizens abroad.
• Young families should not miss out on tax refunds by failing to file returns.
• Obtaining social security numbers for children is crucial for tax benefits.
• Trump accounts allow for tax-free savings for children born between 2025 and 2028.
• Tuition scholarship vouchers provide additional tax credits for private school donations.
• Filing taxes correctly can maximize potential refunds and credits.
• The refundable aspect of the child tax credit can provide cash back to families.
• Parents should consider the long-term benefits of US citizenship for their children.
• Tax planning is essential for expatriates to avoid missing out on benefits.
• Staying informed about tax changes is vital for financial planning.

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