If you are a U.S. USA residing and working outside the U.S. The country you are residing in may want to tax that income and in the U.S. The U.S. however has some provisions that are meant to protect you from the dual taxation. Among which is the Foreign Earned Income Exclusion.
The Foreign Earned Income Exclusion gives you, if you meet up with the requirements, to exclude up to a certain amount of foreign earned income. First of all, realize this exclusion is just for foreign earned income which means income that you earn by working as an employee or in your business while in a international country. This will not include unearned income like investment or passive income even if you are residing in another country. You need to be considered a U.S.
Or you are a resident alien who’s a citizen or national of the country with which the U.S. A U.S. resident or a U.S. 330 full days during any of 12 consecutive weeks. The amount of the exclusion is altered annually for inflation. 104,100 per person. Furthermore, you can exclude or deduct certain foreign housing quantities. The exclusion amount limit pertains to the foreign received income and the international housing combined.
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Each qualifying person can exclude up to the limit but if one partner is below the limit the other spouse does reach use the other spouse’s unused amount. You may also be eligible for exclude from income the value of foods and lodging provided for you by your employer. This is a complex tax matter that I’d be pleased to assist you with. It’s important to prepare to take the exclusion and know very well what to expect as well as how to benefit. Remember, while business and fees are complicated, I have been through numerous times and you will be helped by me. So contact me today.
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