Trending...
- Abendroth Fortel Offers Financial Support to Develop Agricultural Products Supply Chains
- Announcing The Christina Hepburn Breast Cancer Support Campaign
- 3,000 Ukrainian Artists you can support today: an exclusive selection of 3000 artists from Ukraine
TORONTO - PRDelivery -- The U.S. is one of a few countries in the world operating on a citizenship based taxation basis, meaning that U.S. citizens are taxed on their worldwide income regardless of where they live.
While this is a clear disadvantage to U.S. citizens living overseas, many such U.S. citizens don't actually have U.S. tax owing due to several mechanism, one of which is the foreign tax credit, the other one is the Foreign Earned Income Exclusion (FEIE).
One advantage of the Foreign Earned Income Exclusion (FEIE) is that it doesn't actually require the taxpayer to have paid taxes to a foreign country.
There are two ways to qualify for the Foreign Earned Income Exclusion (FEIE):
- The Bona Fide Residence test: It would require you to be an actual resident of a foreign country or
More on PR Delivery
- The physical presence test: It would require you to be in a foreign country for at least 330 days in any 12-month period.
As with many tax rules, the Foreign Earned Income Exclusion (FEIE) is more complex than the two-line summary above. Please check 1040 Abroad's authoritative guide on the Foreign Earned Income Exclusion (FEIE) guide using this link to know everything there is to know about the Foreign Earned Income Exclusion (FEIE).
1040 Abroad is a tax firm founded in 2012, consisting of a unique international team that is led by a U.S. expat.
Always having our client's best interests in mind, we work hard to make sure that U.S. expats become tax compliant and live their life abroad free of any hassle.
While this is a clear disadvantage to U.S. citizens living overseas, many such U.S. citizens don't actually have U.S. tax owing due to several mechanism, one of which is the foreign tax credit, the other one is the Foreign Earned Income Exclusion (FEIE).
One advantage of the Foreign Earned Income Exclusion (FEIE) is that it doesn't actually require the taxpayer to have paid taxes to a foreign country.
There are two ways to qualify for the Foreign Earned Income Exclusion (FEIE):
- The Bona Fide Residence test: It would require you to be an actual resident of a foreign country or
More on PR Delivery
- On Anniversary of Surfside Tragedy, New Book Coaches Residents to Identify Warning Signs
- CHASM unveils highly-respected CEO John Kawola as its first independent board member
- IOTech announces a major new release of Edge XRT, its software platform for time-critical OT systems
- Connect Fibre Partners With Linksys and Axiros
- Bacchus Wine & Spirits Jumps To Elite 'Top 20' Position In Beverage Dynamics Top 100 Retailers for 2022
- The physical presence test: It would require you to be in a foreign country for at least 330 days in any 12-month period.
As with many tax rules, the Foreign Earned Income Exclusion (FEIE) is more complex than the two-line summary above. Please check 1040 Abroad's authoritative guide on the Foreign Earned Income Exclusion (FEIE) guide using this link to know everything there is to know about the Foreign Earned Income Exclusion (FEIE).
1040 Abroad is a tax firm founded in 2012, consisting of a unique international team that is led by a U.S. expat.
Always having our client's best interests in mind, we work hard to make sure that U.S. expats become tax compliant and live their life abroad free of any hassle.
Source: 1040 Abroad
0 Comments
Latest on PR Delivery
- Calgary-based Orthodontics Provider Opens New Location
- Entrinsik Promotes Robin Lamb to Vice President of Client Services
- Announcing The Christina Hepburn Breast Cancer Support Campaign
- Altavoz Distribution Launches Regina Belle Records
- Robinson honored again by both Rolls-Royce and The Fabricator for excellence
- Abendroth Fortel Offers Financial Support to Develop Agricultural Products Supply Chains
- Keep Black Love Alive --Spelman Women's Research and Resource Center and chromatic black™ Sponsor Well-Being Advocacy Forum
- THine V-by-One® HS Technology Used in NVIDIA G-SYNC® Processor
- Console & Associates: The Passing of the Camp Lejeune Act Puts Justice Within Reach
- Today!Mecha Infinity And Neuto House PH Signed A Charity Partnership Contract
- Oakwood Capital Completes $8.5 Million Acquisition of Apartment Complex in Valdosta, Georgia
- Rhody Rug Stands with Ukraine Creates Limited Edition Braided Rug to Support the Efforts in Ukraine
- Lux Billet Launches Stacyc Billet Foot Pegs
- Meet Mary Pitt Who Brings Real World Security, Firearms Training, State Laws, Gun Safety, Respect & Responsibility To A Diverse Group Of Clientele
- 3,000 Ukrainian Artists you can support today: an exclusive selection of 3000 artists from Ukraine
- Farm Shop MFG, LLC Launches a Comprehensive Temperature and Moisture Management System That Monitors Grain Storage Conditions
- Sidow Sobrino returns home from filming music video in Paris, France
- Hollywood: How a Search for Black Editors Helped Launch a Movement for Industry Equity
- R&B Artists Omarion & Mario To Face Off In Upcoming Verzuz Battle
- Console & Associates, P.C. Explores Legal Options for Camp Lejeune Veterans and Families