If you are a U.S. United States residing and working beyond your U.S. The national 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 designed to protect you from the double taxation. Among which is the Foreign Earned Income Exclusion.
The Foreign Earned Income Exclusion allows you, if certain requirements are met by you, to exclude up to a certain amount of foreign earned income. Of all First, 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 must be a U.S.
Or you are a resident alien who is a resident or national of the country with that your U.S. A U.S. resident or a U.S. 330 full days during any of 12 consecutive months. The quantity of the exclusion is modified annually for inflation. 104,100 per person. Furthermore, you can exclude or deduct certain international housing amounts. The exclusion amount limit pertains to the foreign earned income and the international housing combined.
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Each qualifying person can exclude up to the limit but if one spouse is below the limit the other partner 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 to you by your employer. That is a complex tax matter that I would be happy to help you with. It’s important to prepare to consider the exclusion and know what to expect and how to benefit. Remember, while business and taxes are complicated, I have been through numerous times and I can help you. So contact me today.
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