Difference between revisions of "Smart Tax Saving Tips"
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Revision as of 00:25, 5 October 2024
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Julie's total exclusion is $94,079. To be with her American expat tax return she also gets declare a personal exemption ($3,650) and standard deduction ($5,700). Thus, her taxable income is negative. She owes no U.S. income tax.
In 2011, the IRS in conjunction with Congress, made their minds up to possess a more rigorous disclosure policy on foreign incomes which includes a new FBAR form demands more detailed disclosure details. However, the IRS is yet to liberate this new FBAR manner. There is also an amnesty in place until August 31st 2011 for taxpayers who wouldn't fill form FBAR combined years. Conscientious decisions by no means to fill the FBAR form will result a punitive charge of $100,000 or 50% of this value on the foreign cause the year not said they have experienced.
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