Menu
Home
Advertise
Forums
Search forums
What's new
Unread posts
Latest activity
Earn Money
Review Website/Apps
Passive Income
Money apps
Paid Survey
Stock
Forex
Real estate
Paid to write
Social Media Monetization
Crytocurrency
Bitcoin (BTC)
Ethereum (ETH)
Crypto Exchange
Mining
Crypto Faucet / Airdrops
Binance
Business
Business strategy
Funding a business
Marketing
Digital Marketing
Social media marketing
Email marketing
Brand management
Personal Finance
Money Saving
Personal loan
Retirement
Debt help
Savings for Students
Tax relief
Insurance
Car Insurance
Life Insurance
Liability Insurance
Home Insurance
Health Insurance
Disability Insurance
FAQ
Log in
Register
What's new
Search
Search
Search titles only
By:
Search forums
Menu
Log in
Register
Install the app
Install
Home
Forums
Money Making Forums
Personal Finance Forums
Tax relief
Tax Relief for Foreign Income
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
[QUOTE="marym, post: 322811, member: 97350"] For expats and international workers, dealing with foreign income can be complex, but there are several tax relief options available. Here's what you need to know: [LIST=1] [*]Foreign Earned Income Exclusion: The Foreign Earned Income Exclusion (FEIE) allows U.S. citizens and resident aliens who live and work abroad to exclude up to a certain amount of their foreign earned income from U.S. taxes. For tax year 2022, the maximum amount of exclusion is $112,100. [*]Foreign Tax Credit: If you pay taxes on your foreign income in the country where you earned it, you may be able to claim the Foreign Tax Credit (FTC) on your U.S. tax return. This credit allows you to offset your U.S. tax liability with the foreign taxes you paid on your foreign income. [*]Tax Treaties: The U.S. has tax treaties with several countries that can provide additional tax relief for expats and international workers. These treaties typically provide for a reduction in the tax rate or the elimination of double taxation. [*]Social Security: As an expat or international worker, you may be subject to both U.S. and foreign Social Security taxes. However, the U.S. has agreements with some countries to eliminate or reduce this double taxation. You may also be able to claim a Foreign Tax Credit for any foreign Social Security taxes you pay. [*]Retirement Savings: If you have foreign income, you may be able to contribute to foreign retirement accounts and still receive tax benefits. However, you must be careful to comply with IRS reporting requirements. [/LIST] It's important to note that the rules for foreign income can be complex, and it's recommended that you work with a tax professional who is familiar with the unique tax laws and regulations for expats and international workers. By taking advantage of the tax relief options available, you can reduce your tax liability and keep more of your hard-earned money. [/QUOTE]
Insert quotes…
Verification
Post reply
Home
Forums
Money Making Forums
Personal Finance Forums
Tax relief
Tax Relief for Foreign Income
Top