Trending...
- Armadillos with Benefits™ - PicPocket-Labs, Inc. details its plans/roadmap at SxSW for combining "location-based NFTs" and loyalty programs
- Suburban Bliss - Sue Barr's Art Exhibition Celebrates Everyday Superstars
- CEG Expands Critical Power Service Offering to Include Industrial Generator Maintenance
TORONTO - JerseyDesk -- 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 Jersey Desk
- 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 Jersey Desk
- Women in Business Host Southern Ocean Chamber April 28
- Aquia Inc. Joins the AWS Partner Network and the AWS Public Sector Partner Program
- Perfect Body Laser and Aesthetics ® Offers Tetra CoolPeel Co2 Laser Skin Resurfacing
- Databloom's Blossom Achieves Faster and More Efficient Big Data Analytics
- Orchard Audio's New PecanPi®+ DAC and Streamer Feature AKM's Latest Flagship Chips
- 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
Filed Under: Business
0 Comments
Latest on Jersey Desk
- The In-N-Out Burger Financial Planning Story
- Horizon BCBS NJ Updates Bariatric Surgery Criteria to Include Patients with BMI Over 30 &Type 2 Di
- Pillar College to Launch Online Master's Degree Program in Spanish
- Cash Depot Appoints Tony Gaines as Chief Revenue Officer and Brand Ambassador
- Sip Social Co. Partners With Apé Canada For Supply Of Piaggio Apé's
- Corner Property Management welcomes Lawrence N. Sauer to their team as Director of Client Services
- Employees at New Jersey's Valley Wellness Medical Marijuana Dispensary Welcome Spring by Voting to Unionize With UFCW
- BayView Entertainment Enters into an Agreement to Acquire Distributor Passion River Films
- Eddie Turner is Recognized as the #9 Motivational Speaker in the World By Global Gurus!
- RE/MAX Signature Earns Top Regional Award
- Suburban Bliss - Sue Barr's Art Exhibition Celebrates Everyday Superstars
- CEG Expands Critical Power Service Offering to Include Industrial Generator Maintenance
- NPPG Acquires Oriental's Retirement Plan Record Keeping and Third-Party Administration Services
- Wohler releases out-of-band configuration tools for Riedel 2110 SFP's
- Levinger Regens Announces New Initiative to Improve Hydrogen Carbon Intensity
- Eve Wellness, a SF Breast Ultrasound Screening Clinic supports the recent FDA updates to the guidelines to inform women about breast density
- Expert tip: Private Jet Engine Maintenance Program - Pros and Cons for Preowned Jet Buyers
- The Bunny Hop 5K Fun Run & Walk will be held on April 2, 2023 in Manahawkin!
- Divorce Court 101: 5 Simple Rules and Tips
- Gaming and entertainment company Spinrack Corporation, appoints Jesse Norton as Chief Marketing Officer