However, the US has put a number of exclusions in place to help offset your US tax liability. Let’s take a closer look at the exclusions that can help reduce, or even eliminate, your US expat taxes, as well as your other tax filing obligations. Foreign Earned Income Exclusion This ...
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There are legitimate reasons for having offshore accounts, such as convenience, investing, and managing transactions abroad. However, U.S. taxpayers must refrain from using these accounts to hide assets or avoid taxes. Failure to complete and file the required foreign bank account reporting on the...
Specifically, beginning with the income tax return for the fiscal year 2023 (including municipal and prefectural taxes [individual inhabitant tax] for the fiscal year 2024), the taxation method for dividend income, transfer income from listed stocks, and interest income from specific public bonds wil...
Filing as Head of Household often benefits you from more favorable tax rates than other filing statuses. When you’re in a lowertax bracket, it can reduce your overall tax liability — and maybe even the amount of taxes you owe. 2. Higher standard deduction rates: ...
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The US tax code has many rules. If you’re living in the US as a non-resident or as an expat with a visa, you’ll want to understand how taxes work. The way you file depends on your employment status, whether you’re single, and several other factors. Use this guide to help get...
Housing costs include rent or mortgage, utilities, repairs, insurance, taxes, and maintenance. The home must be the taxpayer’s own home unless the qualifying person is the taxpayer’s parent and the property of that parent.2 According to the Internal Revenue Service (IRS), the taxpayer must...
The US tax code has many rules. If you’re living in the US as a non-resident or as an expat with a visa, you’ll want to understand how taxes work. The way you file depends on your employment status, whether you’re single, and several other factors. Use this guide to help get...