Over 9 million Americans live outside of the United States. Sometimes, living outside of the United States can be advantageous for your taxes. Under the Foreign Earned Income Exclusion, taxpayers may be able to exclude income from U.S. taxes. The FEIE can make living and working abroad tax-free. Joining Kelly on this episode of the…
The Internal Revenue Service has announced that combat-zone contract workers may now qualify for the foreign earned income exclusion. Typically, if you are a U.S. citizen or a U.S. resident alien, you’re taxed on your worldwide income. However, certain taxpayers can exclude some or all foreign wages from tax under the foreign earned income exclusion. The exclusion…
With tax season firmly behind us (er, for those of you who didn’t file for extension), now is a good time to take a look at your current financial picture and check to see how it squares against the 2015 tax rates, adjustments and other tax items. If you aren’t expecting any significant changes, you…
It’s my annual “Taxes from A to Z” series! Next up: B Is For Bona Fide Residence Test If you are a U.S. citizen or a U.S. resident alien, you’re taxed on your worldwide income (just ask London Mayor Boris Johnson). However, you may be able to exclude some or all of your foreign wages…