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If you work abroad as an employee of a US affiliated or a foreign company, we can help ensure you properly report income and obtain all exclusions, deductions, and credits available for your tax situation. Depending on your residency and employment situation, a variety of tax advantages exist.
Foreign Earned Income Exclusion Income of up to $ 107,600 for tax year 2020 could be excluded from US taxation.
Foreign Housing Exclusion Expenses you paid for housing may be excludable from US taxable income.
Foreign Tax Credit provides a dollar-for-dollar reduction of US income taxes for income taxes paid in other countries.
Direct and moving expense deductions may be available if you recently moved overseas.
Certain foreign financial accounts must be reported to both the IRS and FINCEN. Non-compliance in these matters attracts hefty penalties.
US Social Security/Medicare payments may be avoided using a Totalization Agreement.
If you’re filing expat taxes for the first time, even in fairly simple filing situations, it’s a good idea to retain professional assistance. Looking for personalized, professional attention? Get started with a mini-consultation and a no obligation quote on your 2020 taxes.
Haven’t filed in a while? We assist clients with Streamlined Compliance - a group of filing relief programs offered by the IRS.
“The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.”