Americans living abroad with a noteworthy income
source often get confused with the instructions and guidelines of tax
preparation and end up paying double taxation to the US government. As the
directives for filing US Taxes ForAmericans Abroad are not at all easy to understand; having an expert and
professional attorney or a certified public accountant will be a great help for
you.
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| US taxes for Americans abroad |
Individuals, who hold credentials for permanent
residency of the U.S. citizens and living in any foreign country with sources
for foreign income – including those with dual citizenship and also the Green
Card holders living abroad are obligatory to file tax preparation and pay
income tax to the federal government of the United States. There is also a
minimum required threshold for the taxpayers; according to which your taxation
amount is decided.
However, there are some provisions, availing which
can help you avoid the possible double US
Taxes For Americans Abroad and those exclusions are mentioned below:
Exclusions For
Tax Payers In The US
Foreign Earned
Income Exclusion: This exclusion
excludes a taxpayer USD 103,900 (as per the directives of 2018 taxes) from the
total earned income from his/her foreign sources.
Tax Credit: Tax Credit Exclusion reduces excise on the
remaining income on the basis of taxes paid to the foreign governments or to
the government where the taxpayer is residing currently.
Foreign Housing
Exclusion: This exclusion allows
additional exclusions from the income of the taxpayer on the basis of some
amounts compensated to cover the household expenses because of his/her living
in a foreign country.
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