Trending...
- Robin Launches Legal Intelligence Platform to solve intelligence gap in Fortune 500 legal teams
- Service Ninjas Debuts First-of-Its-Kind "Membership" Platform for Home Service Pros
- Heritage at South Brunswick Offers Immediate Townhome Appointments and Special Mortgage Incentive Fast-Moving Sales
TORONTO - AussieJournal -- 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 Aussie Journal
- 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 Aussie Journal
- GreenPal Empowers Lawn Care Pros Leveraging AI, Surpasses 5 Million Transactions
- Battery Recycling Sector Weekly Research Note Released
- Medicare Levy Exemption 2025: Nanak Accountants Releases Step-by-Step Tax Guide for Australians
- Santa Monica Businesses Push Back on Bus Stop Relocation That Threatens Access and Safety
- The Blue Luna Encourages Local Schools to Take Steps to Enhance Safety for Students and Staff
- 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 Aussie Journal
- Who to Call When Floods Strike Melbourne: Victoria Hygiene, 24/7
- Easton & Easton, LLP Files Suit Against The Dwelling Place Anaheim & Vineyard USA Over Abuse Allegations
- AI Visibility: The Key to Beating Google's AI Overviews and Regaining Traffic
- Stuck Doing Math or Figuring Out Life's Numbers? Calculator.now Makes It Stupidly Simple
- Colbert Packaging Announces WBENC Recognition
- DivX Empowers Media Enthusiasts with Free Expert Guides for Advanced MP4 Management
- Assent Expands Executive Team to Accelerate Global Growth & Innovation
- The World's Largest Green Economic Revolution Emerges as Nature, Tech, and Finance Converge
- Vinnetwork Unveils Decentralized AI Platform with Vinnetwork(VIN) Token to Challenge Tech Giants' Data Monopoly
- Centennial Flyers to Become Colorado's First Launch Customer for All-Electric B23 Energic Aircraft
- Real-Time Protection Against Costly UCaaS Configuration Errors and Toll Fraud
- Tragic Lyssavirus Death Highlights Importance of Environmental Health Awareness and Bat Safety
- Pyro Marketing Opens New Digital Marketing Company to Power Growth for Fitness and Ecommerce Brands
- Dr. John Salerno of Salerno Wellness Introduces Their New Full Body Capsule for Advanced LED Light Therapy Patient Treatments
- $14M Expansion Deal with Famed David Lloyd Highlights Rebrand of Sports, Entertainment and Gaming Innovation by AI Driven, Online Fan Engagement Co
- Heartfelt Dreams Foundation Launches Campaign to Build CHD Hospital
- Radarsign Tackles Intersection Safety with Launch of Grid-Free Solar LED Stop Sign
- Miami Real Estate Agent Drastically Increases Interest In Homes
- Adostics & Genmega Announce the Introduction of A-POD
- LIB and Nidec Rejoin Forces for Giant TH-0098 Temperature Humidity Test Chamber