So what is the bona fide Residence test and physical presence test that you have to pass to claim foreign income exclusion or a foreign housing exclusion, for your Expatriate Tax Return?<br>The bona fide residence test is not so simple to understand
When you are an American citizen but residing in a foreign country there are certain deductions that you can make from your income when filing a US Expatriate Tax Return
Totalization agreements are basically international social security agreements. The US has signed these agreements with different international countries having similar social security programs. Find out more about 24 countries that have totalization agre
The income threshold that is tax free when you are an expat, in 2014, is $95,100. This exclusion is only on earned income.<br>Other sources of income like capital gains, rent, interests , dividends and similar ones, not requiring personal efforts,
An FBAR needs to be filed, as part of your Expatriate Tax Return, if you are an expat having a foreign account holding more than $10,000. It is a mandatory filing.
While living abroad, you might decide to open new bank accounts as well to ease your financial transactions but these too need to be reported to the US Treasury. If you don’t, you would be in for paying huge penalties, regardless of the statement you put
During your Expat Tax Preparation, your Tax home is a place where you are indefinitely involved in work.
The Bona Fide Resident Test can helping you to attain exclusion from foreign earned income and foreign housing To qualify for the bona fide residence test, you have to be a bona fide resident of a foreign country for a continuous uninterrupted period
Totalization agreements are basically international social security agreements. The totalization agreements are taken into account when a resident alien is deemed to pay US social security taxes and when social security taxes of a foreign county are impos
There are various ways through which US resident aliens can pay their US taxes in a foreign country. If you face problems in paying your debt altogether, you can request the IRS for an installment agreement. Read more at http://www.sooperarticles.com/fina
