Welcome to Tax Law Guide
International Tax Law Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
You may also listen to this article by using the following controls.
What an International Tax Law Specialist Can Do For the Expatriate
from:Taxes can be overwhelming to anyone. But, when you’re an expatriate living abroad, they can be really complicated. These are times when it pays to have an international tax law specialist. As a U.S. expatriate residing abroad, you have a legal obligation to file U.S. tax returns each year on your worldwide income. An international tax law specialist can help you with these filings, ensuring you receive all the deductions to which you are entitled, but also to help you stay within US tax laws while living abroad.
There are some tax exemptions due for expatriates living abroad that an international tax law specialist can help you sort out. For example, if you are a full time resident abroad for a full calendar year, or live there for 330 days out of any consecutive 12 month period, you can exclude up to $80,000 of earned income from US taxation for years 2003 and beyond. If you’re married, you can also exclude up to another $80,000 of your spouse’s income if you file jointly. Rental income, interest income and dividends you receive are not subject to exclusions; only income you receive from working counts. However, you must file a tax return each year to get these exclusions.
In addition, an international tax law specialist can help you sort through other deductions that you may be able to take because you’re living abroad, such as deductions for foreign housing expenses. There are restrictions on this deduction, as it only comes into play if your spending on foreign housing exceeds a standard amount.
Your international tax law specialist can also help you sort out any foreign tax credits for which you may be eligible. In some cases, you can claim deductions from your US taxes for taxes you’ve paid abroad. However, in other cases, these foreign taxes are not deductible on your US taxes.
Finally, the United States has tax treaties with over 60 other countries pertaining to income tax filing in one country while living in another. These tax treaties can be very beneficial to the expatriate living abroad, but they can be quite complex to sort out. Your international tax law specialist has a working knowledge of these treaties and is trained to help clients get all the tax benefits to which they’re due.
If you’re a US citizen living abroad, it really is wise to hire an international tax law specialist to help you sort through all of your tax issues. They can help ease the tremendous burden of filing US taxes while living abroad, help you get all the deductions you deserve and help you stay within the law.
Related Articles for International Tax Law
International Tax Law Specific Links
Watch Luxe TV Now!
- Anything and everything a girl could want to make her life better! All Free!
-- http://www.mevio.com/
Watch Funny Videos!
- Click here to see funny videos, pictures, jokes, commercials, and more funny stuff from Comedy.com.
-- http://www.comedy.com/
TidalTV
- Today's Hit Shows. Classic TV. Plus the Best Shows You've Never Seen. Watch it all Now for Free on TidalTV.
-- http://www.tidaltv.com/
Luxury Reviews and Trends
- Discover incredible luxury travel, shopping, articles, videos and more...
-- http://www.justluxe.com/
International Tax Law News
Ex-top US law firm partner admits tax fraud shelter - Reuters
NEW YORK, Sept 11 (Reuters) - A former partner in the U.S. law firm Arnold & Porter pleaded guilty on Thursday to conspiring to commit tax fraud and tax evasion on behalf of wealthy clients. The attorney, Peter Cinquegrani, 48, admitted in U.S ...
Read more...Investment banks accused of helping clients break tax law - International Herald Tribune
NEW YORK : Wall Street investment banks are marketing complex financial products meant to allow foreign investors to break the law by avoiding billions of dollars in dividend taxes, according to a U.S. Senate subcommittee report. The 81-page report ...
Read more...MMM Partners Pen Chapters for Aspatore Books; Topics Include Tax Law ... - dBusinessNews.com
MMM Partners Pen Chapters for Aspatore Books; Topics Include Tax Law, International Transactions Atlanta - Atlanta (September 17, 2008) –Aspatore Books, which produces works of interest to C-level executives, has published chapters written by three ...
Read more...Thai party nominates Thaksin brother-in-law for prime minister - International Herald Tribune
BANGKOK : In a move that split party ranks and angered anti-government protesters, the governing party of Thailand nominated a brother-in-law of former Prime Minister Thaksin Shinawatra on Monday to be the next prime minister. The nominee, Somchai ...
Read more...House delays vote on tax measure - Boston Globe
WASHINGTON - The US House put off until at least today a vote on a tax measure that is different from a Senate-passed bill and could jeopardize enactment of solar energy tax breaks and other expiring incentives. The White House Office of Management ...
Read more...