tax law Guide

New 2006 Tax Law Deductions Section

Social bookmarking
You like it? Share it!
socialize it


Subscribe to our newsletter AND receive our exclusive Special Report on tax-law
First Name:

Main New 2006 Tax Law Deductions sponsors



Welcome to tax law Guide

Click here for Tax Liens Made Easy

New 2006 Tax Law Deductions Article

Thumbnail example. 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 May Do For the Expatriate


Taxes may be overwhelming to anyone. But, when you are 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 are 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.

Christine Gray is a recognized authority on the subject of Online Taxes. Her website Taxes Exposed provides a wealth of information on everything you will need to know about Tax Law. All rights reserved. Articles may be reprinted as long as the content and links remains intact and unchanged.

Other New 2006 Tax Law Deductions related Articles

Income Tax Law
New 2006 Tax Law Deductions
Real Estate Tax Law
IRS Tax Law
Tax Law Firms In Denver

Do you want to contribute to our site : submit your articles HERE


New 2006 Tax Law Deductions News

No relevant info was found on this topic.