Relevant tax tips and updates for small business owners and individuals.
Wednesday, January 25, 2012
US Citizens Living & Working Abroad
Many people do not realize that a U.S. citizen, whether residing at home or abroad, must file a U.S. income tax return if the individual's gross income equals or exceeds the applicable personal exemption or standard deduction even if none of that income was earned in the US. Various credits apply so as to minimize the duplication of tax liabilities with 2 countries involved.