In this article, I’ll look at the Foreign Earned Income Exclusion 2020. The FEIE is the most powerful tool in the expat’s kit and is the focus of international tax planning for individuals and small business owners living abroad. The Foreign Earned Income Exclusion 2020 is the only major tax planning option left after Trump’s
Itemized deductions are expenses on specific products, services, or contributions, that can be used to reduce your tax bill. These itemized deductions are only allowed if the taxpayer does not use the standard deduction to reduce the amount of taxes. Some of the most popular types of itemized tax deductions used by taxpayers include charitable
Standard tax deductions are flat amounts of money that the tax system of the United States lets you deduct, plain and simple. Tax deductions allow an individual and a corporation to subtract applicable expenses to reduce the amount of taxes they have to pay. These tax deductions need to include some kind of proof to
Taxes are dreaded by a lot of Americans as they see them as this burden that needs to be tended to or it will cause mayhem, but I don’t believe they should be viewed like this. I may sound like a college professor telling his students to don’t wait until the last minute to study
It’s that time of the year when the IRS releases its annual inflation adjustments. These adjustments calculate tax projections for the upcoming year and give taxpayers an estimate of what is to come regarding tax returns. They include tax rate schedules, tax tables, and cost of living adjustments. It is important to mention that these
Before I begin to explain the amount of money that is included in the tax bracket for trusts and estates for the year 2020 I will explain a few things about what it entails as I believe that many Americans just see this listed on their tax sheet and have never considered if they can
In this article, I’ll review the rules around PFIC investments and the Passive Foreign Investment Company statutes. Here’s everything you need to know about passive income in an offshore corporation. First let me define a few terms around PFIC. Passive Income: Income from interest, dividends, annuities, capital gains, and most rents and royalties. Passive