The importance of earned income

After posting First Year Abroad, I received the following message on Twitter @taxsamurai Perhaps you need to place emphasis that there are other types of income than “earned income” such as foreign pension. — JC Double Taxed (@JCDoubleTaxed) September 29, 2014   And yes, I have to admit that my post was targeted to US ...

The comment period for the fee increase for renunciations is still open …

… until Oct 21 As originally see on the Isaac Brock Society’s post Have you made voiced your concerns re the U.S. Department of State Renunciation Fee Hikes @ http://www.regulations.gov? Could I suggest that Brockers make comments at the following link. http://www.regulations.gov/#!documentDetail;D=DOS_FRDOC_0001-2956 Comments on the fee-hikes for consular services are being accepted until Oct. 21. I ...

FATCA exempt credit union (as per the IGA with Canada)

As originally seen on the Isaac Brock Society’s post  If this is accurate… : http://maplesandbox.ca/2014/are-other-canadian-credit-unions-being-as-responsible-about-fatca-as-vancity/comment-page-1/#comments I am delighted and, as a roughly-35-years member, proud to report that Alterna Savings and Credit Union. formerly CS Co-op and formerly mainly in Ottawa but now I believe with branches elsewhere in Ontario, IS IN FACT A LOCAL CLIENT BASE ...

FATCA Explained in 4 Minutes… Seriously, way funnier than it sounds, just watch

Hey, I found this video – I hope you like it

Warning: FATCA may be harmful to your career

Warning: FATCA may be harmful to your career
Democrats Abroad, the branch of the Democratic Party reaching out to US citizens organized a survey called “FATCA: Affecting Everyday Americans Every Day”. The executive summary can be found here https://www.democratsabroad.org/sites/default/files/Executive%20Summary%20-%20Democrats%20Abroad%202014%20FATCA%20Research%20Report_1.pdf The “datapack” can be found here https://www.democratsabroad.org/sites/default/files/Democrats%20Abroad%202014%20FATCA%20Research%20Datapack_0.pdf The detailed report can be found here https://www.democratsabroad.org/sites/default/files/Democrats%20Abroad%202014%20FATCA%20Research%20Report_0.pdf   There, a section called DENIED EMPLOYMENT, PROMOTION AND ...

Warning: FATCA may be harmful to your bank account

Warning: FATCA may be harmful to your bank account
  Democrats Abroad, the branch of the Democratic Party reaching out to US citizens organized a survey called “FATCA: Affecting Everyday Americans Every Day”. The executive summary can be found here https://www.democratsabroad.org/sites/default/files/Executive%20Summary%20-%20Democrats%20Abroad%202014%20FATCA%20Research%20Report_1.pdf The “datapack” can be found here https://www.democratsabroad.org/sites/default/files/Democrats%20Abroad%202014%20FATCA%20Research%20Datapack_0.pdf The detailed report can be found here https://www.democratsabroad.org/sites/default/files/Democrats%20Abroad%202014%20FATCA%20Research%20Report_0.pdf There, a section called ACCOUNT CLOSURES which is ...

Warning: FATCA may be harmful to your relationship

Warning: FATCA may be harmful to your relationship
Democrats Abroad, the branch of the Democratic Party reaching out to US citizens organized a survey called “FATCA: Affecting Everyday Americans Every Day”. The executive summary can be found here https://www.democratsabroad.org/sites/default/files/Executive%20Summary%20-%20Democrats%20Abroad%202014%20FATCA%20Research%20Report_1.pdf The “datapack” can be found here https://www.democratsabroad.org/sites/default/files/Democrats%20Abroad%202014%20FATCA%20Research%20Datapack_0.pdf The detailed report can be found here https://www.democratsabroad.org/sites/default/files/Democrats%20Abroad%202014%20FATCA%20Research%20Report_0.pdf   There, a section called STRAINED RELATIONSHIPS does not ...

First Year Abroad

If you just moved abroad, you probably have a lot of questions about how to deal with the tax implication it may have. The Foreign Earned Income Exclusion and Foreign Tax Paid Credit pages will give you a more complete explanation of some of the issues you need to know, but you will find below a quick summary of ...

The Foreign Earned Income and Housing Exclusions

Overview: While all U.S. citizens and resident aliens are taxed on their worldwide income, you may be able to exclude some or all of it (up to 92,900 dollars for 2011) by taking advantage of the foreign earned income exclusion. Also, you can eliminate or deduct certain foreign housing amounts. In order to qualify, a ...

Foreign Tax Credit

The foreign tax credit is intended to reduce the double tax burden that would otherwise arise when foreign source income is taxed by both the United States and the foreign country from which the income is derived. Four tests must be met to qualify for the credit: The tax must be imposed on you You ...