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What is the Foreign Housing Exclusion for Expats?

As an American expatriate, reducing your taxable foreign income however possible is always ideal. One way to do this and lower your tax liability to the IRS while living overseas is by claiming the foreign housing exclusion. If you live and work abroad as an American...

A Guide to Form 2555 for Expats

As an American expat, you shouldn’t be taxed twice on income earned outside of the United States. To avoid double taxation, you should learn about IRS Form 2555 and how filing it may help you. IRS Form 2555 allows certain American expatriates living outside the...

Guide to Tax Deductions for Online Teachers

Transitioning to online teaching can present you with various opportunities, especially when it comes to lowering your tax liability. If you’re an online teacher, it’s important to learn about the tax deductions available to you. As a teacher, you’re...

Why Would the IRS Send You a Certified Letter?

Getting a letter from the IRS can be stress-inducing. The good news is, this formality isn’t always a bad thing. That said, it’s important to understand the reasons the IRS often sends certified letters, so that you how to respond to correspondence from...

How Does FIRPTA Withholding Work

Suppose you recently purchased a property from a foreign person or corporation. In that case, it’s important that you understand the Foreign Investment in Real Property Tax Act (FIRPTA) and how it impacts your transaction. If real U.S. property is transferred...

Who Has to File the FBAR?

Filing a Report of Foreign Bank and Financial Accounts (FBAR) is mandatory for some Americans. Noncompliance can lead to lofty financial penalties and other consequences, so you should learn whether or not you need to file an FBAR. If you own a foreign bank account...
6 Common Taxpayer Mistakes