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Top 10 Us Expat Tax Return Changes for 2023 | Us Expat Taxes

Increase in Standard Deduction – Starting with the tax year 2021 (2022 filing season), the standard deduction was increased to $12,550 for single taxpayers and $25,100 for married Taxpayers filing joint returns. Change in Tax Rate – The tax rate has been reduced from 39.6% to 37%, so more of your income will be taxed at a lower rate than before. Elimination of Personal Exemptions – Previously, taxpayers could claim personal exemptions for themselves and their dependents; however, due to recent changes in the…


Does UAE have a tax treaty with the US? - Superb Linkz

The United Arab Emirates (UAE) is an important trading partner of the United States, and as such, both countries have established a Double Taxation Treaty to encourage bilateral trade and investment. The US–UAE Double Taxation Treaty provides relief from double taxation for individuals or businesses operating in either country by setting out rules about which


Do US citizens have to pay taxes when living abroad

Fortunately, the IRS provides relief from the burden of double taxation for those who qualify by way of a foreign-earned income exclusion and/or foreign tax credit. The Foreign Earned Income Exclusion allows an individual to exclude up to $102,100 (for 2020) of foreign-earned income from their taxable base in the United States. Furthermore, if eligible for such exemption one may also obtain a foreign tax credit for all or part of any non-U.S. taxes paid on income excluded under the FEC exclusion rules.


What is the IRS Streamlined Procedure

US citizens living abroad have the chance to comply with US tax regulations without incurring fines or interest according to the IRS Streamlined Procedure programme. The programme is intended for US residents who have not recently filed their US taxes and were not aware of their tax obligations. The programme is not meant for anyone who have purposefully broken US tax rules.


How the New US Tax Reform Affects American Professionals Living in HK

The Tax Cuts and Jobs Act, a new U.S. tax reform that took effect for the 2018 tax year, was signed into law in December 2017. The American tax system saw considerable modifications as a result of this reform, including adjustments to tax rates, deductions, and credits. As a result, the modifications may have distinct effects on American tax for US residents living Hong Kong.

The new tax law's increase in the standard deduction is one of its most important adjustments. By using the standard deduction rather than itemising their deductions, more people will be able to reduce their tax burden.