FIRST TIME FILERS
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If you are considering a move overseas or have just moved abroad, understanding your US filing requirements as a U.S. person living overseas is probably something you are trying to wrap your head around. Living abroad introduces different deductions, such as the Foreign Earned Income Exclusion, that can save you thousands when it comes time to file. There are also different deadlines and filing requirements for your US taxes, and being aware of these changes is critical to successful tax planning. The Foreign Earned Income Exclusion, Foreign Tax Credit and Foreign Housing Allowance are just some of the tools the IRS has in place in order to reduce the burden of dual taxation. It is important to understand how to qualify for these deductions and credits in order to save on your first US expat tax return. To help ease the way, we've written a number of articles that explain basic "must-knows" about your US taxes while you're living overseas, including deadlines, the additional forms that must be included, and other critical changes to be aware of for your first time filing US taxes overseas. |
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