Maximize tax savings with the Foreign Earned Income Exclusion—expert guidance for Expats, NRIs, and US citizens abroad to reduce taxable income.
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Read MoreRead the common tax-related questions asked by taxpayers from our experts.
NRIs can avoid paying double taxes in the US by filing Form 1116 and claiming tax deductions under the DTAA provisions. Also, it is advisable to take help from tax advisors like Savetaxs to claim more tax credit, as the experts in our team have great knowledge of taxation rules.
Yes, you need to file estimated taxes if you are an individual who is a sole proprietor, partner, or an S corporation shareholder and owe taxes of $1000 or more when filing the tax return. Additionally, if you receive income from dividends, interest, capital gains, self-employment income, awards, and prizes, then you are also liable to pay estimated taxes and file Form 1040-ES.
If you are a citizen of the US or a US resident alien working or living in a foreign country, then Form 2555 allows you an exclusion of a maximum of $130,000 of your foreign earned income from your income tax return. Also, you may be eligible to claim certain foreign housing amounts.
Form 8960 instructions indicate that incurred investment expenses that are directly linked to the production of investment income are deductible in calculating the net investment income. On certain investment earnings, it applies a 3.8% Net Investment Income Tax (NIIT).
Yes, by filing out Form 8283, individuals, partnerships, and corporations can claim tax deductions for donating property or assets. This form reports details about noncash charitable contributions when all noncash gifts are more than $500 from the tax deduction amount.