Tell me about foreign tax exemptions
So I currently live overseas in Korea. With my visa I am exempt from paying Korean taxes, but I still pay US taxes. If I stay out of the US for 330 whole calendar days in a 365 day period, then I can become exempt from paying federal income taxes on the first 99k that I make overseas.
I got here at the end of March. This means I'll have to prorate my taxes. Does anyone know about this? How difficult is it? How hard is it to file the foreign tax exemption form? Is it something I can file myself? |
IRS Publication 54 has the answers to all your questions
|
call your accountant. if you don't have one. find a very good one. they are worth every penny. my accountant saves me more than he costs by far.
|
Originally Posted by s.hasan546
(Post 23347170)
call your accountant. if you don't have one. find a very good one. they are worth every penny. my accountant saves me more than he costs by far.
...Until this year. I was thinking on getting one so I can make sure that it's done right, seeing as how it's going to be a sizable refund check. If it was straightforward though I was going to attempt to do it myself though. |
Originally Posted by trackrat
(Post 23346450)
IRS Publication 54 has the answers to all your questions
|
Originally Posted by s.hasan546
(Post 23347170)
call your accountant. if you don't have one. find a very good one. they are worth every penny. my accountant saves me more than he costs by far.
In your case (working overseas), you'll want to know how to implement the stuff on the IRS publication in a way that minimizes your tax impact, and a good accountant will help you with that. |
Yeah I'm starting to realize that... I read through the publication and realized that I didn't understand everything on there, and I'll be over my head if I'm not careful.
Thanks! :thumbup: |
All times are GMT -8. The time now is 06:44 AM. |
© 2024 MH Sub I, LLC dba Internet Brands