Tax Rates Reflect Well Being: Difference between revisions

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Latest revision as of 20:33, 21 September 2024

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U.S. citizens are expected to shell out taxes on all incomes made in foreign countries. The proceeds are to be included of their income taxation assessments and required taxes are paid. However, for incomes that are taxed your foreign countries, taxpayers should include a tax credit equivalent for the taxes paid but towards limit on the taxes may well have been paid if the taxable income appeared domestically. For citizens that reside abroad, the IRS provides a tax free waiver for that first $92,900 earned in 2011.

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