Paying Taxes Can Tax The Best Of Us: Difference between revisions
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Revision as of 14:37, 20 September 2024
The IRS has set many tax deductions and benefits secure for individuals. Unfortunately, some taxpayers who earn a higher level of income can see these benefits phased out as their income increases.
Julie's total exclusion is $94,079. American expat tax return she also gets declare a personal exemption ($3,650) and standard deduction ($5,700). Thus, her taxable income is negative. She owes no U.S. taxing.
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3) Perhaps opened up an IRA or Roth IRA. If you don't have a retirement plan at work, whatever amount you contribute up to a specific dollar amount could be deducted because of your income to reduce your taxes.
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