History Of Your Federal Income Tax: Difference between revisions
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Latest revision as of 02:52, 21 September 2024
There is much confusion about what constitutes foreign earned income with respect to the residency location, the location where the work or service is performed, and supply of the salary or fee any payment. Foreign residency or extended periods abroad among the tax payer can be a qualification to avoid double taxation.
A personal exemption reduces your taxable income so you get paying lower taxes. You may well be even luckier if the exemption brings you with lower income tax bracket. For the year 2010 it is $3650 per person, similar to last year's amount. In the year 2008, the amount was $3,500. It is indexed yearly for air compressor.
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