Difference between revisions of "Why Restrict Be Personalized Tax Preparer"
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Revision as of 21:54, 30 October 2024
Tax, it's not a dirty four letter word, but for many among us its connotations are far worse than any curse. It's been found that high tax rates generally relate to outstanding social services and standards of just living. Developed countries, while the tax rate exceeds 40%, usually have free health care, free education, systems to deal with the elderly and a more expensive life expectancy than people lower tax rates.
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Julie's total exclusion is $94,079. To be with her American expat tax return she also gets to claim a personal exemption ($3,650) and standard deduction ($5,700). Thus, her taxable income is negative. She owes no U.S. income tax.
It is close to impossible to get a foreign bank account without presenting a utility bill. If the power bill is from your U.S., then why are you even attemping?
If the government decides that pain and suffering is not valid, then this amount received by the donor might considered something. Currently, there is a gift limit of $10,000 each per person. So, it may be best to pay/receive it over a two-year tax timetable. Likewise, be sure a check or wire transfer proceeds from each person. Again, not over $10,000 per gift giver yr is possibly deductible.
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