Description:
This book is for preparing 2024 taxes. A client whose tax home and earned income is in another country, may be subject to double taxation without careful planning. Double taxation occurs when a taxpayer pays both U.S. and foreign taxes on the same income. To mitigate potential double taxation, §911 provides a foreign earned income exclusion and a foreign housing deduction or exclusion to qualifying taxpayers. Form 2555, Foreign Earned Income, is used to calculate these exclusions. This comprehensive course explores the tax implications of working abroad and introduces the forms needed to prepare the return of a taxpayer earning income from foreign sources, including completing Form 2555.
Topics include:
- Determining if a client qualifies for the foreign earned income exclusion
- Differentiating between the foreign housing deduction and exclusion
- Identifying Social Security issues and self-employment issues that arise when taxpayers work abroad
- Identifying how totalization agreements and tax treaties with other countries impact taxpayers
- Performing tax planning with the foreign earned income exclusion and the foreign tax credit
- Preparing Form 2555, Foreign Earned Income
Item Number: E24361
Level: Basic
Authors: NATP Staff
Published: 2024
Format: Electronic PDF - 77 pages
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Corresponding CPE Courses:
Get this e-book FREE when you purchase the corresponding 2024 course.
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