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Preparing Form 2555 for Foreign Income Exclusion Textbook (2021) - #21361

Preparing Form 2555 for Foreign Income Exclusion Textbook (2021) - #21361

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Overview

Description:

If you have a client who works and receives income from another country, you must be careful of double taxation, meaning paying taxes twice on the same source of earned income. This comprehensive textbook explores the tax implications of working abroad and introduces the forms needed to file the taxpayer’s return. 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, calculates these exclusions. With this textbook, you’ll learn how to complete this form.

View Table of Contents.

Topics include:

  • Determining if a client qualifies for the foreign earned income exclusion and the foreign housing deduction or exclusion
  • Differentiating between the foreign housing deduction and exclusion
  • Identifying Social Security issues and self-employment issues related to working abroad
  • Identifying how totalization agreements and tax treaties with foreign countries impact the taxpayer
  • Preparing Form 2555, Foreign Earned Income

Product Details:

Level: Basic

Authors: NATP Staff

Published: 2021

Format: Print - 74 Pages


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