May 17, 2022
TORONTO - May 16, 2022 - PRLog -- The U.S. is one of a few countries in the world operating on a citizenship based taxation basis, meaning that U.S. citizens are taxed on their worldwide income regardless of where they live.
While this is a clear disadvantage to U.S. citizens living overseas, many such U.S. citizens don't actually have U.S. tax owing due to several mechanism, one of which is the foreign tax credit, the other one is the Foreign Earned Income Exclusion (FEIE).
One advantage of the Foreign Earned Income Exclusion (FEIE) is that it doesn't actually require the taxpayer to have paid taxes to a foreign country.
There are two ways to qualify for the Foreign Earned Income Exclusion (FEIE):
- The Bona Fide Residence test: It would require you to be an actual resident of a foreign country or
- The physical presence test: It would require you to be in a foreign country for at least 330 days in any 12-month period.
As with many tax rules, the Foreign Earned Income Exclusion (FEIE) is more complex than the two-line summary above. Please check 1040 Abroad's authoritative guide on the Foreign Earned Income Exclusion (FEIE) guide using this link to know everything there is to know about the Foreign Earned Income Exclusion (FEIE).
1040 Abroad is a tax firm founded in 2012, consisting of a unique international team that is led by a U.S. expat.
Always having our client's best interests in mind, we work hard to make sure that U.S. expats become tax compliant and live their life abroad free of any hassle.
Pony.ai’s robotaxi fleet in the pilot zone in Nansha, Guangzhou is now accessible from Amap, the Alibaba-backed online mapping service.
We look at digital banks venturing into P2P lending in Indonesia and TikTok facing scrutiny for harming teens’ mental health.
In the next two years, Apple will focus on developing home hardware and launching a new home operating system called homeOS.
This collaboration allows users from over 10 international payment apps to make transactions with over a million merchants.
Lee Hsien Yang and sister Lee Wei Ling had accused their older brother, then PM Lee Hsien Loong, of attempting to keep the home for political capital.
The panda census methodology is widely seen as flawed, and China keeps the data shrouded in secrecy.
The funding round was led by Gulf Islamic Investments, noted for Shari’ah-compliant investing, which manages assets exceeding US$4.5 billion.
The diplomatic rift has suddenly grown more stark as Canada amplifies its accusations that India is directing lethal operations abroad.
The Singapore-based multicurrency card operator more than doubled revenue to US$30 million for FY 2024.
Many respondents feel foreign countries would come to Singapore’s aid if it were attacked, researchers find.
Khan admitted to lying repeatedly about a false anecdote involving a rape victim, raising questions about her credibility.
This week’s On the Rise looks at a Singaporean firm building small-scale models and the issues workplaces face in adopting AI
Our automated tracker can help you keep an eye on the funding activities of Japan's tech firms as they close in on the billion-dollar mark.
In an interview, East Timor’s president questions why the West wants his country to ‘do the opposite’ of the ‘whole international community’.
This IPO is poised to be the largest in India’s history and the second largest worldwide this year.
Meteorological authorities have warned of more floods that could blanket Kuala Lumpur and heavy rain in the evening.
GAC and Pony.ai have partnered since 2018, following Pony.ai's undisclosed investment in GAC's ride-hailing platform in 2022.
Customers can still scan receipts, make purchases, and convert loyalty points until Sunday.
The home at 38 Oxley Road has been the subject of a bitter family dispute between former Prime Minister Lee Hsien Loong and his two siblings.
The Indonesia-based furniture marketplace grew its revenue in 2023, but so did discounts to customers, which rose over 6x.
The destruction follows North Korea’s accusations of South Korean drones flying over its capital, Pyongyang.
The agreement supports the construction of seven small modular reactors that will produce a combined 500 MW of electricity.
Discussions are in preliminary stages, with officials noting that country-specific caps have gained traction in recent weeks.
Marco Palladino, CTO and co-founder of Kong, shares ways to optimize API infrastructure to thrive in an AI-driven world.
The use of human input raises questions over the capabilities and market readiness of the bot, despite Elon Musk’s enthusiasm.
Fundraising is hard. To make things slightly easier, we've compiled this list of fundraising startups for our subscribers.
The platform has issued over 12 million tickets annually since its 2013 launch.
The platform's user base has grown to 312 million monthly active users, a 20% increase from last year.
Officials are focused on Persian Gulf countries that have a growing appetite for AI data centres and the deep pockets to fund them.
Sirul Azhar Umar fled to Australia after the murder of Altantuya Shaariibuu, who was shot and her body blown up with explosives in 2006.
His successor Prabowo Subianto seems indifferent towards the regional bloc as well – raising concerns about Indonesia’s leadership role.
Above-average rainfall is forecast to sweep Southeast Asia over the coming months, as La Nina conditions bring storms and downpours.
The entry of TikTok Shop, Shein, and Temu is driving Southeast Asia’s cross-border merchants to overhaul their strategies.
The People's Party is less focused on personalities and party-building than on slowly shifting the perceptions of the Thai electorate.
The former World Bank director will become the first person to hold the finance portfolio under three presidential administrations.
Analysts say Russia fears Japan’s growing ties with Nato nations – and is especially concerned about US missile deployments.
Plus, an artist sues to reclaim his work.
Angry at what they view as China’s state-led xenophobia, taught in schools and prevalent online, some people are taking action, even at personal risk.
Pakistani Taliban claimed attack in which militants wearing suicide vests stormed remote police base. Police shot dead all 5 attackers.
YOUR NEWS, OUR NETWORK.
Do you have Great News you want to tell the world?
Be it updates about your business or your community, you can make sure that it’s heard by submitting your story to our network reaching hundreds of news sites across 6 verticals.