What Form 3520 Exclusion 2023-2024

Foreign income rules and the taxation of worldwide income if you are US citizen or resident alien of the United States and you live abroad you are taxed on your worldwide income watch my next show find out more and see if you qualify under the exclusion rule also watch all the way to the end of my show for a tax tip that could say you big on your next income tax file welcome to this episode of accounting and tax tips smart strategies for small business success with certified public accountant tina MO did you know that if you are a US citizen or a resident alien and you reside overseas you are still subject to the same rules for filing income tax state and gift tax returns and for paying x-main taxes just as if you lived in the u.s. your worldwide income is subject to US income tax regardless of where you reside the good news is is that the IRS does give you a little reprieve by allowing an additional two month extension to file and pay your taxes so instead of having to file by April 15th you now have until June 15 if you're still unable to file by this automatic extension date you can file for an additional extension to October 15th using form 4868 and I have more good news there are special rules and possible earned income and/or in-housing exclusions available to taxpayers if they meet certain requirements taxpayers may qualify to exclude from income up to ninety five thousand one hundred dollars for the 2024 tax year plus certain foreign housing costs from the value of meals and lodging provided to you by your employer refer to publication fifty-four Tax Guide for u.s. citizens and rather than aliens abroad...