How To Deal With Tax Preparation: Difference between revisions

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Remember, a personal exemption of $3650 isn't deducted on tax but on your taxable income. Say for example your filing status is 'married filing jointly' with original taxable income of $100,000. This making you under the marginal tax rate of 25%. Therefore the money it will save you on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%). For you and your spouse, that can be multiplied by two and save $1825.

Muni bonds should be owned with your taxable brokerage accounts, and isn't in your IRA or 401K accounts because income in those accounts is already tax-deferred.

The increased foreign earned income exclusion, increased income tax bracket income levels, and continuation of Bush era lower tax rates are excellent news for all American expats. Tax rules for expats are specialized. Get the a specialist you need to file your return correctly and minimize your You.S. tax.

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