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Latest revision as of 22:07, 22 September 2024

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Conversely, earned income abroad, and residual income from foreign securities, rental, or stuff abroad, could be excluded from U.S. taxable income, or foreign taxes paid thereon, can be as credits against U.S. taxes due.

This offers us a combined total of $110,901, our itemized deductions of $19,349 and exemptions of $14,600 stay the same, giving us an overall taxable income of $76,952.

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Monitor changes in tax regularions. Monitor changes in tax law throughout last year to proactively reduce your tax need. Keep an eye on new credits and deductions as well as those that you'll have been eligible for in prior that are set to phase out.

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