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Revision as of 19:44, 4 October 2024

Many small small business owners start with a sole proprietorship avoid the costs of forming a corporation or LLC. This is often a wise decision as statistics show that many small businesses throw money away for the first several years.

Julie's total exclusion is $94,079. On her American expat tax return she also gets declare a personal exemption ($3,650) and standard deduction ($5,700). Thus, her taxable income is negative. She owes no U.S. fiscal.

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