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Revision as of 12:17, 5 October 2024

After all the festivities, laughter, and gift giving belonging to the holidays, giggles and grins quickly meld into groans and glowers as Tax Preparation Season rears its ugly visage. From January 15th until April 15th, Americans fuss and fume about our ever increasing income taxes. Nevertheless, in an odd sort of way, some must love the gloom since they will file for an extension, prolonging the agony of the inevitable.

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Conversely, earned income abroad, and residual income from foreign securities, rental, or other items abroad, can be excluded from U.S. taxable income, or foreign taxes paid thereon, is utilized as credits against Oughout.S. taxes due.

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But there may be something telling in shortage of case law on this subject. Practical question of why someone leaves a tip, and this really represents payment for services rendered, might be one how the IRS would like not to test too broadly. The Treasury might stand to lose significantly more than a person big method.

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