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13 de mayo de 2024The Most Beneficial Tax Updates For US Expats Arriving In 2024
Embarking on a journey as an expatriate is an adventure full of new experiences, cultures and challenges. Amidst the excitement, it is essential to stay in tune with the constantly evolving landscape of tax regulations, ensuring you navigate the financial aspects of your expat life with confidence and compliance.
As we move into 2024, a number of tax updates await expatriates around the world. These changes can have a significant impact on your financial strategies, presenting both challenges and opportunities. In this blog post, we delve into the intricacies of the latest expat tax updates, shedding light on the key changes that will shape your financial landscape in the year ahead.
You will be able to exclude up to $120,000 of your income from US taxation with the Foreign Earned Income Exclusion.
The IRS has announced a substantial increase in the foreign earned income exclusion, which now stands at $120,000.
This means that if you are a US citizen, green card holder, or resident living and working abroad, you can exclude up to $120,000 of your foreign earned income from your US federal income tax for the 2023 tax year. This is if you use the Foreign Earned Income Exclusion method.
This significant change is great news for expats and international workers as it allows you to keep more of your hard-earned money while living outside the United States.
The year 2024 marks the last opportunity to claim stimulus payments that you may not have previously received or claimed. These payments, which amount to thousands of dollars per tax filer, come with additional refundable credits for qualified dependents.
The deadline to claim these payments is June 18, 2024; all that is needed is to file your U.S. tax return. If you have never filed a US tax return before, don’t worry! You can catch up efficiently by using the amnesty process known as the Streamlined Procedure for Foreign Nationals in Tax Havens, a streamlined and accessible method to ensure you receive the funds you are entitled to and file your back tax returns without interest and penalties.
