What are the tax relief options available for expats?
Expatriates may qualify for various tax relief options, including the Foreign Earned Income Exclusion and the Foreign Tax Credit.
How do I apply for the Foreign Earned Income Exclusion?
To apply, you need to file Form 2555 with your tax return, providing details about your foreign income and residency.
Are there any specific requirements I need to meet?
Yes, you must meet either the Bona Fide Residence Test or the Physical Presence Test to qualify.
What about the Foreign Tax Credit?
The Foreign Tax Credit allows you to reduce your U.S. tax liability by the amount of foreign taxes paid, helping to avoid double taxation.
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