How We Can Benefit You
Current Tax Benefit
The Foreign Income Exclusion currently (2011) eliminates tax on foreign earned income up to $92,900. The Housing Exclusion (when applicable) can shelter income in excess of the $92,900 limit.
Actual Tax Savings
When we qualify you, expect tax savings based on the following income ranges:
|
Income Range
|
Approximate Federal
Tax Savings
|
$65,000
$85,000
|
to
to |
$75,000
$95,000
|
|
|
Example: If you are single and your gross foreign income is $95,000, the exclusion saves you approximately $18,500 in Federal taxes plus state tax savings, if applicable.
If there are foreign taxes involved, depending on the foreign country and employer, there are additional tax savings calculated over and above the tax savings from the foreign income exclusion.
Other Benefits
- Amending prior filed
tax returns:
We have filed and successfully obtained tax refunds from many prior filed tax returns by claiming the exclusion not previously claimed and taking allowable foreign tax credits. Contact us for a no-cost review of your situation to determine applicability.
We have also had success at the IRS Appeals level on certain amended returns that were initially rejected by IRS and that is no easy task.
We recently took a case to the Tax Court level after losing at the IRS Appeals level and scored a complete win.
- Filing Form 673 and an exempt W-4 to cease federal withholding by employer. See explanations in our discussion letter under other considerations as to why this is important.
- You receive highly personal and dedicated attention from specialized personnel. We pride ourselves on being readily accessible to answer questions and provide guidance.
- We know this code section (911) like the back of our hand. Because of this specialized knowledge, we are able to qualify many workers. We know your rights and will fight for them.
tax@schwartzcpa.com | 701-483-3800 | 1-800-279-6052