One of the more common tax questions is whether you need to file a tax return this year. The answer is: It all depends. Here are some quick tips to help you determine your answer.
As a U.S. citizen or resident working abroad, you may be able to exclude from income all or a portion of your foreign earnings.
To claim the foreign earned income exclusion, your tax home (the general area of your main place of business, employment, or post of duty) must be in a foreign country throughout the period
Reasons to File Your Taxes Early
While late changing tax laws make it impossible to file your income tax return prior to January 20th this year, there are a number of reasons to file your return as soon as possible. Here are five of the most common:
Not all "income" is taxable
There are several sources of revenue that are not subject to income tax.
Here are the most common sources of money that are not taxed on your federal income tax return:
Non-taxable Income for Those in the Armed Services
One of the benefits available to the men and women of our Armed Services and, in many cases, staff supporting them is the ability to exclude items from taxable income. Here is a list of the most common items that may often be omitted from income tax.
There are several sources of revenue that are not subject to income tax.
Here are the most common sources of money that are not taxed on your federal income tax return:
* Borrowed money, such as from banks or personal loans.
