The IRS has recently implemented some changes with the American Taxpayer Relief Act of 2012 that may affect taxpayers working and living in Hong Kong and abroad beginning in 2013. Some of these changes are: 2013 tax rates up to 39.6% for income over $400,000 single and $450,000 married filing jointly 2013 AGI above $250,000 [...]
Update: For tax year 2013, Form TDF 90-22.1 has been replaced with by the new Form FinCEN 114 and is required to be filed electronically. The US government has required US citizens and green card holders to file Form TDF 90-22.1 Report of Foreign Bank and Financial Accounts (FBAR) to disclose account balances of [...]
Earnings thresholds US citizens living abroad can exclude up to $95,100 of foreign earned income for the 2012 tax year if certain requirements are met. Be careful as earned income does not include rental income, dividends, interest, capital gains etc. because they are not earned income and will be subject to taxation. This exclusion is [...]