Posts tagged foreign income.
U.S. citizens that work or receive income from abroad are subject to U.S. income taxes on foreign income. The tax is applicable regardless of where U.S. citizens reside. U.S. taxpayers receiving foreign income must file an income tax return with the IRS reporting all foreign income and must pay the reported U.S. tax liability. U.S. taxpayers may be eligible for a partial foreign income exclusion as well as a housing cost exclusion. Foreign earned income is defined to include wages, salaries, or professional fees, and other amounts received as compensation for personal services ...