IRS Publication 54
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Definition of 'IRS Publication 54 'A document published by the Internal Revenue Service that outlines the tax rules for U.S. citizens or resident aliens earning income in a foreign country. Income earned abroad is typically subject to taxation, and citizens or resident aliens earning income abroad are responsible for the same filing requirements as individuals living in the U.S. IRS Publication 54 discusses how to determine if a tax return should be filed, how to report earnings if they are paid in a foreign currency (the return requires reporting in U.S. dollars), whether estimated taxes should be paid and how to file the return itself. The document also indicates how to treat contributions to foreign organizations, and how to take foreign taxes into account. |
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Investopedia explains 'IRS Publication 54 'Living abroad also carries with it some special rules for tax deductions and credits. Workers may be eligible to exclude a certain portion of their incomes from taxation, as well as deduct part of their housing expenses from taxable income. |
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