Declaring Back Taxes Owed From Foreign Funds In Offshore Savings Accou…

Note: The writer is yet it will help CPA or tax professional. This article is for general information purposes, and might not be construed as tax details. Readers are strongly encouraged to consult their tax professional regarding their personal tax situation.

Conversely, earned income abroad, and residual income from foreign securities, rental, or other activities abroad, can be excluded from U.S. taxable income, or foreign taxes paid thereon, could be as credits against U.S. taxes due.



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Congress finally acted on New Year's Day, passing the "fiscal cliff" legislation. This law extended the existing tax rate structure for single taxpayers with taxable income of when compared with USD 400,000, and married taxpayers with taxable income of less than USD 450,000. For people higher incomes, the top tax rate was increased to 22.6% These limits are determined foreign earned income exemption.

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