Are you an individual living in another country for the purpose of work? Well, most people who live abroad are taxed by both their native government and the government of the foreign country. This leads to most people keeping their financial situation hidden from others. You can now get foreign earned income exclusion if you are a US citizen or permanent resident living abroad for work, education or a purpose whose duration cannot be specifically calculated. You should have stayed for at least 330 days abroad out of the 365 in a year.

Foreign tax credit

The tax exclusion extends to balances in bank accounts after 2005. After inflation adjustment, if your bank balance comes below $95,100 as determined in 2012, you need not pay taxes. Filing taxes in two countries must be quite hectic because tax laws are different. You need to take the help of expat tax services to calculate the taxes in your domestic country.

Expatriate tax services are offered online and you can enter your income information to get a quotation of price of the services that these companies provide.

Efficient and qualified CPAs work for these expat tax services offering countries and if you are satisfied with the quotation given, you can work with them.