Dual citizen moves from the US to another country to live and work there permanently.
Now it’s the first time to file taxes. Can he use Form 2555-EZ every time he lives abroad to file taxes, if:
he’s a US citizen,
earned wages/salaries in a foreign country,
Had total foreign earned income of ,600 or less,
are filing a calendar year return that covers a 12-month period,
do not have self-employment income,
do not have business/moving expenses,
do not claim the foreign housing exclusion or deduction.

The question is about how to be eligible to pay nothing to the IRS if you income is much less than 87,600 and you spend less than 2 weeks per year in the US every year.

Another quesion is about line 14 from the 2555-EZ, I don’t understand that quesion.
Enter the number of days in your qualifying period that fall within 2008 (or any another year).
If you don’t visit the US and live permanently abroad, what the number should be there? 0? Or 365(366)?

Hi, help me please
Morgan and Maggie are married and have two dependent children. They also fully support Mary’s mother who lives with them and has no income. Their 2006 tax and other related information is as follows:
Total salaries 0,000
Bank account interest income 3,500
Municipal bond interest income 1,500
Value of employer provided medical insurance 3,500
Value of premiums for ,000 of group term life insurance provided by employer 0
Dividend income from ABC stock ,000
Loan from Morgan’s parents ,000
Gift from Morgan’s parents ,000
Gain from the sale of qualified small business stock held more than 5 years ,000
Total itemized deduction ,000
compute Morgan and Maggie’s taxable income

I keep reading these comments here that claim that Obama will raise taxes on corporations, which will cause companies to shut down, and people to get laid off etc..

So here is a little information from someone who is quasi-literate in such affairs. First of all Obama is not talking about raising corporate taxes, which are very different from income tax. Obama wants to raise income tax (not corporate tax or capital gains tax) on families that make more than 250 thousand dollars a year. So your boss, who probably makes more than that, would want to get paid a little more so he can offset the higher tax that he would have to pay. The increase will come from the PRE-TAX profit of the company that you are working for. More a company pays in salaries the less it pays in tax as the salary, being an expense, is tax deductable. So in other words that tax that would otherwise be paid by the company is now paid by the individual (your boss). So why the whole drama? The answer is actually simple. Corporations have found a lot of loop holes in tax laws and they never pay the taxes that they are supposed to pay. The individuals on the other hand have to pay straight forward taxes based on W2s which some deductions.

So raising your boss’s tax rate is not going to effect your job or the health of the company you work for. Just the tax system will become better and more stream-lined.

I have tried to explain this as simply as possible. I know some of you are going to ask for sources, but you are no websites that will tell it to you in one paragraph. It is common sense if you want to understand it.

I’m starting a small business & need a payroll tax guide to pay salaries. I remember having a book when I did payroll at another job. I need to know where I can purchase one for the state of Illinois.