{"id":90,"date":"2022-12-19T21:21:13","date_gmt":"2022-12-19T21:21:13","guid":{"rendered":"https:\/\/schwartzcpa.com\/?page_id=90"},"modified":"2025-01-09T18:37:57","modified_gmt":"2025-01-10T01:37:57","slug":"how-we-can-benefit-you","status":"publish","type":"page","link":"https:\/\/schwartzcpa.com\/?page_id=90","title":{"rendered":"How We Can Benefit You"},"content":{"rendered":"

[vc_row fullwidth=”0″ row_space=”remove_padding_top”][vc_column][gva_block_heading title=”Benefits” style=”style-3″ align=”align-left” subtitle=”How we can benefit you”][vc_column_text css=””]<\/p>\r\n

Do you travel back and forth while living and working in a foreign country? We have successfully applied a large number of oil and gas workers for the foreign income exclusion and foreign tax credits. We invite you to contact us, at no-cost, to determine if you qualify for the exclusion which allows up to $126,500 of tax free income.<\/p>\r\n

[\/vc_column_text][vc_column_text css=””]<\/p>\r\n

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Current Tax Benefit<\/h3>\r\n\r\n

The Foreign Income Exclusion currently (2024) eliminates tax on foreign earned income up to $126,500.<\/p>\r\n\r\n

The Housing Exclusion (when applicable) can shelter income in excess of the $37,950 limit.<\/p>\r\n

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Actual Tax Savings<\/h3>\r\n\r\n

You can expect tax savings based on the following income ranges:<\/p>\r\n\r\n\r\n\r\n

\r\n\r\n\r\n\r\n\r\n\r\n
Income Range<\/strong><\/td>\r\nApproximate Federal <\/strong>
Tax Savings<\/strong><\/td>\r\n<\/tr>\r\n
$105,000 – 135,000<\/td>\r\n$15,000<\/td>\r\n<\/tr>\r\n
$135,000 – 175,000<\/td>\r\n$20,000<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/figure>\r\n<\/div>\r\n<\/div>\r\n

Example: If you are single and your gross foreign income is $125,000, the exclusion saves you approximately $15,500 in Federal taxes plus state tax savings, if applicable. <\/p>\r\n

If there are foreign taxes involved, there are additional tax savings calculated over and above the tax savings from the foreign income exclusion.<\/p>\r\n

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Other Benefits<\/h3>\r\n
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  1. Amending prior filed tax returns:\r\n