The 2023 tax year has highlighted the complexity of international tax responsibilities, particularly for U.S. residents with overseas income and non-residents with U.S. income.
U.S. residents with foreign income must be aware of the Foreign Earned Income Exclusion, which allows certain U.S. taxpayers to exclude a portion of their foreign income from U.S. taxes. This exclusion has been adjusted for inflation for the 2023 tax year.
Non-residents with U.S. income also have specific obligations. They must file a U.S. tax return if they engage in trade or business in the U.S. and may be subject to withholding tax on U.S.-source income. Additionally, they need to be aware of the impacts of any tax treaties between their home country and the U.S.
Navigating the complexities of international tax can be daunting. However, you don’t have to do it alone. At T&Y CPA, we specialize in international tax matters. Contact us today for expert guidance tailored to your international tax needs.
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