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Effect of Legal Separation and Divorce on Your Ability to Claim “Single” Tax Status

According to the IRS, in order to be able to claim “single” tax status, you must be “unmarried or legally separated from your spouse under a divorce or separate maintenance decree” on the last day of your tax year, and you do “not qualify for another filing status.” (See IRS Publication 501). Determining your marital […]

Importance of Determining Your Tax Filing Status

Figuring out your filing status is the first major step in filing your tax return. Your tax filing status not only will allow you to determine the correct tax (from the Tax Computation Worksheet or appropriate column in the Tax Table), but also it is crucial to understanding your eligibility for and the exact amount […]

Foreign Earned Income Exclusion Amount for 2010

Under I.R.C. §911, if certain conditions are met, a qualified individual can exclude his foreign earned income from taxable gross income for the U.S. income tax purposes. This income may still be subject to U.S. Social Security taxes. The income exclusion amount for 2010 has increased to $91,500.