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CROSSING BORDERS 02-02, 15 FEBRUARY, 2002
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EDITOR'S NOTE
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We hope you all had a wonderful Valentines day and to our Chinese friends, a Happy New Year. This issue hasn't gone out as early as I had planned. We had many things going on at the same time, buying a house, filing to lift my conditional status and more. Back to this issue, if you are a permanent resident (green card holder) and your company sends you abroad to work do you still have to pay U.S. taxes? Read about it below in "Residents Abroad Have Continuing Tax Obligation."

Have a WONDERFUL February!
~Lynette

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RESIDENTS ABROAD HAVE CONTINUING TAX OBLIGATION
by: ARA Content 
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(ARA) - U.S. citizens living outside the United States have a continuing federal tax-filing obligation to the United States. 

According to the Internal Revenue Service, U.S. citizens and resident aliens who live abroad may have to file U.S. income tax returns. People with permanent U.S. resident status are subject to tax on their worldwide income just the same as U.S. citizens. 

Being out of the country does not change the U.S. resident status of U.S. citizens or of green card holders. They are still liable for filing U.S. tax returns and could end up with sizeable penalty and interest payments if they don't file and pay their taxes in a timely manner. 

However, the foreign earned income exclusion can provide some relief to taxpayers living and working in a foreign country. To qualify for the exclusion, they must have a tax home in a foreign country and be a resident of that country or meet a physical presence tax test. 

Those who qualify can subtract up to $76,000 in 2000, for each taxpayer, of foreign earned income from their U.S. gross income. The foreign earned income exclusion will be increased by $2,000 each year thereafter, reaching $80,000 in 2002. U.S. government employees are not eligible for the exclusion, but some independent contractors working for the U.S. government may qualify. 

To claim the exclusion, file Form 1040 and attach Form 2555, "Foreign Earned Income," or 2555EZ, "Foreign Earned Income Exclusion." Those who are late in filing may still be able to claim the exclusion for prior years, provided that they file before the IRS discovers their failure to elect the exclusion. 

The necessary forms and IRS Publication 54, Tax Guide for U.S. Citizens and Resident Aliens Abroad, are available on the IRS Web site, www.irs.gov, or by writing to the IRS Area Distribution Center, P.O. Box 85627, Richmond, VA 23285-5627, USA. 
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If you've changed your name recently, you want to make sure you've got it right otherwise you may not be able to cash that tax rebate and surely we don't want that! What name to choose and how to do it in next month's issue. Watch for it in your inbox!

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The article in this issue is provided to us by Articlecity.com and ARA Content.
Everything else is Copyright 2002. All rights reserved, Ken & Lynette Chandler.
Website: http://www.kenandlyn.home-page.cc E-mail: mail@kenandlyn.home-page.cc
This e-newsletter can be freely distributed as long as it's in it's entirety, this message including. No part(s) of it may be copied, re-written or distributed in any electronic, print or broadcast form without the publisher's permission.
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