I am a US citizen who has never lived in the US and never paid US taxes. I have been working for 15 years. Am I just putting off a very big bill?
You’re not “putting off” a very big bill, you may already have a very big bill that is accruing interest and penalties. As a US citizen, you’re required to file returns every year, regardless of where you live. Depending on the amount of your income, you could potentially already owe back taxes, interest and penalties.As a rule, ALL US Citizens must pay taxes on ALL global income regardless of whether they live outside the US (or have never lived in the US).However, US citizens who satisfy the requirements for “working and residing outside the US” can take advantage of the following tax breaks:Foreign Earned Income Exclusion (up to $101,300 in income is not taxed)Foreign Housing Expense ExclusionForeign Tax Credit (any US taxes you owe are offset by any taxes you paid to a foreign government)Note that the Foreign Earned Income Exclusion increases every year, so going back six years to 2010 the exclusion amount was only $91,500. There’s a great explanation of this, along with the rates for all years going back to 1998, here:How to Exclude Foreign Wages from Your U.S. TaxesSo, if you made less than the exclusion amount in each year, you should be OK. However, I’d definitely talk to an accountant just to be sure.If you’re above the exclusion amount, you still may have zero tax owed to the US based on the housing exclusion, foreign tax credit and other deductions/credits you may be eligible for.Also, keep an eye on the news from congress. The Foreign Earned Income Exclusion is often brought up as an “unfair loophole” and threatened with repeal. If it is repealed, you’d be required to pay taxes on all your income, starting from $0, even if you live outside the US.
Janet Home went to Citizen Bank. She borrowed $7,000 at a rate of 8 percent. The date of the loan was Septembe?
Janet Home went to Citizen Bank. She borrowed $7,000 at a rate of 8 percent. The date of the loan was September 20. Janet hoped to repay the loan on January 20. Assuming the loan is based on ordinary interest, Janet will pay back interest on January 20:
What happens to bank loans & Credit debts if someone is getting deported?
My friend is getting deported as they denied her green card, well its unfortunate as she is a great person and have been here for almost 9 years, her company that sponsored her did not follow up and then laid her off after 6 years of employment with them. well long story short she has outstanding bank loans and credit card debt,almost $ 20,000 she is moving back to her country (china) , they are very poor there so there is no way she can pay the loans from living there in china. we just want to know what happens to the loans and to her. she cannot pay off the loans in 3 weeks that she has left in this country. thanks please help with your real answers. please ddon'twrite stupid answers.
If you are on welfare and you win the lottery, should you be allowed to keep the money?
dcjohn: Welfare is social engineering in the first place. To all who keep making analogies to rich people: Rich people earn their own money. If you ask for financial handouts based on the premise that you are so destitute that you can not make ends meet, the fact that you are playing lottery proves you are recieving the aid under false pretenses. In that case they should have to pay it back.
Why is it called a Wall Street bailout?
1. the kumpanees that went bankrupt so far are all big wall street invest banks or brokers. 2. the wons the guvt baeled out so far R mostlee big wall street bankers & brokers. oenlee sepshun=AIG=inshuer kumpanee. But AIG got in trubel bekauz it inshuered wall street thangs..."kredit swaps". 3. The trubel soers: packages av morgages. Hu made the packages? Fanee Mae & Fredee Mak. Wot happened? guvt take over both av em tu prevent em go bankrupt. Wi du yu kare? Fanee & Fredee sold the packages & wall street bi/sell/trade em. Sell em tu maen street & tu big banks in Yerop & Middel Eest. But then a straenj thang happen...sumwon notis a lotta morgages go bankrupt (bank take bak hous). So theez packages no longer AAA prime klass a supper ++++ maby em junk=grade F. So the pries drop. Big banks luze munee. But that munee is part av theer "kapital" Wen "kapital" tern negativ, bank mite go bankrupt. & a lotta banks boroed munee & yuze thees morgage pakaejs as kolateral. Wen value av kolateral go down 2 far, the bank that suppli the lone demand more kolateral. That meen boroer gotta put up more kash. Sum got sudden demand for like 50 BILYUN $ more kolateral bi tumorro at noon. Dont hav 50 bil in the bank. Sumthang gotta giv. Both boroer & loner mae go bankrupt. Wi wood the loner go bankrupt?...him did NOT hav the kash tu lone out. All banks lone out 15-35 times as much $ as em hav. Em gotta hav fresh kash kummin in the door all the time or em kan be wiped out bi just 1 big bad lone. ------------- so wi du yu kare? Fed guvt is afraed evree bank go bankrupt. guvt kant funkshun without banks. Wen guvt get skared, it du straenj thangs. Yu need tu keep I on guvt & the straenj thangs it du.