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We have all been promised that people that make under $250,000 a year would not see a tax increase during the Obama administration. Of course, that promise is highly unlikely to hold.
You also keep in mind that these overseas bank accounts are opening up an entire can of worms for the taxpayer. The holding of an overseas account is not a violation of the law.
In simplified terms, it’s your adjusted gross income (AGI) as shown on your tax return, minus the following items:-Roth IRA Conversions,Roth IRA Roll overs,Minimum Required Distributions.
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The exchange rate that should be used is the prevailing rate at the time the income is received or the expense is incurred. If you owe taxes on your return, you must also pay what you owe in U.S. dollars.
The rule is different if you sell an item that has appreciated since it came into your possession. Selling art or antiques that have gone up in value significantly since acquisition and sold for a profit must be reported.
There are a series of tax-related question you need to address BEFORE your first tax filing. Issues such as calendar year versus fiscal year, startup costs, and start date can be strategic decisions.
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