Self-Employment Tax Deductions for U.S. Expats
U.S. citizens working self-employed abroad are still required to report business income on their U.S. tax return. Various deductions and credits may be available to reduce the resulting tax liability.
U.S. residents who failed to report foreign income or financial assets on prior tax returns may use the IRS Streamlined Domestic Offshore Procedures to correct filings with a single 5% penalty. Eligibility requires certifying non-willful conduct and submitting three years of amended returns.
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