S is for SPLIT. Income splitting is a strategy that involves transferring a portion of revenue from someone which in a high tax bracket to someone who is within a lower tax range. It may even be possible to reduce the tax on the transferred income to zero if this person, doesn't possess other taxable income. Normally, the other individual is either your spouse or common-law spouse, but it can also be your children. Whenever it is possible to transfer income to someone in a lower tax bracket, it should be done. If the difference between tax rates is 20% the family will save $200 for every $1,000 transferred for the "lower rate" general.

In addition, an American living and dealing outside the states (expat) may exclude from taxable income their particular income earned from work outside the country. This exclusion is by 50 % parts. Fundamental exclusion has limitations to USD 95,100 for that 2012 tax year, as well as USD 97,600 for the 2013 tax year. These amounts are determined on the daily pro rata cause of all days on in which the expat qualifies for the exclusion. In addition, the expat may exclude number he or she taken care of housing in a foreign country in excess of 16% of your basic difference. This housing exclusion is tied to jurisdiction. For 2012, real estate market exclusion may be the amount paid in overabundance of USD 41.57 per day. For 2013, the amounts a lot more than USD 45.78 per day may be excluded.



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Example: Mary, an American citizen, is single and lives in Bermuda. She earns an income of $450,000. Part of Mary's income will be subject to U.S. taxes at the 39.6% tax rate.

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