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 ๐Ÿ”ด๐Ÿ‘‰ The Foreign Earned Income Exclusion prevents Americans making money abroad being taxed twice on their foreign income, up to a certain amount. This exclusion rose for tax year 2020 up to a maximum exemption amount of $107,600.

๐Ÿ”ด๐Ÿ‘‰ The Foreign Earned Income Exclusion prevents Americans making money abroad being taxed twice on their foreign income, up to a certain amount. This exclusion rose for tax year 2020 up to a maximum exemption amount of $107,600.

Estate Tax Exclusion Increase: Estates for those who died in 2020 now have a basic tax exclusion amount up to $11.58 million, compared with $11.4 million the year before.

Higher Incomes Subject to Social Security Taxes: For tax year 2020, Social Security payroll taxes will apply to workersโ€™ incomes up to $137,700 before earnings are exempt, up almost $5,000 from 2019.

โ˜Ž If you need more information, please contact us at (954) 442-8771
http://www.cpcaccounting.com/
Pembroke Pines – Florida
Orlando – Florida.

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