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Tuesday, June 17, 2008

About Taxes: Foreign Bank Account Reports Due End of June

About.com   Taxes
In the Spotlight | More Topics |
  from William Perez
Not many people know that they are supposed to report bank and brokerage accounts held in foreign countries. This little known law requires Americans to submit a foreign bank account report to the Treasury Department if they had a balance of $10,000 or more across all their accounts as any time during the year. Reports are due June 30th for the 2007 year.

 
In the Spotlight
Tax-Free Treatment When Selling a House
Homeowners sometimes rent out their house while they wait for market conditions to improve. Homeowners will still be able to exclude their gain, but will need to pay close attention to the two years they need to qualify for the tax-free exclusion...read more

 
         More Topics
Common Business Deductions
Consultants and business owners can write off a variety of common business expenses against their taxes. Expenses that are typical for many consultants include software, supplies, travel, postage, and continuing...read more

 
Filing Back Taxes for Working Abroad
US citizens and resident aliens who work in foreign countries are sometimes unaware of the fact they need to report their income to the Internal Revenue Service, even if they haven't worked in the US...read more

 
 
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