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Latest revision as of 12:39, 14 August 2026


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The IRS has set many tax deductions and benefits secured for citizens. Unfortunately, some taxpayers who are earning a great deal of income can see these benefits phased out as their income increases.

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Congress finally acted on New Year's Day, passing the "fiscal cliff" law. This law extended the existing tax rate structure for single taxpayers with taxable income of below USD 400,000, and married taxpayers with taxable income of less than USD 450,000. For those with higher incomes, the top tax rate was increased to 22.6% These limits are determined ahead of when the foreign earned income omission.

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