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The maximum exclusion is $130,000 for tax year 2025 (future years indexed for inflation). [3] The amount of exclusion that a taxpayer is entitled to is equal to the lesser of foreign earned income for the year or the maximum exclusion, divided by the total number of days (365 or 366) in the year times the number of "qualifying days".
3 February – The US suspends its increased tariffs on Mexican imports for a month following and agreement between President Trump and President Sheinbaum for her to deploy 10,000 National Guard soldiers to the US-Mexico border. [5] 8 February – 2025 Escárcega bus crash.
The reduced rate also applies to dividends from corporations organized in the United States or a country with which the United States has an income tax treaty. This 15% rate was increased to 20% in 2012. Beginning in 2013, capital gains above certain thresholds is included in net investment income subject to an additional 3.8% tax. [56]
Meanwhile, the US exported $354 billion worth of goods to Canada last year and $322 billion to Mexico, accounting for a third of the value of all goods the US exported worldwide last year.
The new expatriation tax law, effective for calendar year 2009, defines "covered expatriates" as expatriates who have a net worth of $2 million, or a 5-year average income tax liability exceeding $139,000, to be adjusted for inflation, or who have not filed an IRS Form 8854 [20] certifying they have complied with all federal tax obligations for ...
The treaty moves in five-year cycles and allows Mexico to run a water debt in the first four years, if it can make it up in the fifth. ... for the five-year period, which ends in October 2025 ...
The Tax Administration Service (Spanish: Servicio de Administración Tributaria, SAT) is the revenue service of the Mexican federal government. The government agency is a deconcentrated bureau of the Secretariat of Finance and Public Credit , Mexico's cabinet-level finance ministry, and is under the immediate direction of the Chief of the Tax ...
Although not occurring until next year, Jan. 15, 2025, is an important date for 2024 tax filers. This is the date that your final quarterly estimated tax payment is due for the 2024 tax year if ...