Cardinal Point Wealth Management Alerts U.S. Expats Regarding New 2024 Foreign Earned Income Exclusion Limits
Cardinal Point Wealth Management, a leading provider of cross-border wealth management services, is pleased to inform U.S. expatriates about the updated Foreign Earned Income Exclusion (FEIE) limits for the tax year 2024. The FEIE is a valuable tax benefit for U.S. citizens living abroad that allows them to exclude a portion of their foreign earned income from U.S. taxation.
For tax year 2024, the Foreign Earned Income Exclusion has been increased to $126,500, up from $120,000 in tax year 2023. This increase provides an excellent opportunity for U.S. expats to potentially reduce their U.S. tax liabilities. However, before claiming the FEIE, there are essential factors and eligibility requirements to consider.
The FEIE can be a powerful tool for saving thousands of dollars on U.S. taxes, but it is not a one-size-fits-all solution. There are specific stipulations regarding what types of income qualify for exclusion. Understanding these rules is crucial in order for U.S. expatriates to fully maximize their potential FEIE benefits.
Additionally, eligibility for the FEIE is not automatic. To take advantage of this tax benefit, individuals must not only meet specific qualifications but also file the appropriate paperwork (typically a Form 2555) along with their U.S. tax return. Filing incorrectly or failing to meet the necessary eligibility criteria can lead to unwanted tax issues in the future.
Cardinal Point Wealth Management also points out that the FEIE is not the only tax relief option available to U.S. expats. Depending on an individual’s unique financial situation, there may be other applicable tax-saving opportunities to explore. Therefore, it is essential for U.S. expatriates to consult a knowledgeable tax professional or cross-border financial advisor who is qualified to provide experienced guidance to help navigate the complex and often-changing world of cross-border taxation.
As U.S. expatriates prepare for the 2024 tax year, Cardinal Point Wealth Management encourages them to explore the potential benefits of the increased Foreign Earned Income Exclusion limits. “Understanding the Foreign Earned Income Exclusion and its potential benefits is crucial for U.S. expatriates,” emphasizes Kris Rossignoli, Cross-Border Tax and Financial Planner at Cardinal Point Wealth Management. “Our team of experienced advisors is dedicated to helping U.S. citizens abroad make more informed decisions about their finances and taxes. We believe that with the right guidance individuals can optimize their tax strategies, leverage opportunities like FEIE, minimize tax liabilities, avoid issues of noncompliance, and more successfully and consistently achieve their financial goals.”
About Cardinal Point Wealth Management:
Cardinal Point Wealth Management is a leading provider of cross-border wealth management services, specializing in assisting U.S. and Canadian expatriates with their financial planning and investment needs. With a team of experienced professionals, they offer comprehensive solutions tailored to the unique challenges faced by individuals living abroad. Their services encompass cross-border tax planning, retirement planning, investment management, estate planning, and more. Cardinal Point Wealth Management is committed to helping clients achieve financial success while minimizing the complexities associated with cross-border financial matters.
Copyright 2024. Cardinal Point Wealth Management Partners, LLC and Cardinal Point Capital Management ULC All Rights Reserved. “Cardinal Point” is the brand under which the dedicated professionals within the independent Cardinal Point Group of Companies collaborate to provide financial and investment advisory, risk management, financial planning and tax services to selected clients. Cardinal Point comprises two legally separate companies: Cardinal Point Wealth Management Partners, LLC, a U.S. registered investment advisor and Cardinal Point Capital Management ULC is a U.S. registered investment advisor and a registered portfolio manager in Canada (ON, QC, MB, SK, NS, NB, AB, BC). Advisory services are only offered to clients or prospective clients where the independent Cardinal Point firms and its representatives are properly registered or exempt from registration. Each firm enters into client engagements independently. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital.
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Company Name: Cardinal Point Wealth Management
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