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Filing taxes is a confusing and complex process start off with for us. Making errors will happen from to be able to time, nevertheless the one thing you don't want to do is understate the income you en. Underreporting earnings is one to get the IRS hopping mad.

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Example: Mary, an American citizen, is single and lives in Bermuda. She earns a salary of $450,000. Part of Mary's income will be subject to U.S. tax at the 39.6% tax rate.

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