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Note: The article author is not CPA or tax qualified. This article is for general information purposes, and should not be construed as tax professional guidance. Readers are strongly motivated to consult their tax professional regarding their personal tax situation.
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A personal exemption reduces your taxable income so you end up paying lower taxes. You could be even luckier if the exemption brings you using a lower tax bracket. For the year 2010 it is $3650 per person, comparable to last year's amount. That year 2008, the number of was $3,500. It is indexed yearly for blowing up.
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In 2011, the IRS in addition to Congress, made their minds up to possess a more rigorous disclosure policy on foreign incomes which includes a new FBAR form that requires more detailed disclosure information. However, the IRS is yet release a this new FBAR sort of. There is also an amnesty in place until August 31st 2011 for taxpayers who fill form FBAR in past years. Conscientious decisions not to know fill out the FBAR form will result a punitive charge of $100,000 or 50% on the value globe foreign take into account the year not documented.
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