Foreign Income Tax Tips

Part of the Video Series Tips for Filing Taxes

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Working out of the country? You may have to pay a foreign income tax. Get tips in this free video clip about business tax deductions.

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Foreign Income Tax Tips
"Hey Dan, you've got to get your K-1's in before you schedule your appointment because I don't want to have it sitting there. Lots of things can happen in the mean time, so I want to book you in to March. Okay? Okay. And then, of course your rental stuff is going to go on there too. So, I'll be seeing you then. Okay? Good." Hi, I'm Tom Choisnet, enrolled agent. We were talking on the phone a little bit about some things that are going to wind up on Schedule E. That's where the K-1's go, if you have any limited partnerships, or if you're an S-corporation member, the flow through goes on Schedule E, and also if you have any rentals, that's where they wind up. So, Schedule E is a very integral part of your tax return and that's where those K-1's go. I hope I've helped you a little bit in getting your stuff together for your tax guy because you certainly would want a professional if you're involved in Schedule E to any extent. Thank you!

About the Expert

Expert: Tom Choisnet has been in self-employed tax practice for over 40 years, and he has been an enrolled agent since 1968. He has prepared over 35000 tax returns. Read More