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The key is knowing how to apply the right treaty to the right kind of income.
Know the Residency Rules
Treaties only apply when residency is established.
That means filing the right treaty forms with the tax return.
The IRS usesForm 8833for treaty-based positions, and other countries have their own versions.
Keep the Documentation
As with anything related to filing taxes,keeping accurate records is key.
Proof will be needed of things like residency, income and expenditure.
Without proper documentation, relief might be denied even if the claim is correct.
Understanding whats taxable, how to claim relief and where residency lies can make a big financial difference.
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