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Newly updated to include the latest revisions in IRS regulations and the 2002 setting of the Foreign Earned Income Exclusion at $80,000 per year, this guide details and explains the necessary physical presence and residence tests needed to claim this exclusion along with the tax rules, forms, and computations that must accompany it. Also clarified are the requirements of Section 911 and how to establish a foreign tax home from which occupational activities are based. Related matters such as preparing to move abroad, foreign moving expense rules, foreign tax credits, and special rules when working in U.S. possessions are also discussed so that the ultimate goal of saving as much money (tax free) as is possible can more easily be met.