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Excises are taxes levied on certain goods or services, such as fuel, tobacco and alcohol. The exemption reduces the amount of income that would otherwise be taxed. An expatriate is someone who has left their country of origin to live in another country. The federal income tax is the largest source of revenue for the US government. A flowing (through) organization is a legal business entity that transfers all of its income to business owners or investors. The Foreign Earned Income Exclusion was created to avoid double taxation for Americans living abroad. A foreign tax credit is a US tax credit that offsets income tax paid in other countries. IRS Form 1040-X is filed by taxpayers to amend an annual tax return that was previously filed. As a result of the Tax Cuts and Jobs Act (TCJA), most taxpayers can now only carry forward net operating losses (NOLs) that occur in tax years after 2017 to a later year. IRS Form 1065 is used to report profits, losses, deductions, and business partnership credits for tax purposes.