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In 2011, the IRS in conjunction with Congress, have made a decision to have a more rigorous disclosure policy on foreign incomes that includes a new FBAR form that needs more detailed disclosure data. However, the IRS is yet to release this new FBAR structure. There is also an amnesty in place until August 31st 2011 for taxpayers who did not fill form FBAR in past years. Conscientious decisions never to fill the actual FBAR form will result a punitive charge of $100,000 or 50% on the value the actual foreign keep an eye on the year not published.
2) You participating within your company's retirement plan? If not, why not? Every dollar you contribute could get rid of your taxable income decrease your taxes to trainer.
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In 2003 the JGTRRA, or Jobs and Growth Tax Relief Reconciliation Act, was passed, expanding the 10% income tax bracket and accelerating some of the changes passed in the 2001 EGTRRA.