If you file taxes in the US, you may be able to deduct student loan interest from your taxable income. But what if the interest payments are made on a student loan from a non-US bank?
If you earn taxable income in the United States and abroad during the same year, your taxes can be complicated. When you have financial dealings in another country, you may be liable for paying income tax not just in the United States, but also to that foreign country. You may be eligible for the Foreign Tax Credit.
Here are 10 common tax-filing mistakes encountered by immigrants. As you prepare for tax season, take care to make sure you’ve avoided them!
What will happen to my family and belongings after I die? This is one of the most uncomfortable, but necessary, questions we must ask ourselves for the sake of our family. A properly executed estate plan can thoroughly answer this question before your death to reduce the emotional stress that your passing will bring.
In general, it is not advisable to withdraw money early from your 401K. Some of our clients ask us if they should take an early distribution from their 401K when they move back to their home countries. The answer is still usually no because there are penalties and tax consequences of doing so. You can leave your 401K right where it is and benefit from it in retirement, wherever you are living in the world. However, in some cases, especially financial hardship or early retirement, an early withdrawal (or distribution) from your 401K may serve as a viable strategy.
Most non-citizens are eligible for social security benefits if they meet certain requirements. Here are the top five things you need to know.
The Foreign Account Tax Compliance Act (FATCA) was passed to mandate U.S. taxpayers to report their foreign account assets. This is the United States’ effort to identify tax evasion by US taxpayers holding financial assets abroad. Immigrants need to be aware of how this law impacts the insulation of foreign assets.
Investing in and starting companies while on an H1B visa is not prohibited but it can be challenging. There may be hurdles that you have to jump through and you have to be careful that your activities do not cross into “unauthorized work” and compromise your status.
US immigrants are often most focused on achieving permanent residency status. But estate tax planning should happen in tandem to pre-residency planning. US estate tax burden issues must be addressed, especially for high net worth individuals.
Cost, application process & requirements for the EB5 Investor Program for U.S. immigrants.
We have a guide to every financial term you'll ever need to know - A to Z!
Many of us may perceive trusts as a complex subject better left to our attorney. However, a trust is simply a contract initiated by a grantor who agrees to transfer assets to a beneficiary, who then receives the assets as stipulated in the trust contract. A trustee, who may also be the grantor, manages the trust assets and ensures the stipulated terms of the trust are faithfully executed.