Did you just receive your first paycheck as an immigrant in the US? If yes, your first American pay stub might look confusing to you. To help you get to know your pay stub and understand all the different deductions and words, here’s a guide.
On the surface, dual citizenship is a wonderful benefit. Dual citizenship is a benefit for most people, but it can also have financial consequences.
The new Tax Cuts and Jobs Act created a new opportunity for investors who can receive special tax incentives for investing in distressed areas. How can you invest in an Opportunity Zone? What is required and what kinds of incentives exist?
The Tax Cuts and Jobs Act of 2017 made some changes to the types of qualified expenses that you can deploy 529 funds against: they now allow you to use $10,000 per year for primary or secondary school tuition. The average annual cost of private primary education is estimated to be $9,631, so it’s logical to be curious about whether you can use 529 funds for private K-12 or elementary, middle, or high schools. But is it wise to do that?
At one point, you might need to send funds to a friend or family member who is in another part of the world. You have several choices if you’re planning to send money abroad. Prices, convenience, and speed can vary greatly. We’ve distilled the Top 5 options for sending money abroad.
The year 2018 brought substantial changes to many of our client’s tax situations. Given all the changes, we’ve assembled a concise list of strategies you can use to reduce your taxes under the provisions of the new tax law.
Applicants for permanent residence in the United States must show that they won’t be dependent on public resources in order to qualify for a green card. Do you know about the recent changes?
The 199A deduction allows pass-through entities with domestic businesses to reduce their Qualified Business Income of up to 20%. Do you qualify?
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 your loved ones are visiting the United States, it’s a good idea to make sure they are covered by health insurance. With the high cost of healthcare in the US, it would be expensive to fall ill or become injured during a US trip.
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.
Before heading to the airport, make sure you’ve met the requirements for entering or reentering the United States. This includes traveling with large amounts of money. Here’s what you need to know about bringing money into the USA on a plane.
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.
Whether you are just beginning your education at a United States institution of higher learning or you’ve yet to decide, knowing your employment options in advance will help determine how long you can stay in the United States after graduation.
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.