ELGON FINANCIAL BLOG
The current school of thought is that 529 savings accounts are the best way to save for college. But if you are on an H-1B visa, and your kids are foreign-born without social security numbers yet, this might not be the best option for you.
Read the post for more savings options if you find yourself in this situation.
If I own foreign rental property, do I have to include the income when I file my US taxes? The answer is yes, although it depends on your tax residency status. Read the rest of the post for the details on how you go about figuring this out and what to do with your foreign rental income.
Filing taxes the first year in the US as an immigrant or as a non-US citizen is not for the faint of heart. You need to figure out your filing status, in addition to understanding different concepts in the tax code. This post discusses what you need to keep in mind as you go through the process.
How to build U.S. credit as a new Immigrant – In this post, I break down what U.S credit score is, what it’s used for and how to start building it with zero credit history. This is addressed to those brand new immigrants, but applies to anybody that’s looking to start building their credit history.
We stress a lot about gift-giving during the holidays. It’s especially more noticeable between couples. It turns out, there is a perfectly logical reason for this – Money Scripts. It’s all about how we grew up, what we learned about money and the experiences that contributed to our money scripts. Understanding this can go a long way in helping us manage this stress.
In this post, I discuss why a taxable brokerage account should be a part of your investment/saving strategy. By the end of the post, you’ll know the answer to questions like – what is it, what are some of the benefits of the account, things to watch out for with the account. Finally I discuss the special use case for foreign-born nationals.
When you start a new job on a work visa, like H-1B, there are some key things you should do to ensure financial success. In this post, I’m providing a free resource that addresses the top things to do to ensure a great financial start in your new job.
The in-depth specifics of the Child Tax Credit and how the 2021 monthly advance payments could potentially impact your financial situation if you qualify.
Babies are a real source of joy, but they also cost a lot of money. The average cost of raising a child today until age 17 is $233,612. Lets talk about how to manage new baby costs (initial) without going bankrupt.
It does not matter how or when you got here; this country has a lot of financial opportunities for you. To make the most of this opportunity avoid these 10 Financial Mistakes.
College tuition is going up, Student debt continues to increase, this is not sustainable without a major policy shift. One way to combat this, is to rethink our approach and have a major mental shift in how select the colleges our students attend.
To round out the Financial Literacy Month – here are my top lessons from the “Millionaire Next Door.” Anybody can apply these lessons to their lives.
April is financial literacy month – it’s a great time to teach kids how money works. One method is to use the “cost sharing plan”. This is how my parents used the plan with us, and considering that I’m using it with my kids today, I have to admit it worked!
According to IRS, as an immigrant you are either a resident or nonresident alien. Here is a way to figure out your exact tax status.
Can an H-1B Visa holder open a 529 college savings account for college?. Is it legal and are there any tax consequences to keep in mind, considering the holder’s immigration status?
What exactly does a Financial Advisor / Planner do anyway and how can they help you?
The U.S. is one of the very few countries that taxes citizens and green card holders on worldwide income, regardless of where they live. What strategies can immigrants use to minimize some of the tax liability?
The courts have a plan for taking care of your minor kids if you pass away, become incapacitated or get deported from the U.S. How do you ensure that it includes your overseas family?