Tax Planning Archives

SEARCH RESULTS

Category: Tax Planning

If On A Work Visa, Should I Invest In 401k And Other Special Accounts?

May 17, 2023

One of the questions I get all the time is how to invest in the US stock market using special accounts like Roth IRAs, HSAs, 401ks, 529, etc. on an H-1B or other work visa (L-1, O-1, H1B1, TN, and E3)

This is keeping in mind that work visas are by nature temporary non-immigrant visas and technically the holder is expected to depart the US after the work assignment.

The post is a summary of a more in-depth technical, nerdy paper written for advisors on the Nerds Eye View Blog by Michael Kitces.

Top 4 Roth IRA Mistakes And How To Fix Them

March 14, 2023

Everybody is keen to have a Roth IRA account, but messing up with the rules can be very costly.

You still have time to make a ROTH contribution for 2022. But please, don’t make the following mistakes as you make the contributions.

If on a work visa, please pay special attention to the last point.

What Is Some Useful Tax Vocabulary To Know?

February 22, 2023

What is some useful tax vocabulary to know?

Taxes are complicated, which leads to making mistakes, which can and do impact your financial life.

Here are some basic tax concepts to be aware of as you get ready to file your 2022 Taxes

Do I Pay Taxes When I Send Money Overseas?

January 24, 2023

Foreign-born families and other immigrants tend to send a lot of money overseas. So in this post, I’m answering the question – do I pay taxes when I send money abroad from the US?

Do I Have to Pay Taxes on Gifts From Overseas Family?

Do I Pay Taxes On Gifts From Overseas Family?

January 5, 2023

If I receive gifts from overseas, what taxes am liable for?

What are the tax considerations for receiving gifts from overseas families when you live in the US and you are a tax resident?

2022 Year-End Financial Checklist – Its All About Tax Savings

November 30, 2022

Use this checklist to check off all your 2022 year-end financial items – hopefully leading to tax savings at tax filing next year or in the future.

How to Report Foreign Rental Income When You File Taxes

March 21, 2022

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.

How to file taxes first year as an immigrant_Blog

How to File Taxes the First Year as an Immigrant

February 16, 2022

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.

The Child Tax Credit – Advance Money Payments For 2021

July 12, 2021

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.

The Top 5 Things to Know About FBAR Filing

March 17, 2021

If you own any cash or securities type of assets in a foreign country, you might need to file an FBAR at tax time. Your top questions on the topic answered.