Part of being able to successfully implement the FIRE strategy on a work visa is saving or minimizing on taxes.
Having to pay tax penalties because of tax-compliance issues goes against that. In this post, I discuss ways to be tax-compliant with overseas assets and avoid having to pay tax penalties.
Whether you are filing taxes as a US tax resident or US nonresident, there are a couple of things you should be aware of. This tax filing guide is a course map to help you navigate your taxes like a pro.
Once you start investing, sooner or later, you are going to come accross the term tax-loss harvesting strategy.
In today’s post, I explain what it is, how it works, when it makes sence to practice it, as well how to think about it in a cross-border context.
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.
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?
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
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?
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?
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.
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.
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