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.
My first post on retirement daily discusses tax issues to be aware of, if you own any type of non-US financial assets. The focus is on keeping the taxman happy, saving yourself some money and future stress if you have non-US financial ties.
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.
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.
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?
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