A: Not all residents will become tax residents in the United States, and they must fulfill their tax obligations as long as they meet one of the following requirements: (1) American citizens; (2) holders of American green cards (permanent residency); (3) Foreigners stayed in the United States for more than 31 days in the tax year, and the total number of days stayed in the previous two years was 183 days.
2. when does the applicant submit the tax return every year?
a: the last deadline for filing tax returns in the United States is the date when the tax returns of the previous year are sent on or before April 15th every year, and it can be extended to the next working day in case of weekends or legal holidays. Taxpayers may apply for an extension to August 15 before April 15 if they need an extension under special circumstances. If the reasons are sufficient, you can also apply for a second extension to declare before October 15.
3. What are the five identities of the applicant when filing tax returns?
a: American tax filers can declare in five identities. Single, Head of Household, Qualifying Widow or Widower, Married Filing Jointly, or Married Filing Sepertly. If the taxpayer meets more than one status, he can freely choose the tax status that leads to the lowest tax to declare income tax.
green card holders must declare their income for the current year, because annual declaration is a necessary condition to maintain their identity. Declaration does not mean that you must pay high taxes. American taxes are relatively humanized, and many incomes can also be exempted from taxes. Some expenses can be directly deducted from the income tax to achieve the purpose of tax avoidance.
4. What are the common tax forms?
a: there are two types of tax forms in the United States: Standard Deductions and Itemized Deductions. Taxpayers are free to choose the most suitable form for taxpayers to declare, or they can change it every year. The standard deduction is applicable to taxpayers who have a single source of income or no income or property, such as students. Every year, according to different tax filing status, there will be a standard deduction that can be deducted from the total income. Most taxpayers will choose to list the deductions, because there are more items and amounts that can be deducted from the total income.
5. What are the benefits of paying taxes on time?
A: Improve the credibility of taxpayers, and provide convenience for children's future schooling and family housing and car purchase plans.
6. What are the regulations on anti-money laundering?
The United States is one of the first countries in the world to formulate anti-money laundering rules. In order to prevent money laundering, in 197, the US Congress passed the Bank Secrecy Act (BSA). With the promulgation of FATCA (Tax on Overseas Accounts) Act in 21, the declaration and disclosure of overseas financial assets has intensified law enforcement. It is precisely because of the introduction of the FATCA Act in the United States that the due diligence of tax-related information in financial accounts under the current global anti-tax avoidance wave has been accelerated.
from 213, the U.S. treasury department began to use the new FBAR FINCEN 114 form (foreign bank and financial account report) to monitor the money laundering behavior of U.S. tax residents around the world. FINCEN 114 requires US tax residents to report their overseas bank accounts. As long as their bank accounts have assets exceeding US$ 1, and the signature right to pay more than 8% of financial assets in a short period of time, they need to report to the IRS.