Do not miss these tax rules before migrating to the USA
If you are also planning to migrate to the USA and don’t know about the tax rules there, this article will help you out.
It’s always advisable that you get aware of the country’s tax rules before you migrate into that. The revenue department of one country may or may not function like others hence having prior knowledge is always beneficial. US tax consultants in Toronto will also guide you regarding the same hence before you start your work there, you must consult with a good tax consultant.
The taxation rules for immigrants in the USA are almost alike to US citizens. Even if you are an immigrant, in certain conditions you will have to report your income to the IRS.
If you move to the USA, you will either approach for the green card of work on the non-immigration visa. Understanding the immigration system and US tax code can be quite confusing, especially if you want to know how it is applied for migrants. You need to figure out the tax obligations if you are an immigrant and also ensure that you are abiding by all the applicable laws.
The tax rules for these two categories are different:
If you are a green card holder
Being a green card holder, you are considered as the US tax resident hence you will have to reveal all your income (domestic and abroad) to the tax department. Green card holders must file IRS Form 1040 just like any other taxpayer in the USA. You can approach any Tax consultation service in Toronto for that. Filing IRS Form 1040 every year also enhances your chances of getting the citizenship of the country.
In case if you are not filing IRS Form 1040 intentionally even after being a green card holder then you may be considered as guilty and legal actions may be taken against you by the authorities.
If you are a non-immigrant visa holder
In this case, things work differently – the authorities may or may not ask you to report your income. You by default become a tax resident of the country if you are in the country for more than 183 days in a year. After spending 183 days in the country you will have to report your income to the IRS and you will be liable to pay tax on that. The tax consultant in Toronto will help you through the process of tax payment.
You must comply with the taxation laws of the USA to secure your residence and avoid any fret, which in worst cases may result in deportation. Seek help from the accounting and tax company for taxation related matters.
