International Tax Consultants: A must for every ghost resident in the U.S.A
Who are Ghost Residents?
It’s no secret that the United States becomes home to numerous professionals and businesses due to its high booming economy, as well as the high-grade standards it sets in the global economic stage. A good number of these professionals come from abroad, either on a contractual basis, join companies after graduating from an American college, or are hired on a permanent basis by companies. In bureaucratic terms, these residents are called ghost residents. Obviously, ghost residents will have to follow similar laws as citizens which means they too will have to pay taxes to avoid legal conflict.
Understanding and paying these taxes can be a bit complex and it is beneficial if a ghost resident seeks advice from professional Tax consultants like The Accounting and Tax Company, who have a dynamic advising portfolio boasting over 100 years of experience.
Why should a ghost resident seek advice from an International Tax Consultant?
1. They help to understand lawful eligibility regarding taxes.
Ghost residents become eligible for the Substantial Presence Test (SPT) which is, if simply put, an eligibility test that checks if a non-citizen is a resident for tax purposes or a non-resident for tax purposes. The Green Card test is a similar test, except it only tests for eligibility of residents for tax purposes. Getting started with these tests require some guidance with regard to documentation and legalities. An International Tax Consultant knows this process inside out and will help to get through with it with ease.
2. They help you understand the taxation system.
Although the concept of taxation for both ghost residents and citizens are the same, i.e., a resident’s overall income commonly known as worldwide income has to be declared and given an account of when they file their tax returns, there are still specific and intricate tax laws that ghost residents are subject to. These are specially designed for ghosts residents and the tax ramifications of these are different as compared to citizen residents. This is where an International Tax Consultant plays his role. They are well versed with all these taxes and their ramifications, so they can assist you in not only understanding these complexities but also make sure you are following it the right way.
3. They help you know what taxes you have to pay and about tax exemptions.
Ghost residents are subject to pay taxes like Income tax, property tax, sales and excise taxes, etc. However, there are also certain taxes that they might not have to pay, but might pay by accident. An International Tax Consultant will make sure that you only pay those taxes that you’re legally required to and not anything more. This not only helps you save money but also allows you to become eligible for tax exemptions and refunds.
Hence, International Tax Consultants like the Accounting and Tax Company that have been serving clients for 20 years, and have set a high standard in tax consultancy. Their service is a must since they aim to help their clients succeed in making informed decisions.
