10 USA tax rules
astonishing tax rules in the USA that every new immigrant should know
astonishing tax rules in the USA that every new immigrant should know
Tax Residency in the USA: You can become a tax resident in the USA even as a tourist. The USA uses a unique system for counting days of presence to determine tax status, different from standard practices in other countries.
Filing Tax Returns: Although technically voluntary, failing to file tax returns in the USA can lead to penalties, especially if you owe taxes.
Tax Benefits for Low-Income Families: To receive government payments for children, one must file a tax return. It seems absurd, but it is true.
Variations in State Tax Rules: Tax rules can significantly differ depending on your state of residence, requiring extra attention when filing returns.
Additional Reporting for Joint Filings: Extensive reporting is required, including information about foreign accounts and cryptocurrency transactions.
Control Over Tax Withholding: Every employed person in the USA controls how much tax is withheld from their salary through Form W-4.
Deductions for Non-Working Spouses: Although a non-working spouse cannot be considered a dependent, they are eligible for certain tax deductions.
Tax Returns for Children: If your child is employed, they can file a separate tax return, and their income should not be mixed with the parents' income.
Unexpected Requests for Tax Returns: In various situations, such as renting a property or applying for a loan, a copy of your tax return may be required.
Complexity of Tax Rules: Tax rules in the USA frequently change, sometimes even retroactively, making their understanding and application particularly challenging.