Americans living abroad, in countries like Great Brittan, are being affected by tax hikes. Although there are some ways that you can dance around these increases in other countries, it is not always that easy. These increases affect not only those with luxury properties, but more average investors, as well.
UK tax hikes affecting expat property owners: is it too late to act?
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Andrea Solonge, has been announced as the recipient of the coveted 12th Heath Ledger Scholarship Andrea Solonge, recipient of the 12th Heath Ledger Scholarship Established in 2009 in memory of...
CST is proud to sponsor the 2024 Heath Ledger Scholarship Created by Australians in Film Foundation and managed by Australians in Film (“AiF”), the Heath Ledger Scholarship (HLS) is now in...
CST is a proud sponsor of the 2024 Heath Ledger Scholarship Australians in Film is pleased to announce the finalists of the prestigious Heath Ledger Scholarship 2024 This year a record number...
A lot of young people have a dream to travel the world. This is one person’s take on that. They did it and actually used it to get a career going. They were in their twenties. It’s pretty impressive to see someone of that age manage that successfully.
Key Takeaways:
“Go abroad early in your career.”
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In our previous article on the topic of sales tax in September 2018, titled “Understanding Sales Tax in the US” Click here to read the post, we discussed the ways in which US states themselves...
About CST Tax Advisors CST Tax Advisors is a global firm of CPAs, chartered accountants, and attorneys that advise globally mobile private clients, family offices, and established privately owned...
What is a CFC A CFC is a foreign corporation in which more than 50% of the shares are held by US Shareholders US Shareholders are shareholders in a foreign corporation that own more than 10% of...
You are going to die, and when you die no one is going to remember that you didn’t answer the question right, no one is going to remember that you said something awkward after class. Remind yourself that you’re going to die, so you don’t take the small things so seriously.
Key Takeaways:
“It makes you get good at talking with confidence, and the teacher will make you do things that get you WAY out of your comfort zone.”
http://www.inc.com/quora/9-daily-habits-of-people-who-are-relentlessly-confident.html
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In our previous article on the topic of sales tax in September 2018, titled “Understanding Sales Tax in the US” Click here to read the post, we discussed the ways in which US states themselves...
About CST Tax Advisors CST Tax Advisors is a global firm of CPAs, chartered accountants, and attorneys that advise globally mobile private clients, family offices, and established privately owned...
What is a CFC A CFC is a foreign corporation in which more than 50% of the shares are held by US Shareholders US Shareholders are shareholders in a foreign corporation that own more than 10% of...
US tax residents (citizens, permanent residents, and substantial presence test aliens) are required to pay income tax on their worldwide income and non residents are only required to pay tax on their US sourced income.
Both US tax residents with worldwide income and non residents with US sourced income need to file US tax returns. A non-resident will have US sourced income if they they are engaged or considered to be involved in a trade or business in the US within any given year.
Non-citizens are called residents if they are permanent residents (i.e. they hold a green card) or if they pass the substantial presence test. They are referred to in the Internal Revenue Code as resident aliens. A non-citizen will pass the substantial presence test if they spend at least 31 days during the current year within the US and if, when you apply the 3 year aggregation formula set out within the Internal Revenue Code to their circumstances, they are deemed to have spent more than 183 days in the US (current year x 1 + year prior to current year x 1/3 (Year 2) + year prior to Year 2 x 1/6). If you do not hold a green card or do not pass the substantial presence test you are considered a non-resident alien.
Resident aliens use the same filing statuses as citizens and are able to claim the same deductions and tax credits as citizens. Resident aliens must report all forms of income received including wages, investment returns, and income received from foreign governments including pensions. There are exceptions to the residence test that provides many of the legal aliens with exemptions from reporting global income.
Non-resident aliens who have US earnings are only required to pay income tax on the income that is generated from a US-based source. Any foreign income does not have to be reported on a US tax return and is not considered tax-eligible by the IRS. For example, if an Australian business person owns and operates a business in Australia and owns a business located in the US, only the income generated by the US-based business is considered taxable. Also, if that person realizes investment income in the US that is not from a US source, the income from that investment is taxable at a flat rate of 30%, unless otherwise specified by a tax treaty. It is important for non-residents to keep strict records of their global income as they should report it to the IRS as evidence of their compliance with the regulations.
Good news, if you are paying tax on foreign-based income you may be eligible for foreign tax credits that reduce your burden in the US. Individuals can claim a tax credit for taxes levied by another government on foreign income. Any foreign taxation needs to be reported on schedule A of personal tax return form 1040. In most cases this reduces the amount of taxable foreign income for individuals with global income. There are four criteria for foreign tax to be a deduction on your US tax returns. First, the tax must be imposed on you. You must also have paid the tax. The tax must be a real, legal foreign tax liability and it must be an income tax.
The IRS also operates with a foreign earned income exclusion which is available to those who meet certain criteria. While citizens and resident aliens who live abroad must still report their global income, they may be eligible to exclude all or part of their foreign earnings from US federal taxation.
It is very important to comply with US tax requirements and file your personal returns as necessary. While these laws may seem punitive to those who operate in international markets, they are the rules imposed by the US government and there are penalties and fines on those who do not comply. International tax law is complicated. If you have multiple international income streams, it is critical to get advice from an expert who has intimate knowledge of international tax regulations to help you to make the most of any tax credits and deductions available to you in order to minimize your overall tax burden.
CST Tax Advisors has specialized in helping individuals with international interests to navigate these complicated regulations and requirements for 25 years. The accountants and tax professionals here serve clients from offices spanning the globe and provide intelligent advice to help you protect your wealth.
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In our previous article on the topic of sales tax in September 2018, titled “Understanding Sales Tax in the US” Click here to read the post, we discussed the ways in which US states themselves...
About CST Tax Advisors CST Tax Advisors is a global firm of CPAs, chartered accountants, and attorneys that advise globally mobile private clients, family offices, and established privately owned...
What is a CFC A CFC is a foreign corporation in which more than 50% of the shares are held by US Shareholders US Shareholders are shareholders in a foreign corporation that own more than 10% of...
Just before he turned 35, Chris Guillebeau visited his 193rd country, completing his quest to visit every nation around the world. But Guillebeau, now 39, wasn’t able to afford it because of a particularly high-paying job, or a windfall of family money, but rather through earnings from freelance gigs and entrepreneurial endeavors he’d managed from 2002 to 2013.
Key Takeaways:
“While he accomplished his goal to visit every country in the world a few years ago, Guillebeau hasn’t slowed down. He still travels about 10 to 14 days out of every month, often on speaking tours related to his books and blog, The Art of Non-Conformity.”
Download our eBook “Moving To The US”
Disclaimer:
This document is intended as an information source only. The comments and references to legislation and other sources in this publication do not constitute legal advice and should not be relied upon as such. You should seek advice from a professional adviser regarding the application of any of the comments in this document to your fact scenario. Information in this publication does not take into account any person’s personal objectives, needs or financial situations. Accordingly, you should consider the appropriateness of any information, having regard to your own objectives, financial situation and needs and seek professional advice before acting on it. CST Tax Advisors exclude all liability (including liability for negligence) in relation to your reliance in this publication.
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In our previous article on the topic of sales tax in September 2018, titled “Understanding Sales Tax in the US” Click here to read the post, we discussed the ways in which US states themselves...
About CST Tax Advisors CST Tax Advisors is a global firm of CPAs, chartered accountants, and attorneys that advise globally mobile private clients, family offices, and established privately owned...
What is a CFC A CFC is a foreign corporation in which more than 50% of the shares are held by US Shareholders US Shareholders are shareholders in a foreign corporation that own more than 10% of...
The financial industry—especially banking—has characteristics that make it a candidate for rapid and early digitalization, mainly because its fundamental raw materials and products boil down to two: data (or information) and money. And money can be turned into accounting figures, that is, data or information. Still, banking has not suffered anywhere near the level of disruption experienced by other sectors.
Key Takeaways:
“Because, in the final analysis, what matters is earning and keeping our customers’ trust, as that is what will determine who succeeds in the financial industry of the future.”
https://www.technologyreview.com/s/603574/the-next-step-in-finance-exponential-banking/
Download our eBook “Moving To The US”
Disclaimer:
This document is intended as an information source only. The comments and references to legislation and other sources in this publication do not constitute legal advice and should not be relied upon as such. You should seek advice from a professional adviser regarding the application of any of the comments in this document to your fact scenario. Information in this publication does not take into account any person’s personal objectives, needs or financial situations. Accordingly, you should consider the appropriateness of any information, having regard to your own objectives, financial situation and needs and seek professional advice before acting on it. CST Tax Advisors exclude all liability (including liability for negligence) in relation to your reliance in this publication.
"*" indicates required fields
In our previous article on the topic of sales tax in September 2018, titled “Understanding Sales Tax in the US” Click here to read the post, we discussed the ways in which US states themselves...
About CST Tax Advisors CST Tax Advisors is a global firm of CPAs, chartered accountants, and attorneys that advise globally mobile private clients, family offices, and established privately owned...
What is a CFC A CFC is a foreign corporation in which more than 50% of the shares are held by US Shareholders US Shareholders are shareholders in a foreign corporation that own more than 10% of...
There are 4 mind refreshing tricks that beat decision fatigue for people. One way is to not ask the same questions every single day. That is something that would become very negative and stale after awhile. Above all, you should follow your gut and do what feels best for you. If faced with a dilemma, ask your inner self to provide the answer.
Key Takeaways:
“We do know the answer to more than we think – on decisions large and small if you find yourself caught within unproductive inner dialogue, try to ask yourself, “What does my gut say?””
http://www.inc.com/quora/4-mind-refreshing-tricks-that-beat-decision-fatigue.html
Download our eBook “Moving To The US”
Disclaimer:
This document is intended as an information source only. The comments and references to legislation and other sources in this publication do not constitute legal advice and should not be relied upon as such. You should seek advice from a professional adviser regarding the application of any of the comments in this document to your fact scenario. Information in this publication does not take into account any person’s personal objectives, needs or financial situations. Accordingly, you should consider the appropriateness of any information, having regard to your own objectives, financial situation and needs and seek professional advice before acting on it. CST Tax Advisors exclude all liability (including liability for negligence) in relation to your reliance in this publication.
"*" indicates required fields
In our previous article on the topic of sales tax in September 2018, titled “Understanding Sales Tax in the US” Click here to read the post, we discussed the ways in which US states themselves...
About CST Tax Advisors CST Tax Advisors is a global firm of CPAs, chartered accountants, and attorneys that advise globally mobile private clients, family offices, and established privately owned...
What is a CFC A CFC is a foreign corporation in which more than 50% of the shares are held by US Shareholders US Shareholders are shareholders in a foreign corporation that own more than 10% of...
Everyone who is in business needs a LinkedIn profile. Every company looks at it. You want to make sure that you are noticed by the people looking for services like yours. It’s hard to understand how anyone in the business world would not have a profile on there. A profile should look a lot like a resume.
Key Takeaways:
“To me, a legit LinkedIn profile from someone who lives in a far off or dangerous place (like New Jersey) that is completely filled out with jobs and schools and has connections with more than 500 people, including a few in my network and follows a few smart thought leaders that I admire, like Richard Branson.”
Download our eBook “Moving To The US”
Disclaimer:
This document is intended as an information source only. The comments and references to legislation and other sources in this publication do not constitute legal advice and should not be relied upon as such. You should seek advice from a professional adviser regarding the application of any of the comments in this document to your fact scenario. Information in this publication does not take into account any person’s personal objectives, needs or financial situations. Accordingly, you should consider the appropriateness of any information, having regard to your own objectives, financial situation and needs and seek professional advice before acting on it. CST Tax Advisors exclude all liability (including liability for negligence) in relation to your reliance in this publication.
"*" indicates required fields
In our previous article on the topic of sales tax in September 2018, titled “Understanding Sales Tax in the US” Click here to read the post, we discussed the ways in which US states themselves...
About CST Tax Advisors CST Tax Advisors is a global firm of CPAs, chartered accountants, and attorneys that advise globally mobile private clients, family offices, and established privately owned...
What is a CFC A CFC is a foreign corporation in which more than 50% of the shares are held by US Shareholders US Shareholders are shareholders in a foreign corporation that own more than 10% of...
There is a fast and simple way to strengthen your mind. Meditation is a practice that helps a lot of people with their inner mind and it helps them in their day to day life. The key to strengthening your mind involves every part of you. You just be aware of your thoughts and all of your sensations.
Key Takeaways:
“The Anterior Cingulate Cortex (ACC) is the part of the brain where physical sensation data, emotion data, and thought data all intersect to give you a broad picture of the world around you. People who have strong ACCs tend to report a higher pain threshold (including emotional pain), a general feeling of life happiness, positive relationships, greater degree of focus, and a sense of ability to choose one’s path in life.”
http://www.inc.com/quora/the-fast-and-simple-way-to-strengthen-your-mind.html
Download our eBook “Moving To The US”
Disclaimer:
This document is intended as an information source only. The comments and references to legislation and other sources in this publication do not constitute legal advice and should not be relied upon as such. You should seek advice from a professional adviser regarding the application of any of the comments in this document to your fact scenario. Information in this publication does not take into account any person’s personal objectives, needs or financial situations. Accordingly, you should consider the appropriateness of any information, having regard to your own objectives, financial situation and needs and seek professional advice before acting on it. CST Tax Advisors exclude all liability (including liability for negligence) in relation to your reliance in this publication.
"*" indicates required fields
In our previous article on the topic of sales tax in September 2018, titled “Understanding Sales Tax in the US” Click here to read the post, we discussed the ways in which US states themselves...
About CST Tax Advisors CST Tax Advisors is a global firm of CPAs, chartered accountants, and attorneys that advise globally mobile private clients, family offices, and established privately owned...
What is a CFC A CFC is a foreign corporation in which more than 50% of the shares are held by US Shareholders US Shareholders are shareholders in a foreign corporation that own more than 10% of...
There are further attempts to weaken or eliminate progressive taxes. Many states are getting ready for challenging budget debates this year. There are people on both sides of the issue. Some want things to be harder, while others want it easier and help people be better off. There are talks on eliminating personal income tax in Michigan and West Virginia.
Key Takeaways:
“Two bills to eliminate Michigan’s personal income tax may be at play this legislative session. In the House, a bill has been filed that would reduce the current income tax rate from 4.25 percent to 3.9 percent in 2018 and then phase down the rate by 0.1 percentage point each year over the next 40 years, well after all of the state’s current elected officials have left office (Michigan prevents any individual from serving more than 14 years in the legislature)”
http://www.taxjusticeblog.org/archive/2017/02/what_to_watch_in_the_states_fu.php
Download our eBook “Moving To The US”
Disclaimer:
This document is intended as an information source only. The comments and references to legislation and other sources in this publication do not constitute legal advice and should not be relied upon as such. You should seek advice from a professional adviser regarding the application of any of the comments in this document to your fact scenario. Information in this publication does not take into account any person’s personal objectives, needs or financial situations. Accordingly, you should consider the appropriateness of any information, having regard to your own objectives, financial situation and needs and seek professional advice before acting on it. CST Tax Advisors exclude all liability (including liability for negligence) in relation to your reliance in this publication.
"*" indicates required fields
In our previous article on the topic of sales tax in September 2018, titled “Understanding Sales Tax in the US” Click here to read the post, we discussed the ways in which US states themselves...
About CST Tax Advisors CST Tax Advisors is a global firm of CPAs, chartered accountants, and attorneys that advise globally mobile private clients, family offices, and established privately owned...
What is a CFC A CFC is a foreign corporation in which more than 50% of the shares are held by US Shareholders US Shareholders are shareholders in a foreign corporation that own more than 10% of...
