During the process of investment immigration to the United States, one should always pay attention to how to pay taxes "smartly" and avoid taxes reasonably. In this issue of the "Immigrant Life" column, Worldway Group presents a "Money-Saving Strategy" for reasonable tax payment for US immigrants:
US taxes are levied on a household basis, and the total annual household income is not the final basis for taxation. After the total income, one can subtract exceptions, deductions, extensions, personal pension plans, home purchases, loans, etc., and pay taxes based on the final net income.
Before immigrating, one can consider the differences in property disposal and plan how funds flow into the United States. For example, one can sell real estate or stocks before immigrating, obtain cash, and then buy them back after immigrating, or gift them to family members to avoid related tax issues. US tax law has many items for tax deduction and exemption, and Chinese immigrants are involved in a wide range of areas, so there are many ways to save taxes. Property transfer and gifting, home buying and selling, and long-term investment can all save taxes; even taking a plane or driving out can result in appropriate deductions.
When applying for investment immigration, you can choose the spouse with lower income and fewer assets as the primary applicant. If a couple applies for immigration, using the spouse with lower income and fewer assets as the primary applicant, and if only one person applies for a green card, the spouse's assets outside the United States will not be subject to overseas income taxation.
After successful approval, the applicant needs to enter the United States to report within 180 days. It is only from the date of landing in the United States that new immigrants begin to fulfill their obligation to report assets to the US government. Before becoming a permanent resident, all overseas non-appreciation assets do not need to be taxed by the US government. Only realized appreciation income after landing needs to be reported to the US government and taxed according to law. Therefore, keep various supporting documents for your income and assets. To avoid mis-taxation or fines, try to ensure the accuracy of the proof of property source. In addition, there is a tax exemption for overseas income, and taxes between China and the US can be mutually offset.
【Special Note from Tax Experts】Considering that high-income individuals generally have domestic companies that can retain business profits, and that couples have a combined annual tax exemption of $180,000, plus domestic taxes and some US business expenses that can be deducted from income, if the total annual domestic income is within $300,000, basically not much US tax will be paid. It is estimated that the actual annual tax paid is only $10,000-$20,000, accounting for only 5% of the income. If your asset scale is relatively large, you are more likely to become a key target of the US Internal Revenue Service, and it is estimated that the total annual income would be over $1 million. It is recommended that such individuals, if they want to immigrate to the United States, should find an accountant proficient in US taxation through a professional immigration agency to design a legal tax planning scheme in advance to minimize the tax burden in the United States.
As a leading institution in the immigration industry with 18 years of experience, Worldway Immigration Group has a perfect landing and settlement customer service team. When landing in the United States for the first time, the Worldway customer service center will provide customers with perfect landing and settlement assistance services, including assisting in arranging airport pick-up for the first entry; assisting in handling bank account opening procedures; assisting in applying for a Social Security card; assisting in booking hotels; assisting in ordering flight tickets to the United States; assisting in contacting driving schools and introducing driver's license test information; assisting in contacting moving services; assisting in contacting real estate agents, and assisting in handling matters related to renting or buying a house, etc.
Worldway will also regularly provide high-quality services to our vast number of old customers. According to the needs of our customers, we will also regularly hold various types of thematic lectures on US real estate, education, life, financial investment, medical insurance, financial planning, reasonable tax avoidance, social welfare, etc. Worldway will escort you on your immigration journey. Consultation Hotline: 400-138-2929