The U.S. tax season is here again! For those who have just immigrated to the United States, it is crucial to have an in-depth understanding of U.S. tax filing. To help new immigrants better navigate life in the U.S., we present the following essential tax filing knowledge:
Filing Status for U.S. Taxes
U.S. tax filing statuses are categorized as Single, Married Filing Jointly, Married Filing Separately, Head of Household, and Qualifying Surviving Spouse. Different filing statuses have different thresholds for deductions and tax liabilities. Generally, Married Filing Jointly is the most tax-efficient option.
What Income Must Be Reported?
Under tax law, residents are subject to the same income taxation rules as U.S. citizens, meaning that income earned globally must be reported.
This income includes wages, interest, dividends, alimony received from a divorced spouse, self-employment business income, investment income, pension income, rental income, royalties and patent income, partnership income, corporate income, trust income, agricultural income, Social Security benefits, unemployment benefits, and other income.
Tax Filing Deadlines
After landing in the U.S., the first tax filing deadline for a new immigrant is April 15th of the year following the year they became a U.S. tax resident, to submit federal and state tax returns for the previous year. If the deadline falls on a Saturday, Sunday, or legal holiday, it is postponed to the next business day. If you reside outside the United States, the filing deadline is automatically extended by two months to June 15th.
If you are unable to file by April 15th, you may apply for a 6-month extension until October 15th. Specifically for the 2017 personal tax return, the initial deadline was April 18, 2017, and the extended deadline was October 16, 2017.
Methods of Filing U.S. Taxes
You can choose to file online, fill out forms manually, use professional tax software, or have a professional accountant handle it for you.
If you are entitled to a tax refund, filing online typically results in receiving the refund within 7-14 business days. If you file manually by mail, the refund process may take 1-3 months.
As a leading institution in the investment immigration industry, WorldWay Group has been committed for 20 years to selecting high-quality projects for high-net-worth clients. We regularly host seminars on various topics, including U.S. real estate, education, lifestyle, financial investment, medical insurance, tax planning, and social welfare, to safeguard the immigration journey of our investors.
[Friendly Reminder] The "2017 U.S. Investment Summit Forum," jointly organized by the WorldWay Wealth Club, the Hong Kong Capital Investors Association, and the Shenzhen Enterprise Investors Association, will be held in Futian, Shenzhen, on March 18, 2017. This is the first professional and authoritative summit on U.S. investment held in China. Experts in U.S.-China economics, industry authorities, and thousands of Chinese investors will gather to discuss hot topics in U.S. investment, and will also conduct discussions on U.S. taxation and other issues. Those interested in immigrating to the U.S. or investing in the U.S. can call for detailed inquiries: 400-138-2929
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