Have you planned your personal assets and taxes before or after immigration? In mid-May, Worldway Group invited U.S. tax expert Mr. Peter Lu to hold a national seminar series in Beijing, Qingdao, and Shenzhen, respectively, to address the U.S. tax system and personal planning advice that new immigrants are concerned about. We believe that Mr. Peter Lu's insightful presentation at the seminars was of great value to everyone interested in immigrating to the United States.
Mr. Peter Lu has been professionally engaged in tax planning for new U.S. immigrants for over 20 years. His years of living experience in the United States enable him to tailor tax planning strategies for every new U.S. immigrant client before and after their immigration, helping them achieve reasonable tax deductions.
Mr. Peter Lu first introduced the issue of pre-immigration asset planning. He suggests that for those interested in immigrating, understanding one's current asset status is a prerequisite for planning. Once you understand your assets, tax experts will help you manage the entire process of how to allocate, transfer, and preserve them between the two countries before and after immigration. Here, Mr. Peter Lu also mentioned that new immigrants must consider the necessary capital expenditures after immigrating to the United States, such as the purchase of daily necessities, essential funds for children's schooling, and real estate acquisition expenses. By considering these, tax experts can help you plan your asset insurance and savings needs.
Next, Mr. Peter Lu introduced the issue of pre-immigration tax planning to everyone, correcting the common misconception that U.S. taxation is cumbersome. In fact, as long as you do your homework in advance, you will find that the U.S. tax system has many convenient aspects. For example, you can use the method of asset gifting to gift assets to yourself in the United States through an account in a country that also has no gift tax after you immigrate to the United States. Mr. Peter Lu also told everyone that the prerequisite for tax planning is to first understand your current tax situation in China, because the taxes you pay in China can be reasonably deducted in the United States after approval upon immigrating, significantly reducing your tax burden after moving to the United States.
“How much you earn is one thing; the key is how much you keep.” Once you have successfully immigrated to the United States, you will still need professional advice from tax experts to plan your taxes and guide you on how to save on taxes. First, you need to understand that the difference between the U.S. tax system and the domestic one is that U.S. income tax is not deducted by item, but rather all income is added together, and after subtracting exemptions and deductions, the remaining income is used to calculate the tax amount. Among these deductions, daily basic expenses can be deducted. Similarly, a portion of each item such as child support, charitable donations, loan interest, and education and training fees can be used to offset taxes. In comparison, the U.S. tax system is more convenient and reasonable.
Finally, Mr. Peter Lu taught everyone how to convert personal consumption into reasonable business tax deductions by operating a company in the United States in the name of an offshore company. At the meeting, Mr. Peter Lu told everyone that he would serve as a long-term partner of Worldway Group, providing free full-process and follow-up services for tax and asset planning before and after immigration for Worldway clients. In addition, the book "U.S.-China Cross-Border Tax Q&A," written by him and sponsored by Worldway Group, has been printed. Clients interested in immigrating to the United States can contact Worldway to request a copy at 400-138-2929.
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