Good Financial Reads: Tax Planning for Immigrants

2 min read
December 04, 2020

Tax Planning for Immigrants

How To File US Taxes for H1B Visa Holders and H4 Visa Family Members

by Sahil Vakil, MYRA Wealth

Filing out your United States tax return forms is not the most natural thing in the world to do. They are quite in-depth, and if you get any of it wrong, you may end up in trouble with the Internal Revenue Service (IRS), the government body which processes all the tax returns. 

Your tax return problems are more complicated when you are concerned with getting it right for your spouse, children, and any other dependents you may have. However, get the forms correctly and hand them into the IRA appropriately, then you may be entitled to some extra benefits and some peace of mind.

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Top US Tax Filing Questions Immigrants Ask

by Sahil Vakil, MYRA Wealth

As Benjamin Franklin once said: “Two things are certain in this life: death and taxes.” Unfortunately, preparing and filing your taxes in the US can be quite confusing if you’re an immigrant, especially since there are so many different elements to consider.

Given the potential repercussions of either failing to file your taxes or filing them incorrectly, it’s important that you get it right. The following FAQs should provide the knowledge needed to file your taxes as an immigrant with greater confidence, while also ensuring that the best outcomes are achieved for yourself as well as the Internal Revenue Service.

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Where Should You Start When Filing Taxes as an Immigrant?

by Sahil Vakil, MYRA Wealth

Everyone that earns an income in the United States is required to pay tax. However, immigrants who are yet to gain citizenship face a number of unique challenges. This can consequently cause a lot of stress. In truth, the toughest task is knowing where to start.

Filing your taxes as an immigrant for the first time can be daunting, but the following advice should put you on the road to success. By the end of this guide, you should have a far clearer idea of what to expect with tax filing procedures.

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Best Tax Tips for Immigrants Filing US Tax Returns

by Sahil Vakil, MYRA Wealth

Becoming a citizen of the United States is a dream for many immigrants. But with all the benefits of citizenship, there also come responsibilities. There’s jury duty, the duty to support and defend the US Constitution, and of course, there are tax obligations. 

If you are a newly minted US citizen, your tax obligation starts the year in which you receive your citizenship. Filing your first tax return might be daunting if you’re unfamiliar with the process. Let’s look at some of the fundamentals.

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Should F1 Visa Students File Taxes?

by Sahil Vakil, MYRA Wealth

The short answer to this question is yes. Even those on an F1 Visa need to file a tax return in one form or another. 

Everyone living in the United States is expected to fill out a tax return. The Internal Revenue Service (IRS) is the government body which processes all the tax returns, and they ensure that everyone is up to date. 

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