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Dealing With Taxes In America


wealthymattersThe US is undoubtedly a great place to make money.The only issue is that in the US there are federal,state and local taxes and the Americans insist on levying them on nonresident aliens too.If you are a nonresident alien doing business or working in the United States, you are required to file a tax return if your U.S. source income is greater than your personal exemption ($3,900 in 2013). Now this can be a real bitch if you are 100% unfamiliar with the US system and don’t know your way around.And unlike India,there is a greater degree of tax compliance in the US and the authorities take a dim view of non compliance.The best way of avoiding needless trouble is to hire a local attorney. 

There are many advantages of hiring a local lawyer in the US.Firstly,you can get assistance in income tax planning. Secondly,a professional tax attorney knows the tax laws and keeps up with the latest changes.So he/she can help you complete all the paperwork you need to,including Federal Tax Returns and Fiduciary Income Tax Returns properly. Then they can also answer any questions you might have, a valuable resource when you’re feeling overwhelmed. However, the main reason to hire a professional is to reduce your tax obligations as much as possible. A good tax attorney will inform you of all the benefits you can take advantage of to minimize the final amount you have to pay the US government.

A tax attorney can help you reduce your tax obligations through various means such as restricting the holding of an asset prior to its sale; decreasing the capital gains tax on the sale of an asset by using private annuities  and using benefit plans to reduce current income tax liabilities and create a retirement fund.

To help you in your money making ventures in the US, you could consider taking the assistance of  the Law Offices Of Jeffrey B. Kahn, P.C., a boutique US law firm qualified in tax, probate, trust and business law. Headed by California probate attorney Jeffrey B. Kahn, this law firm provides services throughout the San Francisco Bay area and Southern California.

 

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About Keerthika Singaravel
Engineer,Investor,Businessperson

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