At a Glance TTIN and EIN are both tax identification numbers, but they have different purposes. A TIN is used to identify taxable individuals in the US and can be issued by the IRS or Social Security Administration. An EIN, on the other hand, is used to identify businesses and
At a Glance Sales tax refund policies vary by state in the U.S. Refunds for sales tax on domestic purchases are generally not available, except for exported items. Texas and Louisiana offer sales tax refunds for international travelers with specific requirements. Requirements for a refund include pr…
At a Glance: Dreamers, or DACA recipients, do pay taxes just like regular Americans. With a Social Security Number (SSN), they can file taxes and claim tax credits such as the Earned Income Tax Credit (EITC) and Child Tax Credit. If they have an Individual Taxpayer Identification Number (ITIN), they…
There are a lot of people nowadays who file for an income tax refund. Only through late December 2019, there were 72% tax returns filed that actually generated a tax refund, out of 156 returns filed. But did you know that there’s such a thing as a tax refund advance?
The Substantial Presence Test or SPT determines your tax residency. If you’re a foreign national, then you will be taxed by the U.S. government, or IRS, as a resident alien. To determine this, the SPT is conducted. While understanding the concept can be a bit overwhelming, it’s not complicated. In
At a Glance Foreign property can be claimed on U.S. taxes with similar benefits to U.S. homes. Tax treatment depends on the property’s use, whether for personal use or rental income. Deductions for mortgage interest can be claimed for personally used properties. Rental properties allow deducti…
Welcome back, E2 visa holders and aspiring investors! In our previous blog post, we covered the ins and outs of obtaining an E2 visa. Today, we’ll tackle another crucial aspect of your American investment journey: taxes. As an E2 visa holder, it’s essential to understand your tax obligat…
At a Glance The L1 visa is a non-immigrant visa for intra-company transfers to the US, with types for executives/managers (L1-A) and specialized employees (L1-B). L2 visas are for accompanying family members of L1 visa holders. Tax obligations for L1 visa holders depend on the substantial presence t…
At a Glance The O1 visa is granted to non-residents with extraordinary abilities in arts, science, education, business, or entertainment. O1 visa holders staying in the US for over 6 months may need to pay taxes and fulfill reporting requirements like FBAR and Form 8938. Failing to comply can result…
At a Glance OPT students in the U.S. are required to pay taxes on their income. The tax status depends on whether they are considered residents or non-resident aliens (NRAs) for tax purposes. NRAs do not have to pay FICA tax (Medicare and Social Security), while residents do. To file