After you obtain your visa to live or work in the United States, your worldwide income becomes subject to U.S. taxation. Not knowing what you really owe in taxes can not only cause you to end up paying more than necessary, but puts you at risk of serious penalties for underpaying your taxes or failing to report foreign income.
Common “tax traps” in the U.S. that affect new immigrants include:
- The gains of your foreign assets are subject to U.S. taxation
- No tax credits for foreign taxes paid by your company abroad
- Preferred qualified dividend tax treatment will not apply to investments in non-treaty countries
- Incurring a U.S. exit tax liability when you surrender your green card or leave the U.S. without becoming a citizen
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Our attorneys at Castro & Co. can help you avoid the tax traps that commonly impact immigrants when they first arrive in the U.S. We can employ a sophisticated strategy personalized to meet your needs. There are a variety of complicated legal maneuvers we can employ to help you take advantage of your rights and privileges in the U.S. tax code awarded to you as a new immigrant.
Castro & Co.’s attorneys can help you avoid common tax traps with strategies such as:
- Treaty-based tax planning, which may allow green card holders to avoid taxation on their foreign income
- Pre-immigration liquidation strategies that can artificially step-up basis in your foreign assets, which may stop the IRS from taxing built-in gain of such assets
- Obtaining foreign tax credits for taxation paid by your offshore company
- Establishing special holding companies in treaty countries to benefit from qualified dividend treatment
- Avoiding the exit tax for long-term green card holders
Do You Need a Pre-Immigration Tax Planning Attorney?
Clearly, these matters can have important impacts on your life. Get the help you need from Castro & Co.’s attorneys who you can rely on for the tax planning you need to rest assured that your best interests can be secured.
Contact our offices online today to arrange a consultation with a member of our team of experienced attorneys.
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