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In the United States, there are different rules for filing taxes for residents and citizens. Some tax filers who are non-citizens are exempt from disclosing certain income types.
Taxation for Nonresident Individual Income
Non-resident individuals are taxed on their income earned through U.S. business or trade. Such individuals are exempted from paying tax on income earned on foreign business. Furthermore, investment income acquired in the U.S. source is taxed at 30% unless otherwise stated in the treaty. It’s essential that you keep proper records of all your income sources so that the IRS can comprehend what income is exempt from taxes.
Great Tax Results
Key Takeaways
- U.S. residents have the legal authority to work and live in the states, and they owe income tax to the U.S.
- Non-U.S. residents are those individuals who reside outside of the U.S. but earn income from U.S. trade or business.
- Such individuals are obliged to pay tax on their U.S income.
A foreign national’s tax liabilities are complex. There is a significant difference in how U.S citizens and non-resident aliens and resident aliens are taxed. Moreover, failure to pay correct taxes can result in tax obligations and even jeopardize one’s application for residency. At TaxAccountPro, we understand these complicities and help you navigate through the process. We will evaluate your income source to determine whether you owe any tax to the U.S. or qualify for an exemption. We will keep you in compliance and ensure you don’t overpay.
Why do you need TaxAccountPro Services?
Time Benefit – Allows to plan round-the-clock operations.
Cost-Benefit – Lower cost of operations by 40%.
Staff Benefit – Right Level staff for different requirements.
Business Benefit – Save on Infrastructure and Technology for outsourced staff.
If you need a fast, accurate tax professional to prepare your tax return this year give us a call today at +1 (315) 644-2677
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My Experience Ankit was amazing. He pays a lot of attention to detail, is very much self driven, Extremely knowledgeable, Commits and achieves deadlines, very responsive, I would definitely hire him in the future.
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