When immigrating to the United States, you need to plan your tax payment well

When you immigrate to the United States, you need to plan your tax payment well. People in China and the United States have very different taxation habits. It is easy for new immigrants to become acclimated and even struggle with the U.S. tax laws. In fact...

When immigrating to the United States, you must plan your tax payment well. The tax habits of Chinese and American people are quite different. It is easy for new immigrants to become acclimated and even worry about the U.S. tax laws. In fact, although the U.S. tax law system is strict, it is very user-friendly. It not only takes into account the wishes and actual situation of taxpayers, but also has the advantages of transparent system, no duplication of taxes, and recognition of overseas tax returns, making new immigrants more and more at ease. In the United States, which believes in and strictly abides by the law, the concept of self-payment of taxes has long been deeply rooted in the hearts of the American people. Among the many types of taxes, personal tax has the closest relationship with people’s daily lives and has therefore become the focus of taxation. Personal tax in the United States is levied on a per-family basis and on an annual basis. The specific amount of tax paid is determined by the taxpayers themselves, which is quite a bit like "I make the decision when I pay my own taxes." Since paying taxes is an indispensable part of life, American taxpayers have taken advantage of the situation and raised the self-tax payment system to another level: not how to arrange tax payment, but how to conduct "family tax management" in a more organized and professional manner. It has become a required course for American families to hire a consultant for professional consulting and learning, and then to collect and save family tax receipts and possible tax deductible receipts in an orderly manner. When tax season comes, various groups in the United States are also competing to hold various tax saving lectures to teach people how to reasonably avoid taxes. The transparent and user-friendly U.S. tax law makes taxpayers not afraid of paying taxes. As Ning Li, an investment immigration expert and executive director of Jinguo Yikai, said, although the United States implements an independent tax system, new immigrants who have just entered the United States can make a smooth transition as long as they adapt more and enhance their awareness of family financial and tax planning. Or choose a professional immigration agency to get professional settlement services, which is also a convenient way. The U.S. tax law has established tax deductions and exemptions such as tax credits for certain classes of taxpayers. The purpose of the government's provision of these tax credit preferences is mainly to pursue tax fairness. For example, the tax credit for hard-earned income is to reduce the burden of low-income people. Usually, the "hard-earned income credit" is refundable. Even if the taxpayer does not meet the tax standard, he or she can get a tax refund equal to the amount of the credit. Taxpayers may deduct deductions for each qualifying dependent (such as child care) in addition to the deductions they receive personally. Secondly, all expenses related to personal work, such as travel expenses not compensated by the employer, investment consulting fees, union dues, employment-related education fees, uniform fees, professional journal subscriptions, tax consultants and lawyers, accounting fees, moving expenses, even the cost of hiring a pastor, gambling fees (limited to gambling income), etc., are included in the deductible items. In addition, what most worries the Chinese people is the tax deduction for housing loan interest. For example, the housing loan interest and investment interest paid by taxpayers can be deducted within a certain range. Moreover, the U.S. personal tax also takes into account the factor of inflation when the economy fluctuates. When the economy fluctuates, the U.S. government’s first consideration is not how to maintain its own fiscal revenue, but to stabilize taxpayers’ tax burden levels and protect taxpayers’ interests.