Cryptocurrency continues to gain in popularity and we field questions all the time from clients who are interested in or already invested in these assets. But here are five reasons we do not recommend cryptocurrency investments to MYRA Wealth clients.
For the top 0.01% of the American population who are subject to estate taxes because their estates exceed the $11.18M threshold, it’s crucial to plan ahead to minimize taxes imposed on assets upon death.
On the surface, dual citizenship is a wonderful benefit. Dual citizenship is a benefit for most people, but it can also have financial consequences.
The new Tax Cuts and Jobs Act created a new opportunity for investors who can receive special tax incentives for investing in distressed areas. How can you invest in an Opportunity Zone? What is required and what kinds of incentives exist?
The Tax Cuts and Jobs Act of 2017 made some changes to the types of qualified expenses that you can deploy 529 funds against: they now allow you to use $10,000 per year for primary or secondary school tuition. The average annual cost of private primary education is estimated to be $9,631, so it’s logical to be curious about whether you can use 529 funds for private K-12 or elementary, middle, or high schools. But is it wise to do that?
At one point, you might need to send funds to a friend or family member who is in another part of the world. You have several choices if you’re planning to send money abroad. Prices, convenience, and speed can vary greatly. We’ve distilled the Top 5 options for sending money abroad.
The year 2018 brought substantial changes to many of our client’s tax situations. Given all the changes, we’ve assembled a concise list of strategies you can use to reduce your taxes under the provisions of the new tax law.
Applicants for permanent residence in the United States must show that they won’t be dependent on public resources in order to qualify for a green card. Do you know about the recent changes?
The 199A deduction allows pass-through entities with domestic businesses to reduce their Qualified Business Income of up to 20%. Do you qualify?
The Tax Cuts and Jobs Act (TCJA) led to major changes to the US tax law. You should be aware of tweaks that could affect your 2018 return.
As an H1B worker in the US, you can expect to pay between 20-40% of your wages in federal and state and local taxes, depending on your income level.
If your loved ones are visiting the United States, it’s a good idea to make sure they are covered by health insurance. With the high cost of healthcare in the US, it would be expensive to fall ill or become injured during a US trip.
If you earn taxable income in the United States and abroad during the same year, your taxes can be complicated. When you have financial dealings in another country, you may be liable for paying income tax not just in the United States, but also to that foreign country. You may be eligible for the Foreign Tax Credit.
Before heading to the airport, make sure you’ve met the requirements for entering or reentering the United States. This includes traveling with large amounts of money. Here’s what you need to know about bringing money into the USA on a plane.
If you’ve ever electronically transferred money to another person or business, you’re likely familiar with the term remittance. When you remit, you have several options. There are also things to watch out for!
One of the most common questions we are asked is about the tax implications of inheriting property or assets in/from a foreign country. Under most circumstances, you will not pay tax on the receipt of an inheritance from abroad - but you still may have to report it!
In general, it is not advisable to withdraw money early from your 401K. Some of our clients ask us if they should take an early distribution from their 401K when they move back to their home countries. The answer is still usually no because there are penalties and tax consequences of doing so. You can leave your 401K right where it is and benefit from it in retirement, wherever you are living in the world. However, in some cases, especially financial hardship or early retirement, an early withdrawal (or distribution) from your 401K may serve as a viable strategy.
Most non-citizens are eligible for social security benefits if they meet certain requirements. Here are the top five things you need to know.
The Foreign Account Tax Compliance Act (FATCA) was passed to mandate U.S. taxpayers to report their foreign account assets. This is the United States’ effort to identify tax evasion by US taxpayers holding financial assets abroad. Immigrants need to be aware of how this law impacts the insulation of foreign assets.
Living and working in the US is undoubtedly attractive but for a variety of reasons you may decide to call it a day, reuniting with family or simply pursuing other opportunities abroad. Yet keeping your green card or US citizenship when you’ve settled abroad may imply intrusive, annual US tax filings even though you’ve left the country.