Post Category → Taxes

The Complete Overview to US Taxes on Foreign Income

Uncle Sam: "I Want Your Foreign Income"

It may come as a surprise to you, but only two countries in the world tax its residents on worldwide income:

  1. United States
  2. Eritrea

Despite being a developed country, the US has managed to group itself with an African country that appears to “intimidate emigrants into paying taxes.”

If you’re a new immigrant to the US, the IRS welcomes you… and the entirety of your foreign income. The same goes to current US citizens and resident aliens.

Continue reading →

Most New US Immigrants Don’t Know About FBAR—And Suffer the Consequences

"Pay to the order of" text with an image of the Statue of the Liberty

There are financial obligations that most new US immigrants (and even some CFPs) are unaware of—including myself.

When I first made the big move to New York last year, no one told me that as soon as I become a US resident, Uncle Sam would stretch his all-encompassing hands into my Malaysian bank accounts and assets.

Continue reading →