Moving to the US White Sands Tax Solutions
Moving to the US
There are a number of very important factors to consider before making changing your residency. The logistics can be quite burdensome as well, so it is very important that you understand the process in advance to determine if this is the best choice for you.
What should I do before leaving my home country?
What are the tax benefits to changing my residency?
Another benefit includes the ability to utilize the personal exemption or itemized deductions to reduce your US taxes. You may also be subject to lower, graduated tax rates on some classification of income.
As a resident, you have better access to utilize losses that you may have incurred in moving to the US and establishing a business here to effectively decrease your taxes paid. You may also be able to use foreign source losses to decrease your US sourced income.
Can you sum up the overall considerations?
- Why you would like to change your residency?
- What foreign reporting forms would need to be included in a US resident tax return?
- What would the overall tax impact be in changing your residency?
- What would you need to do to cease being a tax resident in your home country?
Please note that there are many nuances not discussed above and that this guide is meant to serve as the start of a conversation to determine whether or not changing your residency is the right move for you.
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