Paying taxes properly and within the stipulated deadlines is the responsibility of every citizen; and in the United States, for those residents, in the process of obtaining permanent residence, or seeking to live in the country, it is essential to know what tax obligations has.
Here we tell you everything you need to know about the payment of taxes in the United States for foreign residents.
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In the case of foreign persons residing in the United States, the payment of taxes is, for the most part, the same to which the rest of the United States citizens are committed.
However, there are some peculiarities that could be ignored and that would carry different sanctions in case of breaching them.
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The Internal Revenue Service (IRS) is the authority in charge of regulating and managing everything related to the tax responsibilities of all people in the United States; as well as to investigate and sanction those who fail to comply with the norm.
What income must I declare?
The IRS clarifies that all citizens residing in the United States must declare in their US tax return all interest, salary and any type of remuneration received inside or outside the countryclarifying the origin of each one.
In addition, you must declare all income that comes from properties, whether they are rented property, royalties.
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Likewise, a person who has income from the territories owned by the United States (American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, Puerto Rico, or the US Virgin Islands) Normally you will have to present the income statement for these.
In some situations, you will need to determine whether you are a resident or non-resident of the territory.
What taxes do I have to pay?
Generally the same taxes that apply to US citizens are imposed.
This means that the money obtained anywhere in the world are subject to United States tax, and must be declared on the United States tax return.
Income of resident aliens are subject to the same rates graduated taxes that apply to citizens of the United States.
Resident foreigners must use the Tax Table and Tax Rates, these documents can be found in the instructions of the Form 1040 and Form 1040-SR.
What deductions, exemptions and credits do I have?
For deductions, if the foreign person has completed one year as a resident in the United States, you can claim the same deductions allowed for all citizens.
These are clarified on Schedule A of Form 1040 or Form 1040-SR.
deductions, in case of claiming specificallyinclude some medical and dental expenses, income taxes, real estate, mortgage payments, donations, and casualty losses.
If they are not detailed, the person can claim the standard deduction applicable to marital status.
In the case of exemptions, since 2017 the possibility was revoked for foreign residents to claim personal exemptions.
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Now they can only be claimed as a dependent, so it is necessary to present the Social Security number or taxpayer identification number.
For the credits, persons residing in the United States may claim the same as any United States citizen.
Some of the credits you may be entitled to claim are:
– Earned Income Credit
– Credits for education
– Credit for foreign tax
– Child Tax Credit
– Child and dependent care credit
– Credit for adoption.
– Credit for the elderly and disabled
How long do I have to pay taxes?
The IRS maintains that “generally the due date for filing the return and paying any tax you owe is the April 15 of the year following the year for which the return is filed.
In addition, there is an automatic extension until June 15 if the main residence or business is outside the United States and Puerto Rico.
In addition to this, if you apply for the automatic extension, you can present another, allowing you to submit your income statement until October 15.
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For it, must file ‘Form 4868 (SP), Request for Automatic Extension to File the United States Personal Income Tax Return’, no later than April 15.
The sending of the income statement can be done by physical mail to the entities of the Treasury Department or to the IRS; for some cases it can be sent by email.
Likewise, every taxpayer, national or resident, must have a social security number (SSN) or individual taxpayer identification number (ITIN). Do not forget that you can consult more information for your particular case in the entities in charge of tax regulations in the United States.
Santiago Andres Venera Salazar
INTERNATIONAL WRITING
TIME
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