The United States have a unique taxation system. It taxes its citizens, resident aliens and people that satisfy the substantial presence test on their “worldwide income.” This means that no matter where you live, no matter where you earned your income, Uncle Sam wants you to report it and pay US taxes on it.
This can be burdensome and costly to many individuals that have assets, businesses, or earn a living in multiple countries, especially if they are already being taxed in the country where the assets are or income is coming from.
The tax laws in the United States are incredibly complex, and the tax collector’s arm is long and strong, but with the right strategy and advanced planning we can help you minimize your tax exposure and make sure you are not suffering from double taxation. In addition to helping our clients reduce their tax burdens, we can also defend the plans our clients have put into place when they have been challenged by the IRS. This is one of the main benefits of hiring a tax attorney rather than a financial planner to work on reducing your tax liability.
Foreign Individuals with US Income
Non-resident aliens (“NRA”) are usually subject to tax only on their U.S. income and assets, unless they are considered US residents for tax purposes. A myriad of complex tax laws determine when a foreigner becomes a “tax resident” for income tax purposes, thus subjecting their worldwide income to U.S. income taxation.
At Brunoro Law we help clients understand those complex laws and determine what can and should be done to maximize legal advantage, minimize tax and manage risk prior to establishing tax residency and/or transferring wealth to a family member who already is a tax resident. If we determine tax residency has already been established, we help them understand and resolve any non-compliance with minimal taxation, penalties and criminal exposure.
Contact us today to discuss the best strategy for you and your family. If you are in Southern California, we can meet at our office in San Diego. If you are located elsewhere, especially outside the United States, we can chat via phone or video conferencing as well.