00:00foreign
00:12foreign
00:14foreign
00:14foreign
00:14find the return file the account made between $12,000 once 2 dollars refunded has not tener
00:21an documents that has pinked independent ruined the amount of money flowing to business
00:26unquOSING 1 the miles then need less money it will be the result ofAlters
00:44If you will have an IRS notice that the process of green card will start or the tax history will
00:51start, then it will come back to you.
00:53This is not a joke and any film of the script will not read in front of you.
00:59Every year, thousands of people H1B, L1 and green card holders do such mistakes and they don't know how much
01:08they have made their financial risk.
01:11This is not a joke.
01:12Today, I will tell you about the biggest tax mistakes that you need to know about every country.
01:20If you want to work in America, if you want to live in America, or if you want to live
01:25in India, you will think about India.
01:28And the best thing about it is that you will find a real life example.
01:33You will find the way to save that mistake and what will happen to you.
01:38So, you will see this video.
01:41Because, when you are going to end, there will be a bonus point for you.
01:46Which means to know your attention to your crores' support.
01:51So, what is the most common mistake of tax return file?
01:58We will tell you what is wrong with tax return file.
02:02After reaching America, many people do what they do in the office.
02:08Turbo Tax, H&R Block or some normal tax software
02:13They give some questions and return file.
02:16But here is the biggest trap.
02:20If you are in the first time in America or in the last year,
02:24then you don't need to know the IRS as a tax resident.
02:29The IRS is a new use of the Substantial Presence Test.
02:36This test helps you in America.
02:39Calculates how many days you live in America.
02:42If you are not resident alien,
02:44then you don't have normal form 1040,
02:47or form 1040-NR.
02:49Or dual status return file.
02:53But in normal tax software,
02:55you don't understand the correct way.
02:58The result is that you are wrong.
03:00You can not be able to receive a refund file.
03:09When you are a refund,
03:13you are not in the next year.
03:15You have to receive a refund.
03:18You are going to receive a refund for your benefits.
03:19You do not receive a refund.
03:23When you are on the other side,
03:27you will receive a refund.
03:29The refund has been released.
03:29It is not a refund.
03:30that in the beginning of the year the return was filed.
03:34Now it is not just the tax but the penalty and interest was filed in the beginning of the year.
03:40This is a small refund after $1,000 of the bill.
03:44So, this is the first time to do the return file before your residency status.
03:52Substantial presence test of free calculators are available.
03:56You can save a lot of financial problems from 5 minutes.
04:02Now it is so rare that many people have not even heard of it.
04:08If you have a bank account, fixed deposits, FD, NRE account, NRO account
04:15or any foreign financial account and all accounts of combined highest balance
04:22if you have any money in the year, $10,000 of the bill,
04:26then you can file a FBAR,
04:28or Foreign Bank Account Report file.
04:33This is not a tax, it is just a reporting requirement.
04:37But if you don't file this file,
04:40then the penalty is $10,000 per year.
04:44This will be $10,000 per year.
04:47For example, we will give you a little clarity.
04:51Priyanka is named Green Card Holder.
04:53In India, there are three accounts.
04:55One savings account, one fixed deposit, and one NRE account.
04:59Three of the combined balance is $22,000.
05:03In India, they are in India.
05:06So, they are in India.
05:21And they are in India.
05:24And they are not familiar with this form.
05:25And with some people,
05:26there are also FATCA reporting.
05:29If you have foreign assets on the same page,
05:32then form 8938 can also file.
05:36So, every year,
05:37you must check the highest balance of foreign accounts.
05:40Let's go.
05:41Let's go to the third penalty.
05:43This is a penalty for people.
05:45with your organization,
05:46which is your company,
05:46in Ou 410,
05:47where you can find savings accounts,
05:48and F These,
05:49or your investments.
05:52And that is America.
05:53Many of you think that
05:55that the interest of in India
05:56is that the interest of the States is
05:57which is what we are getting.
06:00if you are President Alien or Green Card Holder
06:03then the American
06:04places worldwide income per tax.
06:08We should call this tax on the previous video,
06:09which means,
06:09when you've talked about,
06:11we were going to remind us
06:14about this one thing.
06:14We were told you.
06:15If you are a green card holder or a resident alien, you will have a tax in your world where
06:20you have income.
06:21You will have a tax, worldwide income per tax.
06:24This means that you have a FD interest, savings account interest, rental income, capital gains.
06:31Everything will be reported to you.
06:33The manager Rahul last 5 years of H1B is in America.
06:36He has 20,000,000 USD, which every year has 1,200,000 USD.
06:46You will have a tax, interest and penalty.
06:51Remember that it doesn't mean tax-free in America.
06:58Every year, you will have a bank statement.
07:02You will have an interest and income reporting.
07:04Now, the fourth, the most technical penalty.
07:10You will have to listen to this penalty.
07:12And the solution also.
07:14Prevention basically.
07:16If you have a mutual funds, you will have an investment in America.
07:44Aamit has put up in the US$10,000,000 USD.
07:48Some years after their value, he has put up in the US$25,000,000 USD.
07:52They have never done any PIFIC reporting.
07:55But when they have investments, the IRS has put up the rules of PFIC.
08:00Not only capital gains, but the interest of extra tax and some years.
08:04foreign foreign foreign
08:34If you have RSUs, ESOPs, CS stock awards, then the tax reporting is very necessary.
08:41Many people think that shares are full amount of capital gain,
08:47but the truth is that RSUs are best when you have the value of your salary,
08:53or W2O income.
08:56When you buy shares, then the selling price and selling price will be the capital gain.
09:02If you have seen your full amount of capital gain,
09:07then it will be a double taxation situation.
09:10The company will get $50,000 of the RSUs.
09:15They will buy shares and report the amount of capital gain.
09:19The result is that the extra tax is the wrong cost basis.
09:23Therefore, RSUs and ESOPs report,
09:26and you will see the stock price,
09:27the cost basis and the brokerage statements.
09:32In the end, you will give a bonus point to the video.
09:38If you are a green card holder,
09:40and you are thinking about this,
09:43then estate tax planning,
09:46you will not look at it.
09:48Many people think that the tax is just income,
09:51but in some situations in America,
09:53there will also be an estate tax.
09:56If your assets are very big,
09:58such as stocks, real estate, retirement accounts,
10:01and other investments,
10:01then the time of planning is very important.
10:05So, you will not have unnecessary tax burden on your family.
10:10Now, the most important thing is,
10:13if you have the first return file,
10:15and if you are looking for this video,
10:17you will see that you will have some mistakes.
10:21And if you are looking for some mistakes,
10:24then you will be scared.
10:24If you are looking for some mistakes,
10:27then there will be some compliance programs
10:29that can come by.
10:30Which means that the situation will be able to be able to achieve.
10:32You will have to understand
10:33and understand them.
10:36What do you get?
10:37If you are not mistaken, you will be able to get the same amount of tax.
10:39So, you will be able to get the same amount of tax.
10:42You will be able to get the same amount of tax.
10:43This is a reporting system.
10:45Some times, the biggest tax is not the same, but the lack of information is due to the lack of
10:50tax.
10:50So, the return file is first to check your three things.
10:54First, your residence status is the right.
10:56Second, is it the foreign accounts or FATCA reporting is necessary?
11:03Do you have the right knowledge of your worldwide income and investments?
11:08This is only 15-20 minutes of checking.
11:11You will be able to get the same amount of tax.
11:15If you like this video, you will be able to share this video.
11:21You will be able to get the tax file in America.
11:25You will be able to get the same amount of tax mistakes.
11:29PRACTICAL, Financial Topic horrible questions are okay.
11:33In the result, you will be able to pass mini part of financial statements.
11:34This will be the main course for cuma
11:37How do you report the information, comment memories.
11:40Hello.
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