What are the various ways to save TAX in U.S for Non Residents?

May 4th, 2010

Hello Financial Experts,
My name is fani, I am new to US and joined a software company as an IT consultant.
My Gross Salary is 50k/annum,After all tax deductions i get around 30k-32k/annum.
I want suggestions and various plans to save my money from a Huge Tax Deductions.

Waiting for your suggestions and information.
Regards,
Fani.

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Replys

  1. G N - May 4th, 2010 at 2:38 am

    Hi Fani,

    Are you on contract? Contract work will allow you to write off expenses, like plane tickets or a lease on your car.

    Do you own a home in Canada or the United States? In the US you can write off the interest on your mortgage. In Canada you can write off the interest if you first transfer the equity in your mortgage into investments and then writing off the interest on the investment loan (your line of credit mortgage).

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  2. v b - May 4th, 2010 at 2:38 am

    Count the days you are here. There is a substantial presence test that says if you meet the 183 day test you are not a non-resident, but treated as a resident for tax purposes.

    Generally this means the 2nd year you file, you get a standard deduction of $5350 in addition to the $3400 exemption.

    All other deductions require you to have spent even more money that you’d get back from the deduction so it’s a losing game.

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