American immigrants: how to file tax returns in the first year after getting a green card? What does the US tax return cover?

Who must declare and pay taxes? People who must declare personal income tax include: American citizens in China, American green card holders, and other foreign citizens of China who have income in the United States (such as H 1B visa holders, international students in the United States who hold OPT and CPT work permits under F- 1 visas).

Which tax government should I declare my taxes to? Operators usually need to declare federal tax and official travel tax (some also need to declare city tax). Federal taxes are borne by the IRS, and state taxes are borne by the state government departments where the operators are located (some States do not collect state taxes, such as Texas, Florida and Alaska). Take new york residents as an example, you need to fill in the federal form 1040 and new york IT-20 1 respectively, and attach the tax bank draft, and submit it to the IRS and the New York State Taxation Bureau respectively. Operators can also declare tax bills through financial accounting firms, electronic equipment and other professional and technical personnel.

The United States implements tax declaration on a global scale, so it is necessary to declare the income on a global scale, as follows: (1) The United States: mainly includes beautiful salary and bonus income, direct sales income, bank deposit interest income, dividends, stock trading profits, house rental income, project investment income, etc.

(2) Overseas in the United States: mainly including salary and bonus income, direct sales income, bank deposit interest income, dividends, stock trading profits, housing rental income, development rights fees, etc.

(3) Overseas special assets outside the United States, involving cash deposits, equity funds, individual stocks, PE, private equity funds, ownership of corporate equity, cash value of China Life and other assets that can be realized at will.

When filing tax returns in the United States, the applicant's marital status, age, application method, income and other factors may affect the tax amount. Therefore, in the process of tax filing, the applicant first determines his true identity or tax filing method. Generally, there are five types: single men and women, husband and wife filing jointly, husband and wife filing separately, householders (one of the husband and wife brings their children to immigrate and invest, and the person can pay taxes as the householder) and their divorced people.

After determining the true identity of tax declaration, the applicant needs to collect the receipts or documents required for tax declaration and confirm the tax forms that must be declared. Generally, the forms that can be applied for tax return are 1040EZ, 1040A, 1040, etc. Subsequent tax exemption policies or new tax credit items shall be deducted from the total income of the previous year, and tax shall be calculated according to the adjusted total income. If the tax payable exceeds the tax paid, the tax owed shall be calculated; If the tax paid exceeds the taxable amount, the tax refund will be calculated. Naturally, if the tax situation is complicated, people can consider hiring tax experts to help with tax returns, which is also the choice of most Americans.

It is worth reminding that many investors who are applying for immigration investment in the United States but have not yet obtained a green card in the United States believe that as long as they have not obtained a green card in the United States or have not settled in the United States, they have nothing to do with the US tax return. Actually, it is not. Even if you are not a tax resident of the United States, as long as you have project investment income in the United States, you should report it to the IRS. Therefore, for many applicants who have applied for EB-5 immigration investment in the United States, although they have not obtained a green card in the United States, they still need to declare their taxes as foreigners through the K- 1 financial audit form of EB-5 project because the new EB-5 project in the United States has corresponding profits, that is, income in the United States.