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The International Money Café Show

  • EP 19: A Safety Net for Difficult Times: How To's!

    12 JUN. 2024 · Employees on work visas tend to be very hardworking (mainly in the STEM Space), very determined to pursue their version of the American dream, and with high incomes, anxious to start investing. When we start working with them on a financial plan, we complete a full SWOT analysis, and without a doubt, one threat stands out like a sore thumb. In this episode, we address the specific threat—all related to their visa—and suggest different ways of mitigating it. The ideas range from career enhancements to other legal ways of staying in the US. We draw on our backgrounds as people who were once on work visas and some of the fears and concerns we felt, which apply to many foreign nationals on work visas. By the end of this episode, you'll walk away with 4 to 5 ideas you can implement or start planning on that will help you shore up your financial plan.  ------------------------------------------------------------------------------------------ The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice. Be sure to join the conversation by visiting our page https://www.theimcafe.com/ Or by following us on social media:- Follow us on social media:- https://www.linkedin.com/company/the-international-money-cafe-podcast/; https://www.instagram.com/theinternationalmoneycafe/; https://twitter.com/TheImCafe_Pod; https://www.facebook.com/theinternationalmoneycafe
    Escuchado 24m 34s
  • Ep 18: What Is English For "Situs?"

    29 MAY. 2024 · In today's "Shortie" episode, we define the word "Situs." It comes up a lot when discussing investment property and other types of investment.  Situs is heavily used in the cross-border space. We tell you what it is, its importance in the legal, tax, and estate planning arena, and how it affects what happens to property at the end. We'll also address different types of properties. Situs is not to be confused with domicile - We defined https://www.theimcafe.com/episodes/8-what-is-english-domicile. ----------------------------------------------------------------------------------------- The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice. Be sure to join the conversation by visiting our page https://www.theimcafe.com/ Or by following us on social media:- Follow us on social media:- https://www.linkedin.com/company/the-international-money-cafe-podcast/; https://www.instagram.com/theinternationalmoneycafe/; https://twitter.com/TheImCafe_Pod; https://www.facebook.com/theinternationalmoneycafe
    Escuchado 6m 30s
  • EP 17: Busting College Funding Myths for First Gen Kids

    15 MAY. 2024 · We lightly appreciate the spirit of this statement within certain immigrant communities: "My kids can study anything in college after they get the medical or engineering degrees out of the way." According to the IFS - Institute of Family Studies research, immigrant parents have even higher expectations that their kids will not only get their undergraduate degrees but will go on to get graduate and professional degrees.  In other words, the kids are expected to attend college; ideally, it should be an Ivy League school. The question is, how do we pay for this education? In this episode, we discuss all the traditional possible ways immigrant and US-born families (we include the kids, too) can help pay for their kids' college. We also include other non-traditional options like studying abroad in the home country and other ideas.  We briefly touch on how we funded our education on international student visas. We also delve into a question that's rarely asked, yet it's answered daily. "How do we approach the college choice as a family?"  This episode is for you if you are a parent stressing about the whole college situation. In a future episode - we'll address how we approached the college choice and funding question with our kids.  ------------------------------------------------------------------------------------------- The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice. Be sure to join the conversation by visiting our page https://www.theimcafe.com/ Or by following us on social media:- Follow us on social media:- https://www.linkedin.com/company/the-international-money-cafe-podcast/; https://www.instagram.com/theinternationalmoneycafe/; https://twitter.com/TheImCafe_Pod; https://www.facebook.com/theinternationalmoneycafe
    Escuchado 29m 20s
  • EP 16: What is English for "Accidental Americans"?

    1 MAY. 2024 · According to migration policy data, the highest number of immigrants are trying to get to the US. For those wanting to become Americans, it's a stressful situation, and the process can last for years. But then there is another group of people who live outside the US, some of whom have no idea they are Americans, especially because they don't have a US passport. For the record, not having a passport does not determine citizenship. This group somehow acquired US citizenship because they were born to US citizens outside the country (probably on deployment), were born to non-immigrants in the US, or were born to US parents but left the US at a very young age. They may not be aware of it, but they are "American." in all ways possible. We call this group "Accidental Americans." In today's "shortie" episode, we discuss the implications of being an accidental American and the tax and financial implications of being an American overseas and make suggestions on how to deal with them. Ignorance is no defense, and you can't really ignore it. IRS wants you to pay US taxes like other US tax persons or officially quit (exit). We also discuss probably the most famous accidental American - Boris Johnson - a former  U.K. prime minister. We enjoyed digging into the details of this one. The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice. Be sure to join the conversation by visiting our page https://www.theimcafe.com/ Or by following us on social media:- Follow us on social media:- https://www.linkedin.com/company/the-international-money-cafe-podcast/; https://www.instagram.com/theinternationalmoneycafe/; https://twitter.com/TheImCafe_Pod; https://www.facebook.com/theinternationalmoneycafe
    Escuchado 10m 39s
  • Ep 15: All I Want is a Room Somewhere! Owning Property Overseas

    17 ABR. 2024 · Owning foreign or overseas rentals is very attractive, especially for foreign-born individuals with strong ties to their "home" country. The question has also frequently come up with foreign nationals on work visas who are not going to be in the US for the long term and want to start building passive income overseas. Given the current situation in the US, we can appreciate the attractiveness of the proportion.  There are different areas to cover, but in today's episode, we are going to answer the top five questions we see over and over again. In the future, we'll tackle more questions. Also, if your top question is not addressed, please send it to us, and we'll add it to a future episode.  Today's questions are:-  - How do you determine the value of the property? - Are you required to report it to the IRS (your US taxes), and if so, how? - What forms do you need to report rental income? - Can you convert a primary resident to a rental property and vice versa, and if so, does the section 121 exclusion apply? - What about the exit plan? What are the financial, tax, wealth, and cultural implications of the decision? The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice. Be sure to join the conversation by visiting our page https://www.theimcafe.com/ Or by following us on social media:- Follow us on social media:- https://www.linkedin.com/company/the-international-money-cafe-podcast/; https://www.instagram.com/theinternationalmoneycafe/; https://twitter.com/TheImCafe_Pod; https://www.facebook.com/theinternationalmoneycafe
    Escuchado 24m 9s
  • EP 14: What Is English For "Payroll (FICA) Taxes"

    3 ABR. 2024 · Translating financial and tax Legalese into English in 10 minutes or less. In today's episode, we'll explain payroll taxes. We'll describe the what, the why, and, more importantly, what you need to know.  We'll answer the question, "What are FICA taxes?". We'll also discuss how these payroll taxes affect workers on nonimmigrant work visas. Depending on whether you are a nonresident for tax purposes, you may be exempt from FICA taxes. We finally touch on totalization agreements for US tax residents overseas. The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice. Be sure to join the conversation by visiting https://www.theimcafe.com/ page. Or by following us on social media:- Follow us on social media:- https://www.linkedin.com/company/the-international-money-cafe-podcast/; https://www.instagram.com/theinternationalmoneycafe/; https://twitter.com/TheImCafe_Pod; https://www.facebook.com/theinternationalmoneycafe
    Escuchado 6m 31s
  • EP 13: Between A Rock & A Hard Place: A Quick Guide To Mitigating Double Taxation

    20 MAR. 2024 · The US taxes you on your worldwide income, regardless of where you live. If you live in the US and have foreign income or abroad, you have to report your foreign income on your US return. The other country in the equation is also very interested in your income, especially if you live there. Thus, the fear of being double-taxed is real and justified. We are going to talk about Avoiding Double Taxation. In this episode, we'll discuss the two main ways of mitigating this issue. - FEIE - Foreign Earned Income Exclusion and  - FTC - Foreign Tax credits In addition, we'll also discuss how income is classified, income sources, and tax treaties, as well as some ideas on dealing with stock options (RSU's ISO's, etc). We'll end by discussing some financial planning opportunities that you can use in this situation. We will also discuss the idea that we are not just focused on saving taxes now but are taking a long-term approach. The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice. Be sure to join the conversation by visiting our page https://www.theimcafe.com/ Or by following us on social media:- Follow us on social media:- https://www.linkedin.com/company/the-international-money-cafe-podcast/; https://www.instagram.com/theinternationalmoneycafe/; https://twitter.com/TheImCafe_Pod; https://www.facebook.com/theinternationalmoneycafe
    Escuchado 24m 27s
  • EP 12: What is English for "Tax Income Statements?"

    6 MAR. 2024 · Translating Financial & Tax Legalese to English in 10 minutes or less. In today's episode, we walk you through all the tax forms, you are going to need to file your taxes. In other words, what information do you as a US resident or US nonresident need to compile your tax information? We promise by the end of the 10 minutes, you'll have a pretty good list of all the forms you need to make this tax filing season a success. The views and opinions are those of the speakers and should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice. Be sure to join the conversation by visiting the page of https://www.theimcafe.com/ Or by following us on social media:- https://www.linkedin.com/company/the-international-money-cafe-podcast/ https://www.instagram.com/theinternationalmoneycafe/ https://twitter.com/TheImCafe_Pod Jane & Manasa
    Escuchado 10m 4s
  • Ep 11: The IRC Code: A Course Map to Navigate U.S Taxes

    21 FEB. 2024 · Filing taxes in the US is generally a stressful process. It's extra stressful for those who are new in the US, especially since filing taxes in the US is very different from other countries. In this episode, we discuss different aspects of filing taxes for both US tax residents and tax nonresidents. We start by discussing dates and different deadlines. We then move on to information gathering - what are the key pieces crucial for completing US taxes? Tax forms that you provide the info - most of these forms have already been provided to the IRS. We then move on to refunds and some of the cultural issues that come through. Other items we discuss include - Withholding/underholding and the consequences of that. - Ways of mitigating paying high taxes - Foreign assets reporting, foreign income, tax treaties, foreign tax credits - How and where to file taxes (self-software, tax-filing firms, CPAs/EAs, etc) We end with a call to be proactive, including self-education, as the more you understand, the easier it will be to plan for the long term. The speakers' views and opinions discussed in this episode, should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice. Be sure to join the conversation by visiting our page https://www.theimcafe.com/ Or by following us on social media:- Follow us on social media:- https://www.linkedin.com/company/the-international-money-cafe-podcast/; https://www.instagram.com/theinternationalmoneycafe/; https://twitter.com/TheImCafe_Pod; https://www.facebook.com/theinternationalmoneycafe
    Escuchado 28m 11s
  • Ep 10: What Is English For "Digital Nomads?"

    7 FEB. 2024 · In this "shortie" episode, Jane and Manasa discuss the concept of digital nomads and the financial and tax implications of this lifestyle. They define what a digital nomad is and explore the growing trend of remote work. They also highlight the importance of considering legal, financial, and tax consequences when becoming a digital nomad. They touch on topics such as filing US taxes, paying self-employment taxes, and potential double taxation. The views and opinions are those of the speakers and should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice. Be sure to join the conversation by visiting the page of https://www.theimcafe.com/ Or by following us on social media:- https://www.linkedin.com/company/the-international-money-cafe-podcast/ https://www.instagram.com/theinternationalmoneycafe/ https://twitter.com/TheImCafe_Pod
    Escuchado 7m 18s

Foreign-born US citizens, green card holders (immigrants) in the US, and foreign nationals on temporary nonimmigrant US visas, have unique financial & US tax compliance challenges as they straddle their...

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Foreign-born US citizens, green card holders (immigrants) in the US, and foreign nationals on temporary nonimmigrant US visas, have unique financial & US tax compliance challenges as they straddle their multi-country footprint.

US expats living abroad have somewhat similar challenges from having to deal with US taxes and foreign obligations.

In "The International Money Café Podcast" Jane Mepham, CFP®, and Manasa Nadig, EA, address these unique challenges over a cup of Coffee/Chai in addition to talking about life in the US.

Join them as they filter out the noise on cross-border taxes, finances, and life in the US, and save you hours combing the internet for information relevant to your situation.

Jane & Manasa being foreign-born, are able to address these issues from a very personal and relatable point of view every other week, as they walk the same journey and pursue their own version of the American dream.

The views and opinions are those of the speakers, and should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.
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