17 APR 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

3 APR 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

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

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

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

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

24 JAN 2024 · Foreign nationals on work visas are very keen to take advantage of the U.S. Tax code when it comes to investing and saving for retirement and other financial needs. They are looking to save for retirement, their kid's college funding, and other financial goals. Like American citizens, they would like to take advantage of tax-advantaged accounts like 401k plans, 403b plans, Roth IRAs, 529 college savings plans as well as health savings accounts. Unfortunately, due to the temporary nature of the work visas (they are all nonimmigrant visas), they face unique challenges that make it very difficult to accomplish these goals. In this episode, your co-hosts Jane Mepham, CFP, and Manasa Nadig, EA, discuss the challenges that range from brokerages that won't open accounts for those on visas to the lost benefits of some tax-advantaged accounts when moving overseas due to tax-treaties amongst other issues. In the second half, they detail solutions that will allow you to invest in the US on a work visa even though you may not know where you are going to be when you retire. Jane and Manasa started out on work visas, so they have lived out the exact challenges they discuss in this episode. If you are a foreign national on a work visa - this episode is for you. 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

10 JAN 2024 · The US finance and tax language sounds very foreign to anybody unfamiliar with it. This has nothing to do with when you came to the country. In this episode, your co-hosts Jane Mepham, CFP, and Manasa Nadig, EA, dive into explaining one of these terms. In this new series (every other episode), they take a term commonly used in the cross-border space and explain what it means in plain English, and also where you are likely to find it being used. In today's episode, they answer the question, what's "Domicile?" and where is it used? You are going to love this educational bit delivered in a very short amount of time. 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

27 DEC 2023 · Just about everybody loves weddings, and all that goes with them but when they cross international boundaries, the real fun begins. In this episode, your co-hosts Jane Mepham, CFP, and Manasa Nadig, EA, dive into some of the challenges of a US citizen marrying a non-US citizen. They examine the case of a couple who just got married and the non-US citizen is still outside the US. What are the tax-filing options available to this couple? You'll be surprised, at the findings they come up with. 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/or financial advice. Be sure to join the conversation by visiting our home page 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

13 DEC 2023 · In this episode of the International Money Café Podcast, we get to answer the question “What does Jane Mepham, CFP® do for her clients, and who are they?” Tune in to find out more about Jane, learn why & how she launched her practice Elgon Financial Advisors, to serve foreign-born families and who her ICP (Ideal client profile) is, through numerous case studies, she’s come across. You’ll learn what it takes to switch careers from high-tech to becoming a certified financial planner, and what it takes to start a Financial Planning and Wealth Management Firm as an immigrant. Once you hear her passion and understand her knowledge, you’ll understand why a lot of people with cross-border financial planning need to reach out to her. Learn more on the website: https://www.theimcafe.com/ Learn more about Jane here: https://elgonfa.com/ 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.