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Let’s talk about taxes… The do’s and don’ts, the why and why nots in filing taxes as an immigrant

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(Photo courtesy of Hongyu Liu.)

Taxes are notoriously complicated. Most might know that it has to do with money, keeping records, and filing them on time. But what else should we know? As part of our Special Finance Issue, Sampan interviewed Melody Tsang and Richard Soo Hoo to provide us with some reminders and a brief overview on the significance of filing taxes.

Melody Tsang is Asian American Civic Association’s (AACA) Multi-Services Coordinator and specializes in immigration and tax filings. “Everyone in America has to file tax returns no matter what,” said Tsang. “Even if you are a Green Card holder or a citizen, you don’t live in the United States, you may be subject to file tax returns too. But it all depends on how much you make in the past year.”

Filing taxes requires you to provide a Social Security Number (SSN). According to the Internal Revenue Service, those who are not eligible for an SSN, are required to apply for an Individual Taxpayer Identification Number (ITIN). “This is issued regardless of immigration status because both resident and non-resident aliens may have a U.S. filing or reporting requirement under the Internal Revenue Code,” stated the IRS on their website. It is important to note that “the ITINs do not serve any purpose other than federal tax reporting.”

If you do have an SSN, filing tax returns every year proves to be more beneficial than not. As a reminder, tax season takes place during January and April 15 every year. That time of the year has always been especially busy for Tsang. She said, “Before we start filing taxes, everyone wants to file tax returns on the first day because they get their money back.”

More importantly, for those in the lower income bracket, there are a lot of benefits. “If you have children, if you’re under 17, there’s child tax credit. If your kid goes to college, there’s tuition credit. Some people, after filing their tax returns, have more than $10,000 refunded to them,” said Tsang.

In addition to receiving money back, filing tax returns regularly not only ensures that you maintain good standing, but also can prove that you qualify for affordable health insurance, such as Health Connector. This is for those who may lack employer-subsidized health insurance. This is particularly important for those who might not qualify for MassHealth, which requires applicants to either be under 17 or have resided in Massachusetts for more than five years to qualify for MassHealth.

Though it might not cost much, there is a penalty for not filing taxes on time, and it goes on your record. Tsang said, “If you want to buy a house, or anything, they have to see your tax returns. To file for FAFSA, financial aid, you have to show them everything. This will all be on your records.”

If one has a bad credit report, it may also make it difficult to file for relatives. “They’re proposing that people who file for their relatives, they might submit the credit report of the person that is doing the filing,” said Tsang. “If you have bad credit, you did not file tax returns on time, then you might not be able to file the tax returns for your relatives. It depends on how bad your credit report is.”

This is all on a case by case basis. If you run your own business, for instance, and you receive rental income, you must report all the expenses it takes to upkeep the property. Tsang stresses how important it is to report everything and know what to report.

She said, “You have to show me the papers of how much your tenants pay you, how much you pay for your mortgage, how much you maintain your house. How many times you drive from your home to your property to look at it. So the mileage is a kind of deduction. And how much you pay for the cleaning, maintenance, chop the tree, clean the leaves, you have to tell me. Of course insurance, and also a lot of things.”

This year, due to the pandemic, there are slight differences in our personal finances, thanks to the Coronavirus Aid, Relief, and Economic Security (CARES) Act signed on March 27, 2020. This includes the $1200 stimulus check, leniency in IRA early withdrawals, and relieved burden on student loans, all without a tax penalty, according to Ken Berry’s post on AccountingWeb.com.

For those worried about not having received the $1200 stimulus check, it will be counted towards your tax credits for the year 2020.

“People were worried that if they did not receive it, they might not be eligible for it,” said Tsang. “But don’t worry about it. Next January, when you file your tax return, they will ask if you received the stimulus money. No worries, people don’t worry about this. If you tell them that you did not receive it, you can have it back. Because you always file the previous year’s tax returns.”

According to Tsang, if one has investments, rental income, or more property to manage, they need a professional, or a Certified Public Accountant to file their taxes. Richard Soo Hoo is a CPA and serves mostly Chinese companies and owners of the companies who want to do business in the U.S., primarily in Boston. The most common types of businesses they are involved in are real-estate investment and developments, start-ups, in particular biotech or software companies.

Soo Hoo said, “Most Americans find the U.S. tax system complicated, but I work in international taxes as well, so for these Chinese companies and individuals, it’s even more complex because of the extra layer of international tax.” For this reason, Soo Hoo would try to explain this system to his oftentimes successful clients in order for them to run their finances tax efficiently, and their taxes as manageable as possible.

For these clients who are also interested in working their way towards obtaining a permanent residence in the U.S. or perhaps becoming a citizen, there are investment visas that can be satisfied. By sending their children to a college or university in the U.S., once they graduate, Soo Hoo said, “there’s a subsidiary here in the U.S. for them to operate because they’ve been educated here in the U.S. In particular, it gives them more experience before they go back to China.”

In light of the new presidency, tax policies may change, but it is still to be determined. For the most part, Tsang does not think it will too heavily affect her lower-income clients within the U.S. On the international front, Soo Hoo is keeping track of the trade war between the U.S. and China, and how tariffs will affect the economic growth of both countries.

Regardless, taxes and filing taxes have a significant impact on immigration and legal status. There are resources available everywhere, from CPAs to free filing services at nonprofit organizations or from the city of Boston and affiliated organizations. While the process may be complicated for all filers, there are benefits to completing taxes on time, particularly for individuals with a lower income.

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New Mexico Student Loans: Pay for College in New Mexico

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Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as “Credible.”

If you’re planning to attend a college or university in New Mexico, there are several options that could help you pay for it — including scholarships, grants, and New Mexico student loans.

Whether you’ll be attending Central New Mexico Community College, the University of New Mexico, New Mexico State University, or any of New Mexico’s other schools, you can expect to spend about $6,807 per year on average for in-state tuition.

Here are four ways to pay for school in New Mexico:

  1. Start with scholarships and grants for New Mexico students
  2. Apply for federal student loans
  3. Use private student loans to fill in the gaps
  4. Consider New Mexico Loan-For-Service Programs

1. Start with scholarships and grants for New Mexico students

If you need to cover education costs, college scholarships and grants could be a great choice since you won’t have to pay them back.

Here are some scholarships and grants available specifically for New Mexico students:

If scholarships and grants don’t fully cover your education costs, federal or private student loans could help fill any gaps left over. Just remember to consider how much these loans might cost you in the future so you can prepare to pay them back.

You can find out how much you’ll owe over the life of your federal or private student loans using our student loan calculator below.

Enter your loan information to calculate how much you could pay

Total Payment
$

Total Interest
$

Monthly Payment
$

With a
$
loan, you will pay
$
monthly and a total of
$
in interest over the life of your loan. You will pay a total of
$
over the life of the
loan, assuming you’re making full payments while in school.


Need a student loan?
Compare rates without affecting your credit score. 100% free!

Check Personalized Rates

Checking rates won’t affect your credit score.

Learn More: How to Get a Student Loan for Online College

2. Apply for federal student loans

If you still need to borrow money for school, federal student loans are a good place to start. This is mainly because they come with federal benefits and protections, such as access to income-driven repayment plans and student loan forgiveness programs.

Tip: To apply for federal student loans, you’ll need to fill out the FAFSA. Be sure to submit it as soon as possible to get the most financial aid you can.

Here are the main types of federal student loans you might be eligible for as a New Mexico student:

  • Direct Subsidized Loans are available to undergraduate students with financial need. The government pays the interest on these loans while you’re in school, which means you won’t have as much to pay back later.
  • Direct Unsubsidized Loans are available to both undergraduate and graduate students regardless of financial need. Unlike subsidized loans, you’re responsible for all of the interest that accrues on these loans.
  • Direct PLUS Loans come in two types: Grad PLUS Loans for graduate students who need to pay for grad school and Parent PLUS Loans for parents who want to pay for their child’s education. Keep in mind that PLUS Loans come with higher interest rates than subsidized and unsubsidized loans. They also require a credit check.
Loan typeWho qualifies?
Interest rates
(2020-21)
Loan limits
Direct Subsidized LoansUndergrad students with financial need2.75%*$3,500 to $5,500 per year
Direct Unsubsidized LoansUndergrad, graduate, and professional studentsUndergrad: 2.75%*

Graduate and professional: 4.30%*

Dependent undergrad: $5,500 to $7,500 per year ($31,000 total limit)

Independent undergrad: $9,500 to $12,500 per school year ($57,500 total limit)

Graduate and professional: $20,500 per year
($138,500 total limit)

Direct PLUS LoansParents, graduate students, and professional students5.30%*Cost of attendance minus any other financial aid received
*Federal student loan rates for the 2020-21 academic school year.
Keep in mind: The student loan limits in the table above are maximum limits. The actual amount you might qualify for will depend on your FAFSA results, which will factor in your Estimated Family Contribution (EFC).

After you submit the FAFSA, your school will send you a financial aid award letter explaining the amounts and types of federal student loans you’re eligible for.

Check Out: Is My College Housing Covered by Financial Aid?

3. Use private student loans to fill in the gaps

If scholarships, grants, and federal student loans don’t fully cover your costs, private student loans could help fill any gaps left over. Depending on your credit, you might get a lower interest rate on a private student loan than on a federal student loan.

If you’re considering federal vs. private student loans, also note that private loans generally don’t offer the same amount of benefits and protections (such as access to income-driven repayment and student loan forgiveness programs) as federal loans.

Keep in mind: Unlike most federal student loans, you’ll need to have good to excellent credit to potentially qualify for a private student loan. Some lenders offer student loans for bad credit, but these generally come with higher rates than good credit loans.

If you can’t get approved on your own, you could also consider applying with a creditworthy cosigner. Even if you don’t need a cosigner to qualify, having one could get you a lower interest rate than you’d get on your own.

Before taking out a private student loan, be sure to shop around and compare as many lenders as possible to find the right loan for you.

Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes. Each of the lenders in the table below is a Credible partner available to New Mexico residents.

LenderFixed rates from (APR)Variable rates from (APR)Loan terms (years)Loan amounts
ascent3.30%+2.40%+5, 7, 10, 12, 15, 20
(depending on loan type)
$1,000 – $200,000
citizens3.99%+11.19%+15, 10, 15$1,000 – $350,000
(depending on degree)
collegeave3.34%+2,31.04%+2,35, 8, 10, 15$1,000 up to 100% of the school-certified cost of attendance
edvestinu4.07%+72.00%+77, 10, 15$1,000 – $200,000
mefa3.75%+N/A10, 15$1,500 or $2,000 up to school’s certified cost of attendance
(depending on school type and minus other aid received)
4.25% – 12.35%91.25% – 11.10%95, 15Up to 100% of the school-certified cost of attendance
Compare rates without affecting
your credit score. 100% free!

Compare Now

Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available | 1Citizens Bank Disclosures | 2,3College Ave Disclosures | 7EDvestinU Disclosures | 8INvestEd Disclosures | 9Sallie Mae Disclosures

Learn More: Coding Bootcamps: Average Cost and How to Pay

4. Consider New Mexico Loan-For-Service Programs

There are some professional-level jobs in New Mexico that are in particularly high demand, such as:

If you’re interested in one of these programs and are sure you’ll stay in New Mexico after graduation, then you might consider looking at the state’s Loan-For-Service Programs.

How does it work? These programs offer special loans to professionals who agree to practice for a designated time in a shortage area after they’ve graduated.

For every year of service, a portion of your loan will be forgiven. If you complete your full time of service, the program will forgive 100% of your loan.

Check Out: On-Campus vs. Off-Campus Costs

Students in New Mexico have plenty of options to pay for college

Whether you’re attending community college, a trade school, or another type of New Mexico school, using a mix of these strategies could help you pay for college.

Tip: Most students end up with a mix of both federal and private student loans to cover their costs. It’s typically a good idea to start with scholarships, grants, and federal loans before turning to private loans if you have leftover costs.

If you decide to take out a private student loan, remember to consider as many lenders as you can to find a loan that suits your needs. Credible makes this easy — you can compare multiple lenders in two minutes after filling out just one form.

Compare student loan rates from top lenders

  • Multiple lenders compete to get you the best rate
  • Get actual rates, not estimated ones
  • Finance almost any degree

See Your Rates
Checking rates will not affect your credit

Keep Reading: Low-Interest Student Loans

About the author

Lindsay VanSomeren

Lindsay VanSomeren

Lindsay VanSomeren specializes in credit and loans and is a contributor to Credible. Her work has appeared on Credit Karma, Forbes Advisor, LendingTree, and more.

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Loans Bad Credit Online – Euronext News Today – ASM INTERNATIONAL N.V. REPORTS FOURTH QUARTER 2020 RESULTS Amsterdam Stock Exchange:ASM | Fintech Zoom | Fintech Zoom

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Loans Bad Credit Online – Euronext News Today – ASM INTERNATIONAL N.V. REPORTS FOURTH QUARTER 2020 RESULTS Amsterdam Stock Exchange:ASM | Fintech Zoom

Euronext News Today – ASM INTERNATIONAL N.V. REPORTS FOURTH QUARTER 2020 RESULTS Amsterdam Stock Exchange:ASM

Almere, The Netherlands
February 25, 2021, 6 p.m. CET

ASM International N.V. (Euronext Amsterdam: ASM) today reports its fourth quarter 2020 operating results (unaudited) in accordance with IFRS.

Strong quarterly results driven by continued logic/foundry demand

FINANCIAL HIGHLIGHTS

EUR million Q4 2019 Q3 2020 Q4 2020
New orders 429.0 303.4 378.7
Revenue 400.6 314.6 346.6
Gross profit margin % 51.5 49.9 45.2
Operating result 130.9 83.9 77.5
Result from investments (excluding amortization intangible assets resulting from the sale of ASMPT stake in 2013) 6.4 6.3 27.1
Amortization intangible assets (resulting from the sale of ASMPT stake in 2013) (3.5) (3.0) (3.0)
Net earnings 104.5 58.1 79.1
Normalized net earnings (excluding amortization intangible assets resulting from the sale of ASMPT stake in 2013 and result from sale of ASMPT shares) 108.0 61.2 82.1
  • New orders at €379 million were 25% above the level of last quarter.
  • Revenue for the fourth quarter 2020 was €347 million and increased 10% compared to the previous quarter due to stronger market demand.
  • Gross profit margin was 45.2% in Q4 2020 compared to 49.9% in the previous quarter which had an exceptionally strong mix.
  • Operating result was €78 million compared to €84 million in the previous quarter, mainly due to mix effects and higher R&D and SG&A costs.
  • Normalized net earnings for the fourth quarter 2020 were €82 million, €21 million higher compared to Q3 2020, due to the higher contribution of ASMPT, mainly caused by one-off effects.

COMMENT

“2020 was another year of strong performance for our company. In a year dominated by the COVID-19 pandemic, the global ASM team demonstrated tremendous commitment and execution,” said Benjamin Loh, President and Chief Executive Officer of ASM International. “In the fourth quarter, we realized revenue of €347 million which was at the high end of the guidance of €330-350 million and up 10% from the level in Q3. The revenue level was again driven by continuous high demand in the logic/foundry segment. Our Q4 order intake, at €379 million, was up 25% from the level in Q3 and substantially higher than our guidance of €340-360 million, driven by strong demand in logic/foundry. For the full year, revenue was €1,328 million, a year-on-year increase, excluding the litigation proceeds in 2019, of 18%.”

OUTLOOK

For Q1, on a currency comparable level, we expect revenue of €380-€400 million, while we expect our revenue in Q2 to be at the same level. Q1 bookings, on a currency comparable level, are also expected to be in the range of €380-€400 million.

Based upon the current market developments, the wafer fab equipment (WFE) market is expected to grow by a mid-teens percentage in 2021. While it is currently too early to provide guidance for the second half of the year, ASM is well positioned for another year of healthy growth in 2021.

SHARE BUYBACK PROGRAM

On June 2, 2020, ASMI announced the start of the €100 million share buyback program. As of December 31, 2020, 63.8% of the share buyback program was completed at an average share price of €132.63.

DIVIDEND PROPOSAL

ASMI will propose to the forthcoming Annual General Meeting of Shareholders (AGM) 2021, to declare a regular dividend of €2.00 per common share over 2020. The regular dividend increases 33% compared to the regular dividend paid over 2019 (€1.50 regular dividend, excluding €1.50 extraordinary dividend).    
  

About ASM International

ASM International NV, headquartered in Almere, the Netherlands, its subsidiaries and participations design and manufacture equipment and materials used to produce semiconductor devices. ASM International, its subsidiaries and participations provide production solutions for wafer processing (Front-end segment) as well as for assembly & packaging and surface mount technology (Back-end segment) through facilities in the United States, Europe, Japan and Asia. ASM International’s common stock trades on the Euronext Amsterdam Stock Exchange (symbol ASM). For more information, visit ASMI’s website at www.asm.com.

Cautionary Note Regarding Forward-Looking Statements: All matters discussed in this press release, except for any historical data, are forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These include, but are not limited to, economic conditions and trends in the semiconductor industry generally and the timing of the industry cycles specifically, currency fluctuations, corporate transactions, financing and liquidity matters, the success of restructurings, the timing of significant orders, market acceptance of new products, competitive factors, litigation involving intellectual property, shareholders or other issues, commercial and economic disruption due to natural disasters, terrorist activity, armed conflict or political instability, changes in import/export regulations, epidemics and other risks indicated in the Company’s reports and financial statements. The Company assumes no obligation nor intends to update or revise any forward-looking statements to reflect future developments or circumstances.

This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

  
ASM International N.V will host an investor conference call and webcast on Friday, February 26, 2021, at 15:00 p.m. Continental European Time (9:00 a.m. – US Eastern Time).

The teleconference dial-in numbers are as follows:

  • United States:          +1 646 7413 167
  • International:            +44 (0) 8444 819 752
  • The Netherlands:     +31 (0) 20 79 566 14
  • Access Code:          9692511

A simultaneous audio webcast and replay will be accessible at www.asm.com.

CONTACT

Investor and media contact:

Victor Bareño
T: +31 88 100 8500
E: [email protected]

Euronext News Today – ASM INTERNATIONAL N.V. REPORTS FOURTH QUARTER 2020 RESULTS Amsterdam Stock Exchange:ASM

Loans Bad Credit Online – Euronext News Today – ASM INTERNATIONAL N.V. REPORTS FOURTH QUARTER 2020 RESULTS Amsterdam Stock Exchange:ASM | Fintech Zoom

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Bad Credit Credit Cards – Minn. Justices Say Menard Can’t Get Tax Offset On Card Debts | Fintech Zoom

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Bad Credit Credit Cards – Minn. Justices Say Menard Can’t Get Tax Offset On Card Debts

By Daniel Tay · February 25, 2021, 4:46 PM EST

Menard can’t get sales tax offsets based on uncollectible debts from purchases made on its private-label credit cards because the debts were owed to Capital One, the card-issuing bank, and not…

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Bad Credit Credit Cards – Minn. Justices Say Menard Can’t Get Tax Offset On Card Debts

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