So I am an international student on F-1 visa. I just started working undr OPT in Seattle.
I'd like to know how I can,save on taxes ??
Of course there is no state tax here, and I only havta pay federal taxes.
Do you have Any suggestions as to how I can in general cut down paying on taxes ?
- Google patioMax out 401k and other retirement plans. First and foremost tax saving principle.
- F1 students, for the first 5 years, don't have to pay FICA taxes. So no Medicare or SS. That's a cool 7% you can saved
- Fitbit JzoziakwnrAt your bracket there's not much you can do. As a foreign national don't put your money in a 401k you won't see it again until you retire. Look at an HSA/FSA account. Deduct learning expenses, your cell, internet. Buy a house, it's the best tax credits you can get. There aren't really a lot of ways to save money on federal tax if you don't have a lot of money to start with.
- Yea, lookup the relevant IRS publication.
AFAIK, you can't do this. There's an AGI limit you must also hit before unreimbursed expenses kick in.
My edit above is because I do run a business. Different rules (I'm also super special)
Op, IMHO avoid this. You'll save $10 now and incur a lot of headache later.
- Since you're on a student visa, you probably don't make much money. You pay $0 on the first $4k, and 10% on the next ~$9.3k, so it's not much to begin with.
- Pure Storage / Eng r@nd03That is not true. New college grads, who were on F1 visa could work on OPT anywhere from ~1 to ~3 years. And by the end of OPT, a successful engineer at a good company (need not be FANG) may be taking in > 200k in total comp. I don't know what tax saving options are there for OPT folks though.