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Money-Business

New Website Helps US Victims of Identity Theft

Identity theft is a growing problem worldwide, with almost a half million complaints in the US in 2015, a 47 percent increase over the previous year. To provide assistance to the victims, the head of the Federal Trade Commission (FTC) in the US, Edit Ramirez, has announced a new website. It’s identitytheft.gov. On the website,… Keep Reading

Money-Business

Why Using Credit and Debit Cards is Better than Using Cash

Although the use of cash is decreasing around the world, Mexico is still the king of cash. According to MasterCard, 96% of transactions in Mexico are made in cash, while internationally, the figure is only 46%. Luis Mauricio Torres, a researcher of the Mexican Institute for Competitiveness (IMCO), and Manuel J. Molano, Deputy Director General… Keep Reading

Money-Business

Passports and Delinquent US Taxes

By now you may have heard about the passport provisions of the Transportation bill currently being considered by Congress. This is the most recent attempt by Sen. Orrin Hatch (R-UT) to take passports away from people who have “seriously delinquent” tax debt. If enacted into law, those who owe more than $50,000 could be in… Keep Reading

Money-Business

The Affordable Care Act (Obamacare) For Expats

Much of the general information available about the Affordable Care Act (ACA) applies only to regular US residents. The act requires US residents to have qualifying health care coverage for each month of the year, to qualify for a coverage exemption, or to make a shared responsibility payment when filing their federal income tax returns.… Keep Reading

Money-Business

Counterfeit 50 Peso Bills Becoming More Common

Many stores check 500 peso bills to make sure they’re not counterfeit. But there seems to be a surge in counterfeit 50 peso bills locally, maybe because merchants don’t check them as often. Here’s how you can check if the ones in your wallet are real or fake. The newer (since 2006) real ones and… Keep Reading

Money-Business

Divorce, Mexican Style

If you Google “divorcios rápidos Tijuana,” you will get over 200,000 hits. Mexican divorces are a growth industry. They may be “rápido” but they often come with surprising, unintended consequences—especially when it comes to division of marital assets, deferred compensation, and pension plans. Worse, the divorce decree (or key parts of it) could be deemed… Keep Reading

Money-Business

The New World of Exchanging Bank Account Information

Earlier this month, the SAT (Mexican IRS) chief announced that Mexico has begun receiving information on US bank accounts with interest paid greater than $10 that are held by residents of Mexico. This information helps determine how many Mexicans have accounts in the United States, the types and amounts of income, and the banks where… Keep Reading

Money-Business

At the Crossroads of Nationality and Taxation

Some U.S. citizens who have migrated to Mexico have gone beyond Residente Temporal and Permanente visa status, and have chosen to acquire Mexican citizenship. There are more than a few out there. I think it pays homage to the country that has welcomed them. The way I read it, Mexican nationality law allows dual citizenship… Keep Reading

Money-Business

How to Declare Disaster Losses on US Federal Tax Returns

When I heard about Hurricane Patricia, I immediately thought of the many friends and acquaintances that live and own property along the track of the storm. Luckily, there was no loss of life, but there were some material losses. For the people who experienced losses and who file US federal income taxes, some of the… Keep Reading

Money-Business

New Tax Rules for Renting Out Your Condo in Mexico

Many expats who own condos in Mexico actually spend only some part of the year in them. Rather than keep them empty when away, many logically choose to rent them out. That makes sense. It also makes sense that SAT, Mexico’s tax authority, is eager to become your silent partner. When you derive income from… Keep Reading

Money-Business

Marriage to a Mexican National: The Taxman Watches!

If you are a US citizen expat in Mexico, vyou may just meet and consider marrying a Mexican national. ¡Orale! as they say. But, it is important to understand that there will be US tax consequences and important choices to be made in connection with marriage to a non-US citizen when both of you reside… Keep Reading

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