Ghanaian tax officer Mr. Parry, based in the United States, has shared key insights into the American tax system during his return appearance on SVTV Africa’s Daily Hustle Worldwide show with DJ Nyaami.
Mr. Parry, a certified tax professional across all 50 US states, revealed that he holds a Master’s degree in Public and Fiscal Administration from the University of Baltimore, a field deeply rooted in taxation and public finance. He has over 10 years of experience in public service, working in state government operations, payroll administration, and capital gains taxation.
According to him, the US tax system covers multiple income streams. “Any form of earned income—whether salary, tips, services, or barter—is taxable by law immediately once the legislation is signed,” he explained, noting that recent tax laws came into effect in July.
Mr. Parry highlighted major benefits for business owners, especially immigrants. “Most Ghanaians run businesses such as mechanic shops, transport services, and small enterprises, and in the US, these qualify for 100% bonus depreciation.” He explained that if a business purchases assets like trucks worth $40,000 to $70,000, equipment, tools, or even laptops for blogging or digital work, those expenses are tax-deductible.
Touching on family and social benefits, Mr. Parry disclosed that children born between 2025 and 2028 are expected to qualify for a Trump Account, which includes $1,000 monthly contributions, $5,000 annually, and full access to the account by age 30. He added that at age 18, beneficiaries may be allowed limited access to the funds.
He also spoke about education financing in the US, explaining that graduate student loans can go up to $100,000, while professional degree loans have a lifetime cap of $200,000.
On taxation rates, Mr. Parry noted that individuals earning between $10,000 and $20,000 annually may pay as little as 2% of their income in taxes, depending on their filing status and deductions.
He further touched on high-demand sectors such as IT, data analytics, and healthcare, revealing that his wife is a registered nurse currently pursuing a Master’s degree in Nursing, underscoring the growth opportunities in the healthcare field.
Mr. Parry’s message was clear: understanding the tax system is key to building wealth and staying compliant in the United States.
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