Things American Tax Consulting Hong Kong Aware you

THINGS

AMERICAN TAX CONSULTING HONG KONG AWARE YOU

Accrual process of taxes for the foreign tax credit  Very few taxpayers in Hong Kong know that they can

prevent themselves from the liability of double taxation by taking the right advantage of foreign tax credit.  To utilize the opportunity, it requires your instant decision whether: want to opt to take paid or accrued the liability to pay tax.  Points to remember: If you are working in a country as an expat with the same tax year as the US, you can accrue all the foreign taxes owed for the year. But, the countries with a different tax year won’t allow you to accrue the tax.

Provision for Hong Kong retirement contributions

 A taxpayer who works for a US employer and

withholds social security or Medicare taxes is exempt from giving contributions to the employer as well as from employee MPF.  However, he can do so voluntarily, if he wants to. Although making voluntary contributions to Hong Kong US Taxes account seems a good step to save more for retirement.

Amend the previous return if made a mistake

 Mistakes do happen. Nobody is perfect. If you find that

you have failed to file some income on your previous year return, you can cross check the details first with a professional American Tax Consulting Hong Kong, then file an amended return form for that tax year.  It will work in your favor to file the amendment form before the IRS catches the mistake as penalties are often less. For U.S. citizens living and working in Hong Kong, preparing taxes is daunting and often confusing.

Better to leave the job to its professionals and you do the work that excites you!

Contact Us  Address:-

1103-5 Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong  Postal code: 518023  HK: +852 8172 1040