Tips for Making Hong Kong US Tax Filing Hassle Free

TIPS FOR MAKING HONG KONG US TAX FILING HASSLE FREE

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Pay tax early  Though it may feels like saying the obvious thing, but

how may taxpayer follow this? Filing your taxes in the beginning of the year is the best option to stay stressfree for the whole year. Once you’ll get habitual of paying tax early, it will become your life’s routine.

Secondly, you can avoid penalties and any fines on unpaid taxes if you file or pay tax after deadline.  Getting your return stated early allows your hired tax professional to identify the opportunities for claiming benefits and thus, reduce your tax burden.

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Know changes info in HK tax provisions for expatriates  It’s really important to hire the

professional US tax service for Americans in Hong Kong who is aware about any tax provision changes introduced by the government.  It is the trustworthy assistance of tax professional that will advice you and prepares your tax return on the basis of facts and his years of experience.  Also, it is a part of your responsibility to be honest with them so they can identify any tax opportunities that benefit you.

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Organize funds to pay your tax on time  When you living abroad, it can be a

challenging task to raise cheques and there can also be delay with electronic payments, especially if you don’t have a US bank account.  If you’re expecting to a non-US bank account to raise a cheque, the whole process can take several days to complete. Thus, you need to plan everything before tax deadlines to minimise penalties.

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Maintain up-to-date tax records  Its never too late to organize your tax records

and keeping your tax professional informed of every document so he can advice best to you.  Tax planning become automatically easy when tax preparer have supporting documents. Also, do note that under IRS regulations you should retain the records and documents relating to tax returns for past seven years from the end of relevant tax year.

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