foreign taxes

/foreign taxes

Need to file your 2014 US taxes living abroad and prepare for 2015? Find the newest updates here.

Here is some additional useful information to plan for year-end.   Stamp Out Tax Season Stress! Are you ready for tax time? There are a couple of steps you can take now to alleviate some of the stress of filing your return. Plan to get organized early. Begin by putting together a tax folder with [...]

Foreign Tax Credit for Individuals

One important benefit for US taxpayers living abroad is the foreign tax credit. The foreign tax credit prevents the dreaded double taxation by allowing taxpayers a dollar for dollar tax credit for foreign taxes paid. For most taxpayers, claiming a tax credit is more beneficial than claiming a tax deduction. The foreign tax credit is [...]

Why should I keep records for my US taxes?

Good organization and recordkeeping is very important when tax deadlines approach in April (June for those living overseas). Good recordkeeping will help you with the following: –        Prepare accurate income tax returns –        Ensures you will provide all necessary information to you CPA –        Keep track of valuable deductible expenses –        Give you peace of [...]

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2013 US Tax Changes

The IRS has recently implemented some changes with the American Taxpayer Relief Act of 2012 that may affect taxpayers working and living in Hong Kong and abroad beginning in 2013. Some of these changes are:  2013 tax rates up to 39.6% for income over $400,000 single and $450,000 married filing jointly 2013 AGI above $250,000 [...]