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Own a foreign corporation? What type of tax filing is required?

 Who files Form 5471? Any U.S. citizen, U.S. resident alien, corporation, partnership, trust, or estate who has at least 10% ownership in a foreign corporation, will likely be required to file Form 5471. The tax code explains that any “U.S. person” who meets certain requirements relating to ownership or control of the foreign corporation would [...]

All you need to know about the standard deduction

What is the Standard Deduction? The standard deduction is a specific dollar amount that reduces the amount of income on which you're taxed. Your standard deduction consists of the sum of the basic standard deduction and any additional standard deductions for age and/or blindness. In general, the standard deduction is adjusted each year for inflation [...]

Important U.S. Tax Filing Deadlines for Taxpayers Overseas

For U.S. citizens or resident aliens, the rules for filing income tax returns and paying estimated tax are generally the same whether taxpayers are in the U.S. or abroad. All worldwide income is potentially subject to U.S. income tax. For U.S. citizens living oversea, there are additional filing requirements/deadlines that need to be addressed. Please [...]

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 [...]