US taxes

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2017 U.S. Tax Reform Presentation Summary – January 22, 2018 Central Hong Kong

If you were not able to attend our 2017 U.S. tax reform presentation with Tariq Dennison of GFM Asset Management and American Pacific Tax on January 22, 2018, here’s a brief summary of the main points we covered:   -               Individual income tax rate changes beginning in 2018. -               Increase in standard deduction and elimination of [...]

Foreign Earned Income Exclusion for U.S. Taxpayers living abroad

If you are a U.S. citizen or a U.S. resident alien living in a foreign country, you are subject to the same U.S. income tax laws that apply to citizens and resident aliens living in the United States. One potential benefit for U.S. taxpayers living abroad is the foreign earned income exclusion and housing exclusion [...]

Trump’s Tax Plan – A Summary 特朗普的稅收計劃 – 總結

Recently our clients have been asking how will Trump’s new tax reform affect their tax situations. As of this posting, it’s important to know that none of the proposals have been put into place yet. On September 29, 2017, at the Mandarin Oriental Hotel in Washington DC, President Donald Trump laid out his proposed tax [...]

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 [...]

Remain on Alert to Online and Phone Scams!

In recent years, thousands of people have lost millions of dollars to tax scams and fake communication fraud. The IRS reminds taxpayers to protect themselves from criminals as the number of incidents continue to grow in today’s digital age. How do scams work? Scammers make unsolicited calls claiming to be IRS officials, and they can [...]

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 [...]