Resources/Blog

/Resources/Blog/
6 09, 2013

Foreign Tax Credit for Individuals

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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 [...]

26 07, 2013

Why should I keep records for my US taxes?

FBAR, foreign taxes, US taxes|0 Comments

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 [...]

25 06, 2013

2013 US Tax Changes

2013 Tax Changes, foreign taxes, Resources, US taxes|0 Comments

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 [...]

19 12, 2012

What are the benefits of filing US taxes for expats?

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Earnings thresholds US citizens living abroad can exclude up to $95,100 of foreign earned income for the 2012 tax year if certain requirements are met. Be careful as earned income does not include rental income, dividends, interest, capital gains etc. because they are not earned income and will be subject to taxation. This exclusion is [...]