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Third Economic Impact Payments

Updated Jan 7, 2022 Economic Impact Payments – commonly referred to as “stimulus checks” or “Recovery Rebate Credit” are funds to help reduce the financial burden of COVID-19 on individuals and their families. If you did not receive the first and second Economic Impact Payments or got less than the full amounts, be aware the [...]

2021 Charitable Contribution Deduction

According to the IRS, a special write-off for cash contributions is provided for 2021 tax year for taxpayers who give to charity. This special deduction is offered to anyone  even if they take the standard deduction and do not itemize deductions. For Non-itemizers: What are the maximum limits for deduction? Single/ Married Filing Separately/ Head [...]

President Biden’s New Tax Proposals

With the beginning of the new Democratic administration of Joe Biden in January 2021, one can expect legislative changes which are consistent with the political and economic agenda of any new administration.  With respect to tax law, there is oftentimes modifications of existing tax laws, as well as enactment of new laws for the purpose of fulfilling campaign [...]

My Hong Kong bank is asking me for a W-8 or a W-9 for my personal account? Which one should I use?

The Foreign Account Tax Compliance Act (“FATCA”) is a 2010 US law requiring foreign financial institutions (FFIs) to review data for their account holders and identify all their US account holders or be subject to withholding on certain payments. FORM W-8 These foreign financial institutions would request W-8 series forms to identify and document their [...]

Year-End Tax Planning – 2020 U.S. Tax Updates from American Pacific Tax

Happy holidays!  We just celebrated our 8 year anniversary this month and have been continuously looking for the best ways to help our clients, even in these challenging times! As we wrap up 2020, year-end tax planning has never been more crucial. This year brought challenges and disruptions that significantly impacted your personal and financial [...]

Foreign Tax Credit for Individuals

In Hong Kong many of our clients commonly claim the foreign tax credit benefit while living abroad. The foreign tax credit prevents the dreaded double taxation by allowing taxpayers a dollar for dollar tax credit for foreign taxes paid. For many taxpayers, claiming a tax credit is more beneficial than claiming a tax deduction. However, [...]

2022-01-12T08:54:23+00:00Tax Benefits|0 Comments
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