Taxes Applicable on Self-Employed Income

Post-pandemic world has seen more and more people started working for themselves either by setting up their own business or working as a freelancer which potentially triggers self-employment tax. In this short article we will briefly look at a few basic questions of the self-employment tax: Who is considered self-employed? Generally, a taxpayer is considered [...]

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 [...]

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 [...]

General Hong Kong Tax Guide

Do you need assistance with Hong Kong salaries tax? Here is an overview of the general individual taxation system in Hong Kong. In Hong Kong, Hong Kong adopts a territorial source principle of taxation. Individuals are taxed only on income that has been “earned in Hong Kong”. There is no capital gains tax, no interest/dividend tax and no inheritance [...]

Living abroad? Mail your individual tax returns to the right place. Regular and Private Delivery Service Mailing Addresses

With all the current technology, many U.S. taxpayers are allowed to electronically file their tax returns and pay taxes online... even while living overseas. At American Pacific Tax, we use secure channels and encryption software to help our clients manager their tax information securely so they can electronically file their tax returns. However, certain taxpayers may [...]

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