5 10, 2022

Looking to Reduce your Hong Kong Salaries Tax Liability?

2022-10-05T01:52:24+00:00HK/Foreign Taxes|0 Comments

Taxpayers are always searching for ways to reduce their tax liability. Here are some ways to reduce Hong Kong tax liability on your individual income tax return: Claim for deductions under salaries tax (i.e., outgoing and expenses, self-education expenses, approved charitable donations and contributions to the Mandatory Provident Fund (“MPF”) or Recognized Occupational Retirement Scheme). [...]

16 08, 2022

Taxes Applicable on Self-Employed Income

2022-08-16T07:21:13+00:00Company Reporting, Tax Filing Requirements|0 Comments

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 [...]

10 08, 2022

Applying an Employer Identification Number (EIN)

2022-08-10T07:42:03+00:00U.S. Taxes - General|0 Comments

Do you need an Employer Identification Number (EIN)? Businesses generally need an employer identification number (EIN) if any one of the following is true: Started a new business Hired (or will hire) employees Operating as a corporation or partnership Created a trust Withholding agent for taxes on nonwage income paid to a non-resident alien Change [...]

10 08, 2022

Common tax questions

2022-08-10T07:40:08+00:00U.S. Taxes - General|0 Comments

Do I need file US individual income tax? In order to determine if you need to file US individual income tax return, you may refer to the following online tool on the Internal Revenue Service (IRS) website HERE. What different filing statuses are available on Form 1040 Individual Income Tax Return? There are 5 main [...]

25 07, 2022

Section 83 (b) election

2022-07-25T09:17:17+00:00Tax Benefits, U.S. Taxes - General|0 Comments

We have assisted many clients earning share awards as employee compensation for the services performed. These awards may have vesting conditions on grant date. As an overly simplified explanation, grant date is when an employee receives property such as a share award from the company. The vesting date is when an employee has received the [...]

29 06, 2022

Losses from worthless securities

2022-06-29T03:10:53+00:00Tax Benefits, U.S. Taxes - General|0 Comments

As an investor it is common to have worthless securities and, in such cases, a taxpayer would prefer to claim a loss to reduce the amount of taxes due. Here are a few general questions and two examples on investments in worthless securities: What is a worthless security as defined by IRS? Worthless security is [...]

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