30 12, 2020

Foreign Tax Credit for Individuals

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

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, [...]

24 11, 2020

Own a foreign corporation? What type of tax filing is required?

2022-01-12T08:50:22+00:00Company Reporting|0 Comments

 Who files Form 5471? Any U.S. citizen, U.S. resident alien, corporation, partnership, trust, or estate who has at least 10% ownership in a foreign corporation, will likely be required to file Form 5471. The tax code explains that any “U.S. person” who meets certain requirements relating to ownership or control of the foreign corporation would [...]

14 02, 2020

I made a gift, now what?

2022-01-13T08:52:44+00:00Gift/Estate Tax|0 Comments

Holidays season has just passed and you’ve probably gave away a lot of presents. Have you ever wondered whether these gifts are subject to any tax? What is a gift? A gift is made when the value of the property transferred (directly or indirectly) exceeds the value of consideration received in return. Thus, if you’re [...]

12 02, 2020

Important U.S. Tax Filing Deadlines for Taxpayers Overseas

2022-01-12T10:02:24+00:00Deadlines, Other Information|0 Comments

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 [...]

15 08, 2019

Does a 529 Plan Help Pay For College?

2022-01-12T08:55:26+00:00Tax Benefits|0 Comments

Introduction to a 529 Plan: A 529 plan is designed to encourage saving money for future education costs. The tax-advantaged savings plan has two types, including prepaid tuition plans and education savings plans.   Prepaid tuition plans: A type of 529 plan that lets an account owner purchase units or credits at participating colleges or [...]

20 05, 2019

General Hong Kong Tax Guide

2022-01-13T09:14:35+00:00HK/Foreign Taxes, Tax Filing Requirements|0 Comments

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 [...]

Go to Top