As New Year finally hit the calendar, it’s smart to welcome the year while giving detail attention to taxes and its fundamental changes. While the deadline for tax payment is still a few months away. But it is always considered wise, to start the preparation of your tax filing so that no hassle you have to face at the deadline. With that being said, many US tax specialists in Hong Kong believe that: sooner you get your return filed, the less you have to worry about it complication. Since tax preparation has never been your genre, as there are a lot of tax preparations aspects involve which needs specialization.
By having a professional tax preparer on your team, it becomes much easy for you to concentrate on the genre you are expert at while leaving all the tax complication to their calculative minds. With the assistance of US tax advisor Hong Kong, the following issues can be handled smoothly providing the most efficient results at the end of the financial year:
- Time-consuming– Since you are an expat it’s quite obvious that you might be not so familiar with Hong Kong taxation rules (which income is taxable and which one to exempt and under which section). It takes a long time to understand the entire tax filing return procedure and expecting the same from you is not practical. Only a tax experienced mind can configure it without consuming your productive time. It is the years of experiences of taxation professionals of Hong Kong that IRS record the tax preparation within 16 hours which covers record keeping, tax planning and so forth which is a splendidly awesome job. Kudos to all US tax professionals working in Hong Kong.
- Involve lots of calculative complexity– US tax return for individuals living Hong King and covers under US taxation of Hong Kong income need to understand the methodology on the basis of which tax prepare and exempt. Each taxpayer has a different source of income which requires different forms and tax preparation method. These entire technical requirements can be smoothly handled by a tax preparation specialist. Also, seeking their help, chances of errors are reduced and always keep you protected from falling as a defaulter or compel you to bear penalties or interest.
- Unaware of deduction and benefit- As you are new to Hong Kong taxation system, chances are high that you may miss to include a certain amount of tax exclusions that you and your earned income eligible for. The years of practice of tax professionals will make sure that you have claimed all the tax benefits which you are supposed to be eligible. They also ensure that you are not paying any extra amount more than you are rightly eligible for.
- Frequent changes introduced in tax codes and rules- Since 2001, near around 5000 changes have been introduced to Hong Kong taxation codes. Paying detail attention to all those changes to prepare your tax liability is something beyond imagination.
All these complications directly pitch to have the back support of taxation professional to get the confidence that your returns are accurate and you will have someone on your team if your return is ever selected for audit. As a responsible income holder, you should be looking for advice and support from tax specialist in Hong Kong with the best of successful experience – practical as much as technical.