Filing Hong Kong US Tax Return
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It’s mandatory that every American expat, regardless of where they live in the world, must pay and file income to the IRS within the deadline. However, the legal terms that have not been explicitly stated or define are Hong Kong US tax filing threshold requirements. Filing a US tax return with minimal or no income as an expat is possible with certain eligibility requirements.
As an American expat, you are legally allowed to skip filing the US tax return only in two major circumstances, if you have minimal or no income. However, despite the flexibility of avoiding the tax return filing, it is still recommended to be safe and remains in good standing with the IRS, to legally file the Hong Kong US tax return, even if you hold minimal or no income. Why so? We’ll explain more on that in brief.
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Legal Filing Requirements of US Taxation Of Hong Kong Income
If you have earned income this year or the previous year, if it falls below the IRS filing threshold provision, there is no requirement to file a tax return. The filing threshold of US taxation of Hong Kong tax income varies according to the filing status of the taxpayer (American expat) and age. The filing status of the taxpayer is also determined by the status of the taxpayer, for instance, he’s the head of household, married or single, or claimed as a dependent on someone else’s tax return.
Keep one thing in mind that every year the IRS adjusts the minimum filing amount of earned income every year. This is due to inflation that usually happens every tax season.
However, if you have no income, there’s no need to file. But since the tax threshold minimum amount changes every year by the Hong Kong US tax authority, it’s important to be up to date to ensure that you don’t have to file the tax return. To avoid future complications and most importantly IRS notice, you can be safe and still file a return with the expertise of the reputed Hong Kong US tax return to make the filing process easier and hassle-free.
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Filing the FBAR Requirements
Even if you’re not receiving any income, lost your job, or maybe not working currently due to any reasons, but if still, you have $10,000 in a total of all foreign bank accounts you own, you have to file for an FBAR.
The FBAR stands for Foreign Bank Account Report and is extremely important to fill out so the tax authority knows that there’s no illegal activity going on. A foreign financial account is any bank located outside the US, i.e. pension funds, foreign life insurance policies with cash values, and mutual funds.
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Other Significant Reasons Why You Might Need To File Hong Kong US Tax Return If in case, you owe any taxes to the IRS, you will need to file a tax return. However, in any other case, you are exempted to file Hong Kong income from US taxation, such as foreign pensions or social security benefits.
Tax refunds- A tax refund can only be possible if you had any previous taxes withheld from your income, like retirement plans, overpaid your eligible tax amount, or withholding wages. Being an American expat, you are more eligible to receive a tax refund that was withheld since you don’t have any tax liability.
Identify fraud and theft- If you believe or were a victim of identity theft over the past year, filing a Hong Kong US tax return can help. In such an unfortunate event, the IRS will provide you notice as to what your personal information is, and actual income was, for the year.
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