This tax season many expats will realize
by their own how the new tax provision affects them and their status. Some may
be shocked when have to dig deeper into their pocket to pay their tax
liabilities. However, US tax specialist in
Hong Kong can make a big difference.
Tax filers need to work transparently with
tax preparers who have closely followed the new law and any guidance issued by
the IRS. Therefore, being an entrepreneur or employee, one of the most things
you can do to protect your wealth is to find not just a good but experienced
tax advisor.
Dealing with financial complications
especially tax issues can be overwhelming and time-consuming at the same time.
It is only the right tax advisor can save a business owner millions of dollar.
These tax specialists are enthusiasts about both the tax laws and the client's
future. Here are 5 expert tips for identifying the right US tax Hong Kong
specialist to partner with.
Find an experienced CPA
It is always witnessed that the best tax
professionals are always considered the CPAs, Certified Public Accountants.
Most expatriates should use the years of expertise of a CPA because these
professionals are the most knowledgeable and passionate about reducing tax
liabilities.
Look for a tax professional with the most tax education and experience
A tax advisor’s experience and education
both can make a difference in long-term tax savings for expats. Experienced tax
professionals are aware of the IRS tax filing procedures, latest released
guidelines and forms so they will guide you better and also protects you from
tax penalties. Therefore, find someone who provides complete US tax service for
Americans in Hong Kong, including audits, handle IRS communications,
claiming credits and refunds and perform many other responsibilities.
Find a credential tax preparer
The authenticity of a tax professional is
defined by a PTIN which states- someone who’s a certified public accountant,
licensed tax professionals, enrolled agent or the one who has completed the IRS
Annual Filing Season program.
Now the question comes how you find the
credential tax specialist near you? One best way is to search the IRS
directory, it includes the complete list of tax preparers with PTINs and IRS
recognized professional credentials.
Check reference in your
network
No matter which type of tax specialist you
choose, finding the best one near you isn’t that difficult. You can either go
for word-of-mouth, which means ask colleagues, family, friends, and employees
for recommendations or through groups.
Hiring a professional, experienced and
most importantly dedicated tax preparer is one of the most important decisions
you will make as an expatriate. Look for the one who takes the initiative in
educating you on the country’s expats rules and guidelines as well as give
efforts in reducing your chances of an audit. Find the one who knows what the
tax law means, what are the consequences of making any default and also know
how to save you millions over a lifetime.
