Thanks everyone! This really helps us plan.
Thanks everyone! This really helps us plan.
More questions...
Does the $85,000 exemption from US tax apply to just individuals? Meaning, since we are filing income tax as a family (me and my son as dependents), does that amount increase?
Also, do you recommend us engaging a tax accountant to help us with taxes, at least for the first year, just so we don't leave anything out? Is there anyone you can recommend that can do both US and HK taxes?
Thanks!!
My advice is to get good tax before you need it.
You might check the AMCHAM site here in HK to see if they offer seminars or advertise tax people for expats but first find out through the company what tax help they can offer you.
Don't bother with someone for HK taxes. The forms are simple and easy to understand there is really not that many loopholes you can use, unless you run your own business.
I have been offered an opportunity to head a new branch office in HK. It sounds like you might have moved from the US to HK. I wonder if you have done so, and have you settled down yet?
How are the kids and have they become more comfortable about the move? Did you have a hard time finding school?
My kids should be going to 9th and 4th grade in the States if we were to stay behind. However, when I inquired about the int'l school in HK, they told me that my kids will be applying for 10th and 5th grade for the yr of Setp 2009. I am very concerned not only for the space (which is always on waiting list), but also the level, if they can catch up, etc. Also, because I have not moved yet and do not know where we are going to leave, I am not sure which school to apply.
Also, if anyone can give me an idea about the income tax issues. Being an American citizen, and also HK born resident, will I be double taxed? From your earlier exchanges, it looks like it is a MUST. But any detail you can share?
Thanks for your help.