US Taxes Return or do in China or back in States

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phiota

LoopKicker

Joined: Nov 01, 2005
Posts: 801

Status: Offline

Posted: Aug 13, 2007 - 01:41 AM
Post subject: US Taxes Return or do in China or back in States

For Expats living here for extended periods how did you do your taxes? Go back or do them in China? In in China did you hire an accountant or did it yourself and how did you collect your various forms (like 1099's) to decide how much need to pay.

Setting plans on when to head back to the states either in a month or two or wait until Feb in I need to do my taxes in US.

John

CoffeeHawk_0
Board Deity

Joined: July 14, 2005
Posts: 19090

Posted: Aug 13, 2007 - 07:00 AM

If you don't know the laws about foreign income, living abroad, dual country income, etc., you'd better hire some one to do your taxes, especially if you owe China taxes too. Not too many laowai know how to pay China taxes. US and CHina taxes are calculated too based on how many days you spend in each country, etc.. There's no reason to be in the US to do US taxes, you just need someone to mail all the forms here. All the big US accounting firms are here, PWC, E&Y, etc., they do the expat taxes for employees of large companies.

phiota

LoopKicker

Joined: Nov 01, 2005
Posts: 801

Status: Offline

Posted: Aug 13, 2007 - 08:56 AM

I have no China income so just wanted to see if I need to go back to file my investment/interest/rental income earned passively in the US. Do not work (so as no income in china) for a big company in China myself so need to figure out how to handle my 2007 taxes.

thanks,

John

yu888
Board Deity

Joined: Jan 25, 2003
Posts: 19335
Location: ZhongShanParkArea SH

Posted: Aug 13, 2007 - 02:43 PM

buy, learn and master the usage of Turbo Tax. Wink

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CoffeeHawk_0
Board Deity

Joined: July 14, 2005
Posts: 19090

Posted: Aug 13, 2007 - 05:29 PM

Just my 2 cents, even if you are getting a US paycheck, you may still owe China taxes. for example: if you're an expat here, with a package which included your company paying the rent on your apartment, it's likely being paid from the China office and that rent is considered taxable income for you. There a lot of possibilities, maybe you can get a free consultation, or describe your situation in more detail and a tax expert here might respond.