How The Legal Duties of American Taxation Service Professionals In Singapore Ease The Tax Burden Of Expats?
Singapore is a popular country that is majorly acknowledged for its low crime rates, cleanliness, lucrative business opportunity, and rich culture. It is the positive attributes of this country that make it an attractive destination for expats. However, it is also one of a handful of countries that pursues taxpayers worldwide and is very strict to its tax laws. If you want to remain compliant with the country’s tax regulations, make sure you hire the American taxation service in Singapore to file taxes for your foreign bank account timely. After all, you don’t want to receive a surprise tax bill or notice from the IRS for your lack of tax filing awareness or mistakes.
If you are unsure about how to file taxes for your foreign bank account, hiring US tax professional services in Singapore is the wisest decision you can make ever. Only an experienced US expat tax pro can guide you about the expatriate taxation norms and help you file your returns timely and with accurate numbers.
Below is the list of the responsibilities of an American taxation professional that may let you spare your productive time to grow your business, instead of fulfilling the US tax filing requirements.
Responsibility of US Taxation Services Professional –
Make You Aware Of Your Taxation Eligibility- As An expat, you are required to report your worldwide income every year, regardless of the country you reside in. Very few US expats are aware of this key information. Fortunately, there are trained taxation experts offering US taxation service in Singapore to guide you the US expat tax norms in detail and also protect you from listing under the category of tax defaulted expats.
File return on your assets- In addition to the income tax return, as an expat, you’re also required to determine the number as well as the value of assets you hold in foreign bank accounts. If you are not a tax expert, then the computation of assets will not be your forte. Hence, leaving it to a professional can be the ideal decision. And this is where the American taxation service in Singapore comes into the picture to rescue you by computing and filing the accurate return on your assets held in foreign bank accounts.
Protect From Filing Double Taxation- Singapore expat tax is not an easy term that you can overcome in one day. It needs knowledge and passion to stay updated with tax rules and regulations. There’re many exemptions that have been granted to expats which they’re not familiar with and as a result of their unawareness they file double taxation, including:
- Foreign Earned Income Exclusion (FEIE) – In this norm, only a qualified expatriate elected to exempt a certain amount on their tax return as revealed every year.
- Foreign Tax Credit – As a US citizen, if your overall earned income exceeds the FEIE, the tax expert will help you claim for the Foreign Tax Credit, either to offset or eliminate your US tax liability. This deduction is basically a dollar-for-dollar credit on the taxes you pay to a foreign country like Singapore. With the help of a tax professional, you can claim this deduction if he may find you eligible for making a claim.
These are certain exclusions that many expats are still unaware of. If you’re an American expat who doesn’t want to get into the trouble of expat taxation obligations, then an American taxation service professional has an ideal solution for you. The Tax expert will provide you all the necessary help to file an accurate and timely return.