When it comes to tax-deductible annuities in Hong Kong, there’s a common misconception that you should always max out your Qualified Deferred Annuity Policy (QDAP) at $60,000 annually. But is this one-size-fits-all approach really the smartest move for your finances? The 17% Tax Rate Sweet Spot The real magic of QDAP tax benefits happens at […]
Right-Sizing Your QDAP: Why $60,000 Isn’t Always the Magic Number Read Post »
Paying rent in Hong Kong isn’t cheap, but did you know there are clever ways to make your rent work harder for you at tax time? Here are five strategies to get the most out of your rental reimbursement benefits. 1. Use Rateable Value When It Works in Your Favor Sometimes the 10% rental value
5 Smart Strategies to Maximize Your Rental Reimbursement Benefits Read Post »
Feeling confused about your company’s rental reimbursement scheme? You’re not alone! Many Hong Kong employees hear about this benefit but aren’t quite sure how it works or if it’s right for them.What Exactly Is a Rental Reimbursement Scheme? Despite what the name suggests, a rental reimbursement scheme (RRS) isn’t usually about your company giving you
Understanding Hong Kong’s Rental Reimbursement Scheme: A Simple Guide Read Post »
Paying rent in Hong Kong’s expensive property market? You might be eligible for tax savings through either your company’s rental reimbursement scheme or the government’s domestic rent deduction. But which option puts more money back in your pocket? Let’s break down both options in simple terms! How Company Rental Reimbursement Works Many Hong Kong employers
Rental Reimbursement vs. Domestic Rent Deduction: Which One Saves You More Tax? Read Post »
Ever heard of the “Tax Reduction Trinity”? These three powerful tax deduction mechanisms could save you thousands of dollars each year. Let’s break them down in simple terms! What is the “Tax Reduction Trinity”? The “Tax Reduction Trinity” refers to 3 new tax-deductible items: The beauty? They not only reduce your tax bill but also
The ‘Tax Reduction Trinity’: TVC, QDAP and VHIS Explained Read Post »
We’re officially in tax season, which means the “green bomb” will be landing in your mailbox soon! To help you maximize your tax savings, we’ve gathered eleven powerful deduction strategies many Hong Kong taxpayers overlook. 1. Extra $20,000 Mortgage Interest Deduction for Parents Have a child born on or after October 25, 2023? You could
11 Tax Deduction Strategies Hong Kong Taxpayers Often Miss Read Post »
It’s that time of year again! The “green bomb” (tax return) is about to land in your mailbox. Are you prepared for the 2025 tax season? Whether you’re a seasoned taxpayer or filing for the first time, understanding the key dates and deadlines will help you stay organized and avoid unnecessary penalties. Pre-filing Preparation (January-April)
Hong Kong Tax Season 2024/25: Complete Timeline and Important Deadlines Read Post »
