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Question for the Money Doctors

Question submitted on Dec 6, 2012.

Question

Hi,
I am a US citizen working in the US. I am getting a contract with a US company, but I will be paid out of Hong Kong. The pay will go directly to my US bank account. I will not be going to Hong Kong for the contract. Do I need to pay Hong Kong taxes or do any filings?
Many thanks,
Darcie Goodwin

Answer

Hello Darcie,

It sounds like you are an independent contractor who will be submitting an invoice for contract services rendered. Generally, having the mere connection of invoice processing out of a foreign country such as Hong Kong would not subject a US citizen working in the US to income taxes in that foreign country.

That being said, you would be well served by contacting a CPA/PFS who will be able to help you analyze the tax rules. Please visit www..findacpapfs.org to find a CPA/PFS near you.


For additional information visit http://www.360financialliteracy.org/