Ahoy from Amoy (historic Xiamen, China).
It's tax time again, and this time I did not just guess at the official currency exchange rate when trying to figure out how much I'd earned here in Xiamen, China, and how much taxes I'd paid. I Googled--and found that the IRS has a tax table for the major currencies of the world, going back for several years. In 2016, it is 1USD = 6.489 CNY.
And the IRS' figure worked to my advantage--much better than what I would have guessed the rate would have been. Though they say that if you were paid throughout the year in the foreign currency, they'll give you a bit of leeway if you do the rate yourself.
Anyway--if you want to know the official internal revenue service currency exchange rate for your tax return, try this link for IRS Yearly Average Currency Exchange Rates!
By the way, whenever I seek IRS info, I get hundreds of links that are not IRS--and they can be quite tricky. I've found, after decades in Xiamen, that it is safest to go direct to the IRS -- or some firm that is very reputable, such as H&R Block. Whenever I've been really stuck, I've just phoned (or Skyped) IRS, and found them to be very helpful and patient. The last one I spoke to told me that frankly, he did not know, but he searched while he had me online--a full 20 minutes, and was extremely helpful. It was a good reminder for me that, while I might hate the idea of paying taxes, the people that work there are people!
And as a Chinese friend here said to me, the great thing about paying income tax is that you have an income to tax.
With today's economy as it is (30% unemployment in our hometown of Reedley, California), that is certainly the truth.
Enjoy Amoy!
Bill Brown Xiamen University www.amoymagic.com
It's tax time again, and this time I did not just guess at the official currency exchange rate when trying to figure out how much I'd earned here in Xiamen, China, and how much taxes I'd paid. I Googled--and found that the IRS has a tax table for the major currencies of the world, going back for several years. In 2016, it is 1USD = 6.489 CNY.
And the IRS' figure worked to my advantage--much better than what I would have guessed the rate would have been. Though they say that if you were paid throughout the year in the foreign currency, they'll give you a bit of leeway if you do the rate yourself.
Anyway--if you want to know the official internal revenue service currency exchange rate for your tax return, try this link for IRS Yearly Average Currency Exchange Rates!
By the way, whenever I seek IRS info, I get hundreds of links that are not IRS--and they can be quite tricky. I've found, after decades in Xiamen, that it is safest to go direct to the IRS -- or some firm that is very reputable, such as H&R Block. Whenever I've been really stuck, I've just phoned (or Skyped) IRS, and found them to be very helpful and patient. The last one I spoke to told me that frankly, he did not know, but he searched while he had me online--a full 20 minutes, and was extremely helpful. It was a good reminder for me that, while I might hate the idea of paying taxes, the people that work there are people!
And as a Chinese friend here said to me, the great thing about paying income tax is that you have an income to tax.
With today's economy as it is (30% unemployment in our hometown of Reedley, California), that is certainly the truth.
Enjoy Amoy!
Bill Brown Xiamen University www.amoymagic.com
