Beware of IRS Scams!!
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IRS proposes new Form 1040
Check out a possible edition of the new Form 1040 for the 2018 tax season here.
Are your May flowers blooming? Especially since Tax Day has passed by? Now that Tax Day has passed for American residents, it is time to plan your strategy for 2018. Your tax situation will appear a lot different in 2018 compared with 2017 due to the tax reform. The increase in the standard deduction could lead to fewer people itemizing.
Here’s a few ideas to consider while the year is still “young”:
Business expats receive a reprieve on transition tax
The Internal Revenue Service has offered penalty, filing relief to many who are subject to the new transition tax on foreign earnings. Read the ACA's article here.
Need to file an extension? Contact us.
If you need to file an extension after all, contact us and we can help. If a payment is needed, we will advice how you can make your payment quick.
Do you live abroad?
Americans living out of the United States, or traveling abroad on Tax Day, are allowed an automatic extension to June 15 each year. However, this year, Congress voted to also extend any payment due to June 15. So if you planned on sending an estimated payment and do not have time to file that extension, the deadline is June 15 for both. However, an extension can be filed to October 15 but not for the payment. Contact us if you need more information or assistance.
Getting a tax refund?
A tax refund is happy news for most taxpayers…it beats owing more! But it usually greeted with ways toward frivolous spending since it is “extra money”. A new TV? A beach vacation? Remember, most of the time, it is YOUR money that you overpaid to the IRS throughout the year in taxes. While some credits are given as “free money”, most refunds are the return of your money, but no interest paid. So, what should you do with that tax refund? Is it a large one? Perhaps spending it wisely could help get on the right path financially. It can make a big difference in your debt-reduction or savings plans. Read article for some suggestions here..
Owe the IRS money and not sure to file?
So, you owe the IRS additional tax money? Can’t pay your taxes this year? Approximately, one out of six people owe additional taxes when they complete their tax return each year and most cannot pay right away. So, should you file the tax return? It is a question many people ask since they cannot pay the tax now. The thought is why generate a tax bill? Well, not filing could only make the situation worse. Read on reasons why you should here...
CHS - Charitable Donation for 2018 tax year
Charitable donations can be helpful during tax time. While it it too late to make that donation for 2017, make your choices before December 31 this year. Community Help Service (CHS) in Belgium can provide that tax-deduction for your US taxes, as well as your Belgium (if you live in Belgium) tax returns. CHS is an English-speaking Helpline assistance organization. Check out their website as well: www.chsbelgium.org. Read more about this non-profit here.
Congress passes one of the biggest tax reforms bills in recent history before the end of 2017. How will the TAX CUTS AND JOBS ACTS (TCJA) of 2017 affect you as a US taxpayer? Read a brief description of the TCJA here.
2018 Newsletters includes lots of informative tax news! See past Newsletters under the News & Events tab. Last Newsletter of 2017 - December 2017 edition - read here!
Need assistance for tax filing 2016 or past years?
Need to catch up? Are you been living abroad? We can help by filing through the IRS Streamlined Foreign Offshore Procedures. Gather your documents, records, receipts, etc. and get ready to file your taxes! Mir Taxes is here to help with any reporting, questions, or issues. Contact us at firstname.lastname@example.org.