Expats can possibly convert Traditional IRA to Roth tax-free!!

Since the passage of FATCA in 2010, Americans have run into roadblocks against foreign banks in establishing retirement accounts. Americans living abroad can continue to contribute to their retirement in U.S. based accounts into IRA accounts. However..... read further... 

Mark your calendar... Expats Financial Forum in Brussels

What: US Expats Financial Forum

When: September 26th 2018

Where: ING Bruxelles Marnix, 24 Rue Marnix, 1000 Brussels, Belgium

As part of the Expat Information Fair organized by ING, Sponsored by the American Club of Brussels, join us to meet a panel of experts in US Social Security, financial planning, US taxes and Expats banking and insurance.

Meet the experts here ....

Contact us for free admission!

Tax in the News ... news links for stories that may be of interest...

30 million people are not withholding enough for taxes. How to tell if you’re one of them

• The GAO says 21 percent of taxpayers – or about 30 million people – aren’t withholding enough taxes from their pay this year.
• Earlier this year, the IRS and Treasury changed the withholding tables to reflect the new tax law.
• You should review your withholding to make sure you’re on track.
• Read full article here. 

How part-time work in retirement can affect Social Security taxes and Medicare costs

• If you start taking Social Security before your full retirement age, earning more than $17,040 from work will reduce your benefits temporarily.
• Once you're on Medicare, extra income could potentially trigger surcharges for parts B and D.
• Also, don't overlook your required minimum distributions from retirement accounts once you reach age 70½.
• Read full article here. 
• Attend the Financial Forum in Brussels in September

The IRS is cracking down on this small business tax break. 

• The Treasury and IRS have proposed new rules to address some of the ambiguity around the new 20 percent qualified business income deduction.
• “Crack and pack,” a strategy where a business splits itself in two in order to qualify, seems to be dead.
• Other ways to reduce taxable income and qualify for deductions are still in play.
• Read full article here

Do this now to avoid a tax surprise next spring

• Review your withholding now to make any necessary corrections and avoid a surprise tax bill in April.
• Unfamiliarity with credits, user error and failure to weigh state and local taxes may yield inaccurate results on the IRS's calculator.
• Consider your calculator results, but double-check your withholding with your tax preprarer before making changes.
• Read full article here. 

IRS Warns Taxpayers To Remain On Alert For Charitable Scams During Hurricane Season

Currently, the National Hurricane Center is issuing advisories in the Atlantic Ocean for Subtropical Storm Debby and in the Pacific Ocean for Tropical Storm Kristy and Hurricanes Hector and John. It’s been mostly quiet on the U.S. coasts, but according to the National Oceanic and Atmospheric Administration (NOAA), the U.S. averages one to two hurricane landfalls each season. We’re roughly halfway through hurricane season, which runs from June 1 to November 30. However, read the full article here about the IRS warnings.....