May 2019 Tax Newsletter

What's happening in taxes?

This newsletter comes to you from Southern California this month. We are enjoying the varyious types of weather we have had this week... sunshine, warmth, coolness, rain, and winds. Am I still in Belgium? Well, at least the winds are making the mountains reappear!

Most U.S. citizens and residents may have filed their tax returns by now. Some may owe additional taxes. If you filed an extension, you need to file by October 15 but hopefully already paid any tax due. If you are residing out of the country, or present out of the US on April 15, you have until June 17 to file your 2018 tax return. However, will you have the time to complete the filings? If not, contact us to file your extension until October 15. Check the calendar above for the various IRS due dates. Reminder S-Corporations due date is September 16.

U.S. Persons residing abroad can additionally request an additional extension to December 15. However, this becomes more complicated. A letter must be written explaining the reasons and mailed by October 15. Also, if you wait to file on December 15, e-filing is not possible any longer since the IRS would cut off the e-filing system on November 14. So essentially, it is always best to file by October 15 to avoid the additional steps and costs in mailing a paper copy from abroad.

This month we focus on small businesses and the types of deductions and credits that the IRS offers to lower the tax liability. Additionally, a variety of links are provided for various types of news concerning domestic and international taxes.

Carl Mir - Mir Taxes, LLC Website

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IRS Guidance for Business Deductions & Credits

Small Business Week in the U.S. was May 5-11. The Internal Revenue Service issued news releases as guidance for small business owners and self-employed individuals as a reminder to take deductions and credits that will give them a more attractive bottom line and lower tax liability.

Business owners can estimate their tax situation to allow ... (click to read entire article).