Tax planning 2018:

Your 2017 return is filed but consider the 2018 strategy

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”:

1. Review your federal and state tax returns with a harsher assessment, especially if you had someone prepare them for you.
2. Review your retirement contributions and possibly increase the contributions to the retirement plans.
3. Deductions: Are there additional deductions for 2018 you could utilize?
   1. Tax reform can affect your deductions for 2018 differently than in 2017. 

Read the entire article here.

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Expats: Your tax return due June 15

Contact us if you need assistance to file by June 15 or file the extension. Reminder (this year only) if you owe tax, pay it by June 15 and file later. 

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Do you need assistance in filing your FBAR?

The U.S. Department of Treasury requires all Americans with foreign bank and other financial accounts to be transparent in reporting the balance. However, the threshold set by the government is to have an aggregate value of $10,000 on any one day over all your non-U.S. accounts. Do you need to file? Don’t forget that the final deadline of the year is October 15. Ask us if you need assistance or have questions.

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Unsure about filing? Did you make enough to file?

Check this link for a chart of the minimum income needed to avoid filing your tax return each year. Click here