Mir Taxes LLC - Tax News - June 2018 No Images? Click here Tax NewsJune 2018 Live abroad? Or out-of-the US on April 17?Tax Day is approaching for U.S. Persons living abroad, or were out of the country on April 17. June 15 will be the tax due date for filing for this group of Americans. However, if you are still not ready to file, an extension can be filed giving you a new due date of October 15. Keep in mind that if you do OWE tax to the IRS, the payment is still due on June 15. _______________ Need an extension filed by June 15? Don't stress it! Contact us today ... info@mirtaxes.com_______________ Are you an American with a foreign company?The IRS has given a FOREIGN TRANSITION TAX REPRIEVE: American shareholders of a foreign controlled corporation have been given a reprieve by the US Department of Treasury and the IRS. A US Person living abroad who is an individual US shareholder of a controlled foreign corporation shall encounter no acceleration of the 8-year payment plan, or other penalties, for failing to make the June 15, 2018 deadline. This reprieve is for those with a total tax due under the transitional tax is less than $1,000,000. Read the entire article here. _______________TCJA of 2017 & Child Tax CreditThe Tax Cuts and Jobs Act (TCJA) provided good news for families for the coming Tax Year 2018. The TCJA doubled the credit amount, increased the refundable portion, and extended its capacity to include dependents other than qualified children. In addition, the TCJA widened the group of taxpayers eligible for the credit by considerably increasing the adjusted gross income (AGI) phaseout scope. These changes are effective for tax years 2018 through 2025. Read the entire article here. _______________ Unsure about filing a tax return?You feel that you did not earn enough income last year, or prior years, and unsure if it is necessary to file your tax return. Best to be safe than sorry with the IRS however. Check this link for a chart of the minimum income needed to avoid filing your tax return each year. Click here Are you a U.S. expat and behind in your tax filing? Time to catch up before it is too late.... Looking for a tax pro to get a tax return done or answer a question? Need to get your 2017 tax return completed? Get your FBAR filed? Or have any tax questions? Please feel free to contact us for any assistance. Read more tax information at www.mirtaxes.com Thank you for reading our newsletter! Share it with your friends! |