2020 Tax Updates No images? Click here October 2020 Tax NewsletterOctober 15 only 3 days away to file your 2019 U.S. tax return!Autumn Season Has Arrived!"Life starts all over again when it gets crisp in the fall.”F. Scott FitzgeraldAutumn leaves are falling! Days are shorter and cooler! An important presidential election! Stimulus payments information! Plan to donate before year-end! Tax Year 2020 Updates! All these topics covered for your information!October 15 Filing Deadline - Tax Returns and FBARAs we approach the end of another year, the tax filing deadline for those filing extensions is this week... October 15. If you haven't filed your 2019 tax return, you only have a couple of days. Contact us if you have questions or need assistance. U.S. Presidential Election YearThis has been a strange year with the pandemic but an election year as well... and strange, or should we say "interesting"? Do not forget to exercise your right as an American citizen to vote in this important presidential election. Reminder that 2018 elections had a surprise ending so VOTE to at least select your candidate. Re-elect or Elect? See below 2019 Additional Filing DeadlineSome taxpayers who can not meet the October 15 filing deadline can file an additional extension to December 15. Contact to find out how if you are living abroad since there is no form for this extension. Covid-19 stimulus paymentsTaxpayers who have not received the stimulus payments should file their 2019 tax returns as soon as possible to obtain their aid. Most taxpayers may have to wait until the 2020 tax returns are filed in which tax credits will be issued as refunds. This will include the additional aid for dependent children under 17 years old. Non-filers… warning!If you are not required to file a tax return because of below-the-limit filing thresholds, you must act immediately. Non-filers would include retirees with fixed income, college students that are not dependents, unemployed persons in 2019, and other lower-income individuals. You can still obtain the stimulus payment of $1,200 by applying directly on the IRS website here. The deadline for non-filers to apply was extended by the IRS to November 21 or lose the option to obtain the check. Another stimulus on the way?Wait and see! Tax Positions by the Presidential CandidatesIf you are interested in understanding President Trump's proposed tax policy. Additional information on "Impact Of Potential Biden Administration On Estate And Wealth Transfer Planning" can be read here. Register to Vote from Abroad ... still time?If you are living abroad and have not registered to vote in the upcoming U.S. elections, there still might be time. One of my clients forwarded a message to let us know how to get registered. As a fellow American living overseas, she wanted to share this information with us. The form for an absentee ballot is really easy and works for all States. After the form is completed, you must sign and send in the NORMAL MAIL to the address provided for your voting district. With all the Post Office issues in the U.S., be sure to do this ASAP to ensure your vote is counted. Please pass the word to other Americans you know living overseas. The link to get your ballots is here. Thank you TN. Tax Planning 2020 Before Year-endKeep in mind that for your 2020 tax return you will be able to obtain a charitable contribution credit of $300. This was provided in the CARES Act. You still have a few more months to make that contribution to your favorite charities. Read more information here. A recommended charity is the The CHS Helpline: This is a free, 24/7, anonymous and confidential telephone support service in English offering information and support to children, adolescents and adults. It is operated by volunteers who are trained and supervised by professionals. In the US: via KBF’s “Community Help Service ASBL (BE)” fund here. 2020 Tax Year UpdatesWhile the 2020 tax year may not experience the drastic and numerous tax changes brought on in 2018 by the Tax Cuts and Jobs Act of 2017 (TCJA), 2020 will have changes to the U.S. tax laws that taxpayers should be aware especially if it is beneficial to them. The highlights of these 24 changes are summarized here, which were inspired by several congressional acts. The revised 2020 standard deductions are presented here. Need a tax consultation?Please contact us if you wish to arrange for a time to speak concerning your tax situation. We can conduct telephone, video, or in-person (Brussels) consultations. Appointments can be made here. Or you can contact us by email with any questions or concerns for this tax season. Check website for more information ... www.mirtaxes.com Convert currency & save money!Convert your currency wisely, efficiently, and economically by opening an account with MoneyCorp for free today! MoneyCorp can help both private and corporate clients, with a few payments that includes:
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