WINTER 2024 TAX NEWSLETTER

Happy Holidays to all!

Year-end last words....

 Another year has ended as we prepare to enjoy the holiday season. Mir Taxes wishes to extend good tidings for all as we try to rejoice in the season with family and friends, or in the travels. 

The new year brings on another tax season. This year, the country elected a new president and Congress. What will a new Administration and Congress bring on concerning taxes in the U.S. Many believe that the tax credits awarded with the TCJA expiring in 2025 will be extended. This is some good news for families receiving the Child Tax Credit refunds. If these breaks do expire, it would bring increased taxes to all individuals in the U.S. But additional campaign promises have been voiced. Will these occur? Some of these tax breaks possibly occurring: 

• Eliminating taxes on tips of restaurant and hospitality workers;

• Eliminating taxes on Social Security benefits;

• Eliminating taxes on overtime;

• Eliminating taxes on firefighters, police officers and members of the military;

• Providing a tax credit for family caregivers taking care of parents or loved ones; and,

• Allowing those who buy a car that was made in the U.S. to write off the interest on their car loans.

In order to fund the tax cuts and credits, Trump promised to implement high tariffs on goods entering the U.S., though economists and others question whether the tariff rates he was generally suggesting would cover the cost. Lowering the corporate rates, would bring more capital back to the U.S. An issue that has concerned Canada. 

Inauguration day is January 20, 2025. The country awaits. 

Next month our newsletter will address some due dates for the coming tax season. If any news of tax changes occur, it will be addressed as well. However, Congress is not expected to vote for any tax issues until the next Congressional session in 2025. 

As usual, the IRS may not open the electronic filing system until January, which could be from mid-month to the end of January. 

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EIP: Stimulus Payments - Still available ... but partially ending soon!

U.S. Persons can still receive the Economic Impact Payments from the IRS by filing their tax returns for years 2021 even if you have zero income. Reminder there's no more payments for 2024 so do not expect a refund this year for the EIP.  The deadline for filing the 2021 for your refund is April 15. 

Need to get Compliant with the IRS?

If you have not filed your tax returns or FBARs for several years, the IRS allows you to file under an amnesty program to avoid the "failure-to-file" penalties. However, even if you have not filed for ten years, you only have to file for the last three years and the current year...so it's four years filing and you are caught up and compliant. Contact us for more information or questions. 

You would have to file the last three years (2021, 2022, 2023) and the current year (2024). For the FBARs, the last six years (2018-2023) plus the current year (2024).

Global News - Tax Reading List

United States 2024 Year-End Estate Planning: Inflation-Adjusted Tax Figures

United States Death, Taxes And Politics - The Future Of Tax Policy Ahead Of The 2024 Election

Worldwide 2024 Year-End Estate Planning: International Developments

United States Will The Red Wave Crash Down On The Estate Tax Sunset?

United States Federal Estate And Gift Tax Exemption And Annual Gift Tax Exclusion Will Rise To Highest Recorded Levels In 2025 Due To Inflation

United States How Trump's Tax Cuts And Tariffs Will Affect Your Wallet

United States Preparing For 2025 Tax Filing Season

European Union UK Non-Domicile Tax Regime Set To End, Hello To The New Opportunities In Cyprus

Spain The Spanish Digital Nomad Visa: Combine Residency And Tax Efficiency In Spain

United States Did You Know That You May Be Able To Increase The Amount Of Gain Excluded On Section 1202 Stock By Gifting The Stock To Others?

United States TCJA Expiration: What Business Decisionmakers Need To Know