Mir Taxes LLC - Tax News - July 2018 No Images? Click here Tax NewsJuly 2018 New Form 1040 ProposalThe IRS is reviewing the Form 1040 to possibly streamline the form for easier failing. See the latest proposal by the IRS on the IRS website. Review the form here. _______________ TCJA Increases Child Tax Credit - up to $2,000 per childThe 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. _______________Tax News around the mediaWhy You Should Always File Your Tax Returns Before Bankruptcy?t"Why You Should Always File Your Tax Returns Before Bankruptcy?" Read more information on this topic if you are looking at filing bankruptcy soon here. _______________ Don’t be caught off guard by hidden taxes in retirementSome believe that social security is NOT taxed but it can be depending on your total combined income. Also, you could pay higher taxes at 70 1/2 because of RMDs however you could possibly convert IRAs to Roth IRA before 70 y/o to avoid higher taxes then. Read more about this issue here. _______________ Moving to another State?If you are planning a move to another state this coming year, you may want to read further here about any state tax issues. _______________ Read updates more oftenWant to you want to know about US taxes? Periodically, articles are posted on the Facebook page of the firm. Let us know by going to the Facebook page what are your tax interests and Like the page! Are you a U.S. Person and have not filed your taxes for a few years? Time to catch up before it is too late.... It's the "off-season" but it's the IRS "audit season"! Please feel free to contact us if you have received a letter from the IRS ... or need any assistance. Read more tax information at www.mirtaxes.com Thank you for reading our newsletter! Share it with your friends! Have a Happy and Safe 4th of July Holiday!Happy Independence Day!!! |