Tax Newsletter - September 2018 No Images? Click here October Tax News
Fall colors are coming in but the sun is shining in Europe! The deadline to file tax returns and FBAR for 2017 is upon us, October 15. An extension for tax filing (with a good reason) can be obtained to December 15 by writing a letter, no forms. If interested, contact us today. There is NO additional extensions for the FBAR though so best to gather your data and file today. The banks do NOT file this information for you. Enjoy the rest of the month as the holidays are approaching! And safety blessings to our friends in the path of Michael! TAX and FBARFILING DEADLINEOCTOBER 15FBAR ... what is it?So you have to file the FBAR? If you live in the United States, you may still be required to file the FBAR. The report is due soon, October 15. But do you understand the requirements and parameters of filing it? What is the FBAR? It refers to the FinCen Form 114, Report of Foreign Bank and Financial Accounts. It is a reporting form only without any tax implications. The Bank Secrecy Act of 1970 (BSA) established this report. The FBAR could affect most expats however it can also affect Americans residing in the United States. Read more about this report of what it entails, requirements, etc. Click here for all of the information. What happened in Brussels and Paris?Expats Financial ForumThe Expat Information Fair organized by ING, Sponsored by the American Club of Brussels, held last month brought a panel of financial experts to answer pertinent questions. Before the panel got to work, a discussion was given on social security by Jack Leuchtman from the Social Security Administration at the US Embassy in London. A recap on the discussion and how you can get information from the Social Security Administration in Europe, read here. Contact the SSA to get your Form 7004 to determine your benefits by emailing them here. Bloom Where You’re PlantedMir Taxes is proud to have been one of the sponsors of this important expat event held in Paris. Read a review of the event by one of the speakers, Adrian Leeds. Tax in the NewsNews links for other information that may be of interest...Should You Convert Your Balance To A Roth IRA?If you have accumulated a large balance in a traditional IRA, now may be an ideal time to convert some or all of it to a Roth IRA. The recently enacted Tax Cuts and Jobs Act (TCJA) reduces individual income tax rates through 2025, lowering the cost of conversion. When you do a Roth conversion, you are subject to tax on some or all of the amount you convert, so it could be cheaper to do it now, while tax rates are more favorable. But, why choose a Roth in the first place? Having Your Cake. . . And Eating It Too! The Basics Of Planned Giving With Charitable Remainder TrustsGood news! There are several "tried and true" methods by which you can often accomplish both, through the use of a Charitable Remainder Trust ("CRT") or Charitable Lead Trust ("CLT"); and to make it even more appealing, you will be entitled to an income or estate tax charitable deduction. Draft French Finance Bill For 2019 Reveals Significant Tax Amendments - Tax - United StatesAttention to Americans in Paris: The first draft of the French government's finance bill for 2019 contains several significant amendments likely to affect key French tax regimes, as well as past and current transactions. US Taxpayers May Have A Nasty Surprise In The 2018 Filing SeasonThe United States Internal Revenue Service is warning taxpayers to evaluate their current withholding rates and their proper estimated payments for 2018, or else they may have a nasty surprise when they prepare their 2018 returns and find out they owe a substantial amount of tax and penalties. Why? Congressional auditors say about 30 million people - 21% of US taxpayers - will have withheld too little from their pay checks under government tables keyed to the new tax law. Highlights of Tax Cuts and Jobs Act of 2017 Haven't filed your taxes in years?Time to get compliant?If you haven't filed your taxes in years, Mir Taxes can assist you with the process through the Streamlined Procedures Program of the IRS ... and at reasonable prices. Contact Mir Taxes for more information.
Need to convert some currencyand pay little?Convert your currency wisely, efficiently, and economically by reading about MoneyCorp and open your free account today!Need 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. |