Summer 2017 No Images? Click here Summer's coming!Don't worry about your taxes if you still haven't filed and enjoy summer!JUNE 15 FILING DEADLINE - NEED AN EXTENSION?June 15 is tax deadline for US Persons that were abroad on April 18. If you're an expat, you can file an extension until October 16, 2017. However, if you might owe taxes to the IRS you should send an immediate estimated payment to avoid the failure to file penalty, delinquency penalty, and interest charged by month. That $1 you owe is growing. Expats should file tax return or extension by June 15 if necessary. Contact us and we can help you. Need to file an extension? Click here! NORTH AMERICAN FINANCIAL FORUM in PARISWere you lucky enough to attend the North American Expat Financial Forum, hosted by Dunhill Financial and the Adrian Leeds Group, and sponsored by Moneycorp Currency Specialists and Caye International Bank in Paris on May 29? If you were there, thank you for attending. It was pleasure speaking with several of you at the conference or at dinner. It was a information-filled but fun evening! Check the program link to see who was there and what was discussed. If you would some of the information shared at the Forum, here’s the information discussed at the Forum here. FBAR DUE DATEFBARs were previously due on June 30 with no exceptions. This year the due date changed to April 15, with an automatic extension to October 15. If you need to file your FBAR, do not delay and file today so you do not forget in October. Do you need assistance in filing your FBAR? Click here and we’ll help! TAX CHANGES FOR 2017While it's too early to think about your tax return for 2017, keep in mind minor changes for this year. Also, with a new administration in Washington, there could be major changes announced by the end of the year. Tax rates changes include: 2017 2016
Business-related expenses: Standard mileage actually drops from 54 cents in 2016 to 53.5 cents in 2017. Medical miles rates drops as well from 19 cents to 17 cents. Depreciation The option to elect bonus depreciation has been extended through 2019. However it does remain at 50% through 2018 but dropping in 2019. Section 179 has been made permanent for now with the limit at $500,000 this year. Retirement contributions Traditional and Roth IRAs limit is $5,500 with over 50 years ("catch-up") at $6,500. The income limits are still in effect as far as who can open these accounts and the maximum value. Health Insurance US Persons living abroad can continue to claim an exemption on their US tax returns for the health insurance. However for US residents, the tax for not maintaining the minimum health insurance is $695, or 2.5% of household income, whichever is higher. Of course, with the new Administration and Congress this could change by the end of the year. The Unpredictable Some of these items can change but it is expected that more changes would occur that could be major in comparison. With the talk of a new healthcare and tax reforms, the unpredictable is there on what is changing and how it will affect all US citizens filing income. Tax returns. Stay tuned! IRS TAXPAYER BILL OF RIGHTS TOP 10In dealing with the IRS, any US person has special rights which the IRS has established in their Taxpayer Bill of Rights. The Bill of Rights were created so that US Persons filing tax returns are faced with some rights when the IRS is confronting the taxpayers.
Check the website soon for a more on these Top 10 issues…www.mirtaxes.com. PFICs - PASSIVE FOREIGN INVESTMENT COMPANYPFICs were originally used as a tax loophole for Americans to invest their funds in offshore investment shelters. The US started closing these loopholes in 1986 and would tax US Persons and at higher tax rates to discourage the participation of these investment schemes by US taxpayers. Check the website soon for further information on these types of investments that Americans should avoid … or get rid of! IRS STREAMLINED PROCEDURES - COMPLIANCE ASSISTANCE FOR US EXPATSThe program is for U.S. Persons living outside of the United States. U.S. citizens and residents are required by law to declare their total worldwide income as well as assets and bank accounts to the United States each year. There can be severe penalties for not filing by the individuals. The Procedures offers U.S. individuals a secure, penalty-free path to compliance. If the U.S. Person has never filed or reported income or assets, they can participate in this Procedure to avoid any fines. Contact us for more information and check here on the website.
Carl MirUS Taxes, Consulting & Expat Financial ServicesMir Enterprises US, LLC (www.mirtaxes.com)Email: info@mirtaxes.comTax Deadlines Calendar Year 2017 (for Tax Year 2016 Returns)Individual tax returns (Forms 1040, 1040NR, 1040A, and 1040EZ)
FBARs
See full calendar click here ....
Our Partners:Stay tuned for future dates of tax seminars to be held! |