Trump Accounts: What Families Need to Know
At American Pacific Tax Limited, we specialize in guiding families through new U.S. tax programs. Below, our consultants answer the most common questions about Trump Accounts so you can understand how they may benefit your children. What is a Trump Account? A Trump Account is a new type of individual retirement account (IRA) for eligible […]
3 Year Comparison of 6 Key Tax Updates You Need to Know
Tax laws and regulations are updated almost every year and staying informed is essential for making smart financial decisions. As a US taxpayer, understanding these changes helps us take advantage of new opportunities and avoid potential challenges. It can be overwhelming to keep track of everything, but don’t worry, we are here to help. Below, […]
Essential Tax Planning Before 2025 – The TCJA Ticking Clock
Overview of Expiring TCJA Provisions The Tax Cuts and Jobs Act (“TCJA”) introduced various tax cuts and simplifications that have benefited millions of Americans. However, many of these provisions are set to expire on December 31, 2025, which could lead to substantial tax increases for individuals and families. Key provisions at stake include: Marginal Tax […]
Cryptocurrency Taxes for US persons
As the value of cryptocurrency rises, so does the demand for it, particularly Bitcoin. The growing number of cryptocurrency traders require greater due diligence on how to determine and calculate their cryptocurrency taxes under IRS rules. Below are some general tax considerations for virtual currencies that a taxpayer should be mindful of: How is cryptocurrency […]
2021 Advanced Child Tax Credit Payment
Third Economic Impact Payments
Updated Jan 7, 2022 Economic Impact Payments – commonly referred to as “stimulus checks” or “Recovery Rebate Credit” are funds to help reduce the financial burden of COVID-19 on individuals and their families. If you did not receive the first and second Economic Impact Payments or got less than the full amounts, be aware the […]
2021 Charitable Contribution Deduction
According to the IRS, a special write-off for cash contributions is provided for 2021 tax year for taxpayers who give to charity. This special deduction is offered to anyone even if they take the standard deduction and do not itemize deductions. For Non-itemizers: What are the maximum limits for deduction? Single/ Married Filing Separately/ Head […]
Tax Updates and Reminders – June 2021
Tuesday June 15th (not Wednesday as we accidentally indicated in a prior email) is the extended due date for many U.S. taxpayers to file their 2020 taxes. It is also the 2021 2nd quarter estimated tax payment deadline (if necessary). Good job if you have already filed your 2020 U.S. Taxes! 2021 ESTIMATED TAX PAYMENTS If you need to pay […]
President Biden’s New Tax Proposals
With the beginning of the new Democratic administration of Joe Biden in January 2021, one can expect legislative changes which are consistent with the political and economic agenda of any new administration. With respect to tax law, there is oftentimes modifications of existing tax laws, as well as enactment of new laws for the purpose of fulfilling campaign […]
2020 U.S. Tax Updates – American Pacific Tax
Great job if you have already filed your 2020 U.S. Individual Tax Return! If you have not filed, the IRS announced in March 2021 that the 2020 federal individual income tax filing due date is automatically extended from April 15, 2021, to May 17, 2021.* If you are a U.S. citizen or resident alien residing overseas, you […]