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Seven Top Tips for US year-end tax planning

The holiday season is here, and we have a gift for you! The first in a series of posts geared towards making tax clearer, which we refer to as Everything you didn’t learn about taxes in school, provides seven US year-end tax tips to make 2022 as pain-free as possible. 税收教训2021年美国年底

  1. 捐赠 捐给美国慈善机构. In the spirit of Thanksgiving and Christmas, the IRS has announced that on the 2021 US tax return US persons will, 再一次, be able to deduct up to $600 (married filing jointly) or $300 (married filing separately or single). 正常情况下, this would only apply to those who are itemizing their deductions, 但在2020年, 2021年, taxpayers will be able to claim this deduction 再一次, even if they are not itemizing deductions. 捐赠 to your favorite (US valid) charity and get a small tax benefit from it as well!
  1. 申报2020年的税收 在年底之前. While this should go without saying, make sure you have filed your 2020 US taxes (including your FBAR if needed) 在年底之前. While the filing deadline may have already passed, 这取决于你的地位, 最好早点提出申请, 而不是以后, to limit the possible penalty and interest you may owe on the taxes due. It’s the perfect pre-New Year’s resolution!
  1. 不要等着填写W-9表格 与你的银行. If you are a US person, with a foreign bank account, make sure your bank knows you are. Make sure you use the correct form.  A US person files Form W-9, not W8-Ben. Tax authorities worldwide are focusing on money laundering and foreign bank 新法 reporting is a huge part of that. Banks are cracking down to avoid penalties from tax authorities on possible reporting requirements. You risk your account being frozen or even closed if you mislead your bank about your citizenship.
  1. Contribute to an HSA (or open an HSA account) 如果你能. If you participate in a high-deductible health plan, you may qualify for or already have an HSA account. Make sure you are getting the most from these accounts. If you are single or married filing separately, 你最多可以捐助3美元,600 ($3,2022年为650). For those who use a married filing jointly status, the limit is up to $7,200 ($7,300 for 2022). There is a yearly catch-up contribution allowed of $1,000 for people 55 or older. 也, the current year contribution can be made up to the due date of the tax return for that year, 一般4月15日th 下一年. So, you have extra time to sort this out.
  1. Contribute to an IRA (or open an IRA). IRA有两种类型, 传统的爱尔兰共和军, and the Roth IRA (thanks to Senator William of Delaware). The main difference between the two is that a traditional IRA contribution may be deductible, whereas the Roth IRA allows for tax-free distributions. Regardless of which you choose, you are allowed to make a total contribution of $6,000 ($7,000 if you’re 50 or older) per year. As above, you can contribute up to the due date of the current year’s return, 一般4月15日th 下一年.
  1. Get that Social Security Number you’ve been putting off for your US child. Just because your child has a US passport, 我们的父母, 喜欢红色, 白色和蓝色, in the eyes of the IRS they do not qualify for the child tax credit or other potential tax-saving opportunities without it. So, don’t delay and get that 9-digit magical number for your little bundle(s) of joy. If you filed prior year returns without claiming your dependent(s) due to this issue, 考虑修改回报率, as you likely missed out on some stimulus payments or other credits or deductions Keep in mind, not getting your child a Social Security Number does not protect them from the tax authorities regarding their possible US tax filings, 如果他们出生在美国, they are a US person and have tax obligations like any other American.
  1. 明年计划. While your documents will not be delivered or available to you until early 2022, start making a list of what you expect to come your way. 如下表所示, there is nothing a tax professional likes more than a well-organized list (and client!). You should expect documents like W-2s, 外国的工资报表, 表格1099表格(INT, DIV, B, SA, MISC, R, SSA) and similar foreign type tax reporting. If you sold stock or other assets, start collecting the information required to report the sale for US purposes (purchase dates, 价格, 货币, 销售日期, 价格). As always for those living overseas, you need to sort out your local foreign return first before you can tackle the US return. So, start planning that as soon as possible in the new year.

取得联系 if you have any questions about any of the above tips.

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