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The US tax year ends on 31 December 2018. So, now is a good time to consider whether there is anything that you can do to minimise your US tax exposure for 2018 and to also begin preparing for 2019.
This year has seen some significant tax changes, as part of the “Tax Cuts and Jobs Act”. Owing to this change, we expect to see further guidance and clarifications of the new tax rules to be published, as well as the additional forms that would also be required for filing 2018 US tax returns and related schedules.
Any tax planning opportunities should always include the US and UK tax implications for an American living in the UK, and any decisions taken in relation to buying or selling/gifting of assets should take into account both the investment, as well as the tax consequences of doing so.
For 2018 and 2019, the top federal tax rates are unchanged from the previous year, with a top rate of 37%. This rate applies to individuals with adjusted gross income (AGI) in excess of:
|
Filing Status |
2018 |
2019 (projected) |
|
Married Filing Jointly (MFJ) |
$600,000 |
$612,000 |
|
Head of Household (HoH) |
$500,000 |
$510,000 |
|
Single |
$500,000 |
$510,000 |
|
Married Filing Separately (MFS) |
$300,000 |
$306,000 |
So what opportunities could you take advantage of in the run-up to the end of 2018? Below, we have put together a checklist of a few things you might want to consider.
Click on the links below for more information.
