As American actress Meghan Markle prepares to wed Britain's Prince Harry, most people will not focus on the tax problems complex U.S. tax laws inevitably seem to bring. Early in their engagement, Buckingham Palace announced that Markle will become a British citizen after marriage. Unless she renounces her American citizenship, she must continue to file U.S. tax returns, plus FBARs, every year, reporting her worldwide income, and disclosing her assets. Even if the couple try to keep their assets separate, disclosing assets may be a particular worry.
Consider these commonly overlooked tax deductions. For the 2018 tax year, fewer of us will itemize, and those who do may find fewer deductions available due to the Tax Cuts and Jobs Act of 2017 (TCJA).
- Charitable Contributions
- Retirement Plan Contributions
- Mortgage Interest and Points
- State and Local Taxes
- Personal Property Taxes
- Job Search Expenses
- Moving Expenses
- Medical and Dental Expenses
- Self-Employment Expenses
The U.S. Department of the Treasury has proposed the repeal of nearly 300 tax regulations that are "unnecessary, duplicative or obsolete and force taxpayers to navigate needlessly complex or confusing rules." Tax Regulations are issued by the Internal Revenue Service (IRS) and provide the official interpretation of the Tax Code.
The proposal is a follow-up to an Executive Order issued by President Trump on April 21, 2017, charging the Treasury with reviewing certain tax regulations to ensure that the tax system is "simple, fair, efficient, and pro-growth." The April order did not attempt to tackle an overhaul of the entire Tax Regs system but rather targeted all significant tax regulations issued on or after January 1, 2016. [...]
Nearly a year later, Treasury proposes to eliminate 298 tax regulations, which, according to Secretary Mnuchin "serve no useful purpose to taxpayers." Those regulations fall into three categories:
- Regulations interpreting provisions of the Code that have been repealed;
- Regulations interpreting provisions that have been significantly revised and the existing regulations do not account for these revisions; and
- Regulations that are no longer applicable.