Technoparkstrasse 1, 8005 Zurich, Switzerland
T: +41 44 552 88 54
US tax return preparation and advisory services for dual citizens, US citizens residing outside of the U.S.A, and US residents with international activities.
Pavla Melkova, EA, CFE - Owner
Pavla Melkova is an Enrolled Agent authorized to represent her clients in front of the Internal Revenue Service, with twenty years of experience in the financial industry and six years specializing in the preparation and filing of US tax returns with the Internal Revenue Service on behalf of taxpayers residing outside the U.S.
T: +41 44 552 88 54
Wondering what is new on 2019 Form 1040?
- Virtual currency transactions: now, you need to tick the box if you were engaged in any type of transaction involving virtual currency (Schedule 1). Reporting of ownership, inheritance, sales, exchanges, or of earning cryptocurrency while mining or as a form of payment for other services is required.
- Alimony paid: recipient’s social security number and the date of the divorce agreement has to be reported (Schedule 1). Under the new law, the alimony payments are no longer deductible for the payor and are no longer taxable for the recipient if the divorce/separation agreement was reached after December 31, 2018.
- Medical expenses: the adjusted gross income (AGI) threshold for deducting medical and dental expenses has increased from 7.5% to 10% for all taxpayers (Schedule A).
- Standard deductions: increased by USD 200 for single filers (USD 12,200) to USD 400 for married couples filing jointly (USD 24,400), with USD 18,350 for Head of Household filing status.
- Business travel: The 2019 standard mileage rate is 58¢ per mile for business travel (Schedule C) or for travel driven in connection with the taxpayer’s rental activities (Schedule E).
- Tax brackets: seven tax brackets from 10% to 37% depending on the level of taxable income and filing status.
- Foreign Earned Income Exclusion: increased to USD 105,900.
- Schedules 1-3: fewer schedules - only three in 2019 (compared to six in 2018).
- Form 1040SR: new form 1040 for seniors born before January 2, 1955 with larger font sizes.
Happy 2020 from www.taxpat.ch!