GringoPost | Ecuador: Tax facts, quotes and humor

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Tax facts, quotes and humor

Tax fact: The United States tax code contains 3.8 million words, four time larger than Shakespeare's complete works including Hamlet, Othello, The History of Plays and The Sonnets which contains about 900,000 words...............source: Brett Arends - Smart Money 4/10/2012

Tax Quotes & Humor: "The difference between death and taxes is death doesn't get worse every time Congress meets."...............source: Will Rogers

As you may be aware, the IRS will start accepting tax returns as of January 29 even with the partial shutdown. When deciding whether you have a filing requirement under the new Tax Cut and Jobs Act's expanded Standard Deduction levels based on filing status and age. Remember this Catch 22 that will trigger filing requirement without regard to the Standard Deduction.

Normally, Schedule B is not required unless Interest and Dividends exceeds $1500. If you have even one foreign bank account, the rules change. You are required to file Form 1040, include Schedule B if you: Have a financial interest in or signature authority (say a minor grand-child) over a financial account (such as a bank account, CDs, securities account, or a brokerage account) located in a foreign country and answer the 3 questions at the bottom of the form.

This may be the extent of your filing requirement with no tax liability and amount to nothing more than an "informational" return depending on your 3 answers. FBAR comes into play when the "aggregate" total of all accounts exceeds $10,000 even if it's only for 1 day during the tax year.

Cuenca.

John Papile: ojohnnio@aol.com