1. Introduction The simplified IRS regime in Portugal is a tax framework designed for self-employed individuals and small businesses with annual gross revenues up to €200,000. It is a simplified alternative to the organized accounting system, offering reduced administrative obligations and predetermined expense deductions. 2. Eligibility Criteria To qualify for the simplified IRS regime, a…

With the rapid expansion of the cryptocurrency market, Portugal has adapted its tax legislation to incorporate the taxation of crypto-assets. As of 2024, profits derived from the sale of cryptocurrencies must be reported in personal income tax (IRS) filings. Historical Context Until the end of 2022, Portugal had no specific tax regulations governing crypto transactions.…

As we approach the 2025 tax season, several updates and important deadlines will affect individuals, self-employed professionals, and corporations in Canada. Below, we’ve outlined the key changes to tax brackets, contribution limits, and government programs, as well as important filing deadlines to keep in mind. 2025 Canadian Tax Brackets For 2025, federal tax brackets and…

As 2025 begins, so does tax season—a nearly three-month period when millions of Americans file their taxes. This year, some updates to tax brackets and filing requirements may affect whether you owe money or receive a refund. This guide provides everything you need to navigate the upcoming tax season with ease, including key deadlines, new…

A new year has begun, bringing with it important fiscal obligations. Here is a detailed breakdown of the critical deadlines for submitting IRS declarations in 2025, pertaining to income earned in 2024. By January 31, 2025 Declare rental income: Ensure all rental income is reported on the Finance Portal, covering: Rent agreements, Subletting arrangements, Other…

When Does the New IRS Jovem Take Effect? The new IRS Jovem framework came into force with the 2025 State Budget on January 1, 2025. What Changes With the New IRS Jovem? The revamped IRS Jovem introduces four key updates: Increased Age Limit: The maximum age rises from 30 to 35 years. Extended Benefit Duration:…

When it comes to taxes, you’ve probably heard about IRS brackets and their annual updates. Often confused with withholding tables, these two represent distinct fiscal responsibilities. Curious to understand the difference? Let’s explore the 2025 updates and find out if you’ll receive a refund or owe more taxes. What Are IRS Brackets? IRS brackets represent…

The Portuguese government has introduced a range of changes to the IRS (Income Tax) system for 2025, designed to enhance tax fairness and provide greater support to workers and pensioners. These updates were implemented through the State Budget for 2025 (OE2025) and include adjustments to tax brackets, expanded deductions, and targeted relief measures. Below, we’ll…

On December 23, 2024, the Portuguese government introduced a groundbreaking regulation under Portaria n.º 352/2024/1 aimed at fostering innovation and driving competitiveness in the national economy. Effective January 1, 2024, the Fiscal Incentive Regime for Scientific Research and Innovation (IFICI) sets the stage for a more innovative and globally competitive Portugal. What is the IFICI?…

Living abroad as a U.S. citizen offers incredible opportunities but comes with its own set of tax responsibilities. Here’s a breakdown of key tax considerations for U.S. citizens living overseas, particularly those earning income from self-employment. What If I Earn Income from Self-Employment Overseas? Self-employment income must be reported on Form 1040, Schedule C. This…