Blog
Potential Tax Relief: American Families and Workers Act of 2024, H.R. 7024
Individual Tax Relief:The proposed legislation introduces a significant boost to the child tax credit, benefiting families nationwide. A notable enhancement is the introduction of a refundable portion determined per child, providing a clear advantage for expanding...
Decoding IRS Notices: Your Guide to Resolution
Navigating the world of IRS notices can be like trying to understand a foreign language. Each notice, especially those designated as CP (Computer Paragraph) letters, serves a specific purpose and requires your careful attention. Understanding these notices is crucial...
5 Common IRS Issues from audits to back taxes and How to Solve Them
Dealing with the IRS can often be intimidating and complex. Whether it’s an audit, a tax lien, or unfiled returns, navigating the labyrinth of IRS rules and regulations is not a task for the faint-hearted. Fortunately, professional assistance is available. Here are...
Navigating FinCEN’s New Beneficial Ownership Information (BOI) Reporting Requirements
In the ever-evolving landscape of financial regulations, a significant update has come into effect that impacts business owners across the United States. The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, has introduced...
Five Strategies to Reduce Your Tax Liability – and Increase Your Refund in 2024!
1. Charitable Donations: Consider alternating years of higher donations to exceed the standard deduction, which for 2023 has increased to $12,950 for single filers and $25,900 for married filing jointly. By itemizing in high-donation years and taking the standard...
Tax Tips for Teachers
Deducting Educator Expenses With the 2017 Tax Cuts and Jobs Act came a massive increase in the standard deduction. In 2019 and 2020, Forbes magazine estimates that over 90% of taxpayers will take the standard deduction rather than itemize on Schedule A. That’s good...
Tax Tips for Pastors and Missionaries
Tax Cuts and Job Act of 2017: What Does It Mean for Clergy and Missionaries? A brief summary on the TCJA and how it might affect your ministry budget and your personal tax returns as a pastor or missionary. Did you relocate to a new congregation in 2019? The IRS no...
What is “RITA Tax”
If you recently moved to Ohio, you may have heard a neighbor lament about the “RITA Tax.” But what is the “RITA Tax?” You may be surprised to learn that the “RITA Tax” does not exist. RITA, simply put, is a method that some Ohio municipalities use to collect taxes....
Business Startup Costs
If you started a business in 2019, the IRS will allow you to deduct up to $5000 of your start-up costs when you file your first tax return. Generally speaking, start-up costs are those expenses incurred while investigating, creating, or engaging in for-profit...
Taking the Foreign Income Exclusion
Taking the Foreign Earned Income Exclusion in 2019 Every week or so during tax season, I receive an email from an American citizen living abroad that goes something like this: "I was told I didn't have to file US taxes while living in [Thailand]. I don't make much...