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Tax Tips for Teachers

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 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”

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

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 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...