by admin | Nov 16, 2022 | Solve Your IRS Tax Problems
1. Keep donating to charity – but alternate years to increase your total tax deductions. For those who typically donate thousands of dollars to 501(c)(3) charities each year, it makes sense to consider doubling those typical donation amounts for 2020. This strategy...
by admin | Nov 16, 2022 | Solve Your IRS Tax Problems
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...
by admin | Nov 16, 2022 | Solve Your IRS Tax Problems
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...
by admin | Nov 16, 2022 | Solve Your IRS Tax Problems
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....
by admin | Nov 16, 2022 | Solve Your IRS Tax Problems
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...
by admin | Nov 16, 2022 | Solve Your IRS Tax Problems
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...
