Are Home Equity Loans Still Deductible Under New Law
The new federal tax law created a lot of confusion over whether taxpayers were still able to deduct the interest they pay on their home equity loans and home equity lines of credit. If you’re planning to redo a bathroom or a kitchen or fix up a fixer-upper, the interest on new home equity loans,…
A meaningful retirement doesn’t just happen
Developing a meaningful retirement doesn’t just happen. In fact, many people actually become a “failed retiree.” That is someone who is depressed with long days ahead and no fun or meaningful activities that they partake in. By following these five action steps, you can avoid becoming a failed, miserable retiree. 1. Develop your life plan. Waiting…
Giving Strategies to Charity Under New Tax Law
Changes to the tax law in 2018 have taken away most people’s ability to deduct charitable contributions. But there are still a few options to consider in order to give and still receive. Fortunately, there are options for donors who would like to obtain a tax benefit for their generosity. One permits anyone 70½ or…
Don’t Fall for Scam Calls and Emails Posing as IRS
Scammers and cyberthieves continue to use the IRS as bait. The most common tax scams are phone calls and emails from thieves who pretend to be from the IRS. Scammers use the IRS name, logo, fake employee names and badge numbers to try to steal money and identities from taxpayers. Taxpayers need to be wary…
5 Things About Deducting Charitable Contributions in 2017
Taxpayers who give money or goods to a charity may be able to claim a deduction on their 2017 federal tax return, which basically reduces the amount of their taxable income. Here are some important facts about charitable donations: Qualified charities. To receive a deduction, taxpayers must donate to a qualified charity. To check the…
Should I Amend my Tax Return
Did you make a mistake on your federal income tax return but didn’t catch it until after you filed? Maybe an important tax document arrived in the mail days after you e-filed your return. Don’t worry, you’re not in trouble — as long as you file an amended tax return to correct the error. Filing…
The New Tax Form Is Postcard-Size, but More Complicated Than Ever
Do Ministry Meals Remain Deductible?
Who Qualifies For Special Tax Treatment As A Minister
When a church hires an employee, one of the initial decisions that must be made is whether to treat the worker as clergy, non-clergy employee or contractor. This decision may seem insignificant, but it has huge implications when it comes to payroll and taxes. Ministers have what is commonly referred to as “dual tax status.”…
Dues versus Contributions
Ministers often pay a small annual renewal fee to maintain their credentials, which constitutes a deductible expense. However, ministers’ contributions to the church are not deductible as business expenses. Many may argue that they are expected to donate generously to the church as part of their employment. This is not sufficient to convert charitable contributions…
