Clergy Housing Allowance Wins in Court
Valued Clients,As some of you may know the Internal Revenue Code 107(2) allowing church workers to deduct certain housing items against federal and state income taxes was challenged by the Freedom From Religion Foundation and ruled unconstitutional in the...
State Dept of Revenue Letters
LetterDid you receive a letter from the NE Dept of Revenue or other state tax department where you live, titled 1099-G? If so, you’re not alone.Why Did I Receive This Letter?Last year you received a state income tax refund and had itemized deductions.What...
Gathering Tax Documents
If we could give one piece of advice to our clients before heading into tax season it would be – REVIEW YOUR TAX ORGANIZER IN DETAIL.Organizers have been previously mailed and emailed. By using the organizer (or by using last year’s tax return) you can...
Charitable Donations
Clients,The time for tax-effective charitable giving may be now. As previously mentioned, many of you may no longer have enough charitable giving to exceed the new Federal standard deduction ($12,000 per taxpayer). Please keep this in mind.Use Your IRA...
Tax Law Changes for Business and Farm
The new tax law has several provisions with multiple changes.One area of significant change is for businesses and farms. There is a new 20 percent deduction for these pass-through entities.As always, this message is a general education tool. For specific...
Tax Law Changes for Itemizing
GBE Clients,The Tax Cuts and Jobs Act (TCJA) has several provisions with multiple changes. For example, the standard deduction has increased while at the same time the deduction for exemptions (dependents) has been eliminated entirely.One area of...
Changing Employers
Dear Clients,As a part of our ongoing relationship, we find it important to keep our files up-to-date with your most recent employer information. Job changes often create income and tax withholding changes. These adjustments could have a significant impact...
Important Papers After a Death
Valued Clients,When a death occurs in the family it is important to realize your attorney AND your accountant will play a vital role in administering and eventually closing the decedent’s financial affairs. The first step is to contact these...
Housing Allowance Clients
Housing Allowance in CourtA brief reminder the US Court of Appeals for the Seventh Circuit will listen to oral arguments from various Christian groups in appeal of the circuit’s original ruling of housing as unconstitutional. For now we ask you proceed as...
Financial Pitfalls
Putting kids above selfIf you choose to make financial sacrifices in order to help college or even adult children, you may be doing so at the end of your working life and the beginning of theirs. That does not make sense since the kids have more time to...