Filing an Extension
GBE Clients, Happy summer to you! We would like to take a moment to talk about a common myth regarding tax extensions. Extends Time to File, Not Time to Pay Sometimes our clients are not able to file by the April 15th deadline. It happens. We get it. It is...
HSA and Dependent Care FSA
Valued GBE Clients,Many parts of health and child care are noted in the tax code. Not everyone realizes the depth or extent this is true. Lets examine a few topics that people tend to overlook.Health Savings Accounts (HSA) Most employer-provided health...
Form 5498
If you have money invested in an Individual Retirement Account you will be receiving a Form 5498 from TD Ameritrade or your stock brokerage firm in the mail the next 2-4 weeks.What is it?Form 5498 is information sent to the IRS by the trustees of...
IRA Contribution Deadline
This is the annual reminder — you have until April 15th to make your final Traditional IRA, Roth IRA, SEP IRA and i401k contributions.However, it usually takes time to process these funds so please make your individual retirement contributions this...
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...