Moving Ministries?

A new Call can be exciting, but the logistics of moving and setting up in a new location can stressful, even before thinking about your taxes. Here are a few things to consider when moving to a new location. Moving Expenses are not deductible Regardless of whether your Ministry pays you or pays the movers…

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Take Care, Don’t Overshare!

When most people imagine an identity thief, they imagine a young, bespectacled hacker, hunched over a computer while typing in computer commands, possibly wearing a black turtleneck. In reality, most private data theft is remarkably low-tech. Private data theft usually happens because the victim shares valuable information with the thief. Very little “hacking” is actually…

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Donating the Right Way

Many of us donate our hard-earned time and money to charitable organizations and causes, but there is a right way and a wrong way to donate when it comes to your tax return. One mistake is donating to unqualified organizations. While donating directly to individuals can help them quickly, it won’t get you a deduction…

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“I can’t afford to pay my IRS installment agreement, now what do I do?”

Life is complicated. Sometimes despite making every correct decision, we can still fall behind. Very few people actually intend to fall behind on their 1040 taxes, and even less intend to default their installment agreements. If you find yourself in a difficult situation where you can’t make your monthly IRS installment agreement, don’t panic. You…

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Home Ownership Deductions Limited for Itemized Returns in 2018

For those who continue to itemize their deductions, the Tax Cuts and Jobs Act (or TCJA) has installed several limits on deductions for home owners. First, taxpayers can only deduct mortgage interest resulting from up to $750,000 of debt ($375,000 for those filing single or married filing separately). IRS Publication 936 summarizes the limitations (https://www.irs.gov/publications/p936#en_US_2018_publink1000229991),…

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What is “Donation Bunching”?

In all the talk about the Tax Cuts and Jobs Act, you may have heard about the terming “bunching donations” being thrown around. What is it? Can it help your tax return? “Donation bunching” is a tax strategy to attempt to maximize your tax deductions. Prior to 2018, it was much easier for taxpayers to…

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How to respond to an IRS “Love Letter”

Aside from being summoned for Jury Duty, receiving a “love letter” from IRS is possibly the worst kind of mail anyone can receive. Here are seven quick tips on how to survive getting a notice from the IRS this Valentine’s Day: Don’t Panic. Everyone gets mail from the IRS sooner or later. Most letters are…

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