Author - SFS Tax & Accounting

IRS Increases Tax Deductions for 2020

The IRS recently announced the list of increased tax deductions for 2020. The Internal Revenue Service recently issued its annual inflation adjustments for dozens of tax items for the tax year 2020. The IRS increased tax deductions for 2020.  The taxman is letting you keep more of your income. The IRS increased the standard deduction to $12,400 for single filers and $24,800 for married couples filing jointly. An individual can transfer up to $11.58 million without being subject to the...

IRS Increases 401K Contribution Limits for 2020

The IRS Increases 401K Contribution Limits for 2020. As part of its annual inflation adjustments, the Internal Revenue Service announced that employees who invest in 401(k) retirement plans would be able to contribute up to $19,500 next year: The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's own Thrift Savings Plan is increasing from $19,000 to $19,500 next year. Meanwhile, the catch-up contribution limit for employees ages 50 and older who...

Is the Charity You are Donating to Legit?

One of the positive effects of donating (money) to a charity is simply feeling good about giving. Your ability to give back to those in need helps you achieve a sense of satisfaction, it just feels good to help others.  And, it can also reduce your tax bill — but only if the charity qualifies as a tax-exempt organization. Checking for qualified status: If you plan on itemizing your deductions on your tax return, make sure the organization you're donating to...

The 2020 tax filing season is almost here

Hello fellow taxpayers, October 25, 2019 - SFS is gearing up for the 2020 tax filing season. The 2020 tax filing season is almost here and we are readying ourselves for the onslaught. Now is also the time that you should start looking at your tax situation for 2019. Once December 31st is done and gone, it is too late (in most cases) to do anything to improve your 2019 taxes. Two weeks ago, was the last of our major deadlines for...

Social Security Annual Update and Increase

Hello, Fellow Taxpayers, October 18, 2019 - The Social Security Administration has announced the following changes for 2020. Please feel free to share the information with folks that you know that are on Social Security, contemplating taking it or is making close to the SS wage limit. The data is important. Social Security Annual Update and Increase The gross Social Security benefits are increasing by 1.6% for 2020. Some of the other limits change by different percentages. Here is the information...

Resolve Your Back Taxes… 8 Reasons to Work with a Certified Tax Resolution Professional

Resolve Your Back Taxes…8 Reasons to Work with a Certified Tax Resolution Professional When you owe money to the IRS, it is hard to think about anything else. While being in debt is never fun, no matter who the creditor is, the IRS enjoys almost unlimited power to collect the money they are due. Unlike your mortgage lender or credit card company, the Internal Revenue Service has the power to attach your wages, raid your bank account and even take your...

Mark your calendar – October 7,2019

Hello Fellow Taxpayers, Although this email is a little off schedule, I thought it was best to get this to you as soon as possible. In a recent USA Today article, several important dates mentioned, and I feel compelled to spread the word. Families looking for financial assistance to help with their children's college costs next fall can fill out the FAFSA (Free Application for Federal Student Aid) starting this month (October). The form is a critical reference point used to...

SFS Spotlight Newsletter – September 26, 2019

September 26, 2019 Jeffrey Schneider, EA, CTRS, ACT-E, NTPIF and Author of the Now What Help! series     In the World of Tax October- Dates to Remember Crazy Tax Deductions Denied! Boy Wonder Not So Wonderful Two Education Credits Help Taxpayers with College Costs The Tax Resolution Alphabet.. B is for Back Taxes Protect Yourself with IDShield from Legal Shield A Five Star Review Tax Humor The Third Book in the Now What Help! Series Coming Soon Download Our Free...

Five Federal Income Tax Breaks for Adult Students

Five Federal Income Tax Breaks for Adult Students Here are Five Federal Tax Breaks for Adult Students that could help you out if you return to school to improve your resume and potentially make more money.  Our kids aren’t the only ones that just returned to school; more and more adults are taking courses to pursue a new career or improve their current job skills. Adult students may qualify for several tax breaks. Here are five possible options: American Opportunity Tax...

16 Life-Changing Events That Can Impact Your Taxes

Throughout your life, there will be certain significant occasions that will impact not only your day-to-day living but also your taxes. Here are 16 Life-Changing events that can impact your taxes: Getting Married If you just got married or are considering getting married, you need to be aware that once you are married you no longer file returns using the single status.  You generally will file as married taxpayers filing jointly (MFJ). Filing jointly will typically award you lower tax...