Author - SFS Tax & Accounting

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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 is...

October 30, 2019Read more...
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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 extended...

October 25, 2019Read more...
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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 for...

October 11, 2019Read more...
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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 freedom....

October 8, 2019Read more...
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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 determine...

October 7, 2019Read more...
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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 Credit...

September 23, 2019Read more...
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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 rates...

September 19, 2019Read more...
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Is certified mail the way to go?

Hello Fellow Taxpayers, September 6, 2019 - Is certified mail the way to go? My instruction letter to our clients recommends that when documents need to be mailed (including a check for payment of taxes with a return or a tax deposit), they should be sent via certified mail, return receipt (CRRR). Why? This way, you have absolute proof that it was mailed even if the IRS loses it. And as absurd as that may sound, it happens. More often than not,...

September 6, 2019Read more...
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IRS Tax Withholding Estimator – August 30, 2019

Hello Fellow Taxpayers, For those of you who wait with great anticipation for my weekly emails, I am sorry that I did not prepare one last week. After a few days in Dallas where Ali and I attended our annual tax practice "enhancement" summit, I was back in town this past week (yes, a whole week). However, I head out to DC after the Labor Day holiday for the Internal Revenue Service Advisory Council's late summer meetings (IRSAC). For those of you...

August 30, 2019Read more...
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Rental Property – August 15, 2019

Hello fellow taxpayers, This week I am going to provide some information regarding rental property or rentals. The subject has recently come up with a few of my new clients whose multi-year returns I just completed. One has to do with renting out their one-time principal residence, and the other is related to not being able to deduct any losses related to the rental property. Firstly, let's talk about rental property in general. As long as you rent it out for more time than...

August 15, 2019Read more...