Turbocharge your 403(b) Savings

In 2019, you can elect to contribute up to $19,000 to your 403(b) account out of your salary. If you are age 50 or older at the end of the year, you can also make a catch-up contribution of $6,000. In total, you could contribute up to $25,000 to your 403(b) account. Why is this…

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Top Three Reasons to Save with 403(b)

Reason 1: Income Tax Deduction Contributions to your 403(b) account are tax deductible for federal income abs social security taxes. Putting money into the 403(b) reduces your taxable income for that year. For example, if you put $5,000 into your 403(b) account and your federal income tax rate was 10%, by deferring that income you…

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Homeowners Exclusion Can Reduce Tax on Home Sale

Are you selling a personal residence in 2019? If you lived in the home for two out of the five years before the sale date, there may be some good news for you. Under current tax laws, IRS allows for individuals to exclude up to $250,000 of income from the sale of a personal residence….

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Donating Honoraria to Charity

When working as a Minister for weddings, funerals, baptisms or other speaking engagements, it is common to receive payments as gratitude. The payments for these services are collectively referred to as honoraria. Some Ministers do not wish to receive any money for their service, so they donate the money they receive to the church or…

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Filing Extensions Do Not Extend Time to Pay

The most important thing to remember about extensions is that an extension to file does not extend the time to pay. IRS expects full payment by April 15th, whether or not you file an extension or not. If you have not made all of your estimated payments or anticipated a balance for 2018, you should…

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2018 Filing Extensions

The April 15th 1040 deadline is almost here. If your return is not yet filed, you should consider filing an extension. IRS allows taxpayers to file for an automatically approved 6-month extension to October 15th if they need more time to file their 1040 tax return. No reason for the extension request is necessary- as…

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Donating your RMD to Charity

When you reach 70 ½ years old, you must start taking Required Minimum Distributions (or RMDs) from your IRA. This can’t be helped… but did you know that you could donate your RMD to charity instead of receiving the income? IRS allows for an otherwise taxable distribution from an IRA (other than an ongoing SEP…

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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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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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