TSBAS Accounting Bookkeeping Payroll Tax Preparation
  • Home
  • Blog
  • Learn More
    • About >
      • Meet the Team
      • Reviews
    • Services >
      • Tax Debt Relief
      • Accounting & Bookkeeping
      • Tax Services
      • Payroll Services
      • Seminars & Training
      • QuickBooks Services
      • Specialized Services >
        • Spa Bookkeeping
        • Services for Real Estate Agents
  • Schedule
  • Contact Us
  • Get Updates
  • TSBAS Client Guide
  • Service Requests
    • Payroll Service Quote Request
  • What you should know - ID.me
  • Links to Important Things
  • Home
  • Blog
  • Learn More
    • About >
      • Meet the Team
      • Reviews
    • Services >
      • Tax Debt Relief
      • Accounting & Bookkeeping
      • Tax Services
      • Payroll Services
      • Seminars & Training
      • QuickBooks Services
      • Specialized Services >
        • Spa Bookkeeping
        • Services for Real Estate Agents
  • Schedule
  • Contact Us
  • Get Updates
  • TSBAS Client Guide
  • Service Requests
    • Payroll Service Quote Request
  • What you should know - ID.me
  • Links to Important Things

Late-Year Deductions

11/15/2017

0 Comments

 
Last week, I wrote about how one may want to think about how much you have already paid in taxes this year while there was still some time to make things matter before filing season. This week, I wanted to mention a couple deductions that one could still take advantage of, and they even come with positive benefits before it comes time to fill out those tax forms.

So as always, be aware of the benefit of making a charitable donation.

I wrote much in recent months about how natural disasters laid waste to multiple areas. The visions of the destruction may now have faded from the minds of many, but the struggle for those most severely affected continues. We are also entering the time of year when giving becomes a bigger theme, opening up more avenues for us to share with others. One can complain about the fact that you are already hearing Christmas music in the grocery store, but this time of year does come with positives, as well, such as the beauty of a giving spirit.

Beyond the tax benefit, there is the good feeling that we all get by helping. Studies show that even those who can barely afford to give feel better about donating their money than spending it in other ways. There is power in knowing that we have the ability to make a positive difference in the lives of others.

Also for those of more limited means is the retirement savings contributions credit for low- to mid-income workers. This can come with up to a 50 percent credit for the first $2,000 one contributes to a retirement plan, such as a traditional or Roth IRA, 401(k), 403 (b), or similar workplace retirement programs.

In fact, with an IRA, one even gets until the filing date (April 17, 2018) to make contributions to the plan and still have it count.

​Overall, this isn’t a deduction that is simple, as it varies depending on the taxpayer, and can’t be claimed by everyone. The basic rule, however, states that it can be claimed in 2017 by married couples filing jointly with incomes up to $62,000; heads of households with incomes up to $46,500; and single or married individuals filing separately with incomes up to $31,000. In addition, one needs to be 18 or older, not a full-time student, and not claimed as a dependent on another person’s return.

So sure, it’s not an easy checkbox, and one must even fill out another form (8880) to properly qualify for the credit. But if you can lower your tax bill, and improve your future financial picture, this can’t possibly be a bad thing, right?

​And the IRS reported that in tax year 2015, saver’s credits totaled nearly $1.4 billion for that season. When enough people make those seemingly smaller moves, it starts to add up. Just like if you start to make the moves that you can now before it comes time to file your taxes, it will start to add up and really make a difference.
​Warmly,

Nicole Odeh
Connect to Us ~ 
Facebook ~ Twitter

To ensure we don't make the folks at the IRS ornery, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.

0 Comments



Leave a Reply.

    Archives

    September 2023
    August 2023
    July 2023
    June 2023
    May 2023
    April 2023
    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017

    RSS Feed

    Categories

    All
    Balance
    Bookkeeping
    Business
    Payroll
    Tax
    Tax Prep
    Tax Return
    Tax Scam

    View my profile on LinkedIn
Website by Odeh Media Group
Copyright ©2023 TSBAS.com, All Rights Reserved
The Small Business Accounting Solution, Inc
50 South 1st Avenue, Coatesville PA 19320
(844) 208-2937