Are you an Educator? If yes, then this Tax Tip is just for you. "Educator Expense Deduction" If you're an eligible educator, you can deduct up to $250 ($500 if married filing jointly and both spouses are eligible educators, but not more than $250 each) of unreimbursed trade or business expenses. Remind your Tax Professional!
Here is a guide to help estimate when to expect your refund! ** Here is an Update regarding Refund Dates. If your refund CONTAINS ANY PORTION from claiming CTC (Child Tax Credit) OR EITC (Earned Income Tax Credit). Here is the information the IRS released: "The IRS expects the earliest EITC/ACTC related refunds to be available in taxpayer bank accounts or debit cards starting February 27, 2019, if these taxpayers chose direct deposit and there are no other issues with their tax return."
Hey Hustlers, Boss Babes, and Biz Kings — If you are due a refund for Past Years taxes, you must file a federal income tax return to get your money. You typically have a three-year window following the return due date to claim your refund. To claim your refund for the 2015 tax year, your return must be postmarked ON or BEFORE Tax Day, April 15, 2019. File those back tax returns and GET YO $$$.
Hey ALL, this credit is for you if you started your business in 2018. Startup costs are the costs you incurred and you made to physically start or open your business, including research, marketing and advertising, employee training and professional fees associated with establishing your business structure and organization.⠀⠀⠀⠀⠀⠀⠀⠀⠀If your total startup costs are no more than $50,000, you may deduct $5,000 in business costs and $5,000 in organizational costs. If your costs were between $50,000 to $55,000, your correlating deduction is lowered. And, if your costs were greater than $55,000, you don’t qualify for this deduction. This tax deduction must be claimed the tax year that your business opens.
FOR THE 2018 TAX YEAR: Limit for charitable contributions is modified. The limit on the deduction for charitable contributions of cash has increased from 50 percent to 60 percent of a taxpayer’s adjusted gross income. This means that some taxpayers who make large donations to charity may be able to deduct more of what they give this year. FOR BUSINESS: A charitable donation deduction is available to businesses, but the actual amount deductible depends on the business form. A corporation is allowed a deduction of up to 10% of its taxable income; whereas, a pass-through entity is subject to an individual's limitations. IN THE SPIRIT OF CHARITABLE GIVING: Here is 50% off the TAX TIPS Digital Planner: Code- 2019LAUNCH