How Will the Change in the Standard Deduction Impact Ministers?
Original post by ECFA on January 18, 2018 "The impact of the increased standard deduction will greatly vary from one minister to another. So, the answer is, it depends. Here’s what’s changing under the tax reform law: For a married couple filing jointly, the standard deduction increases from $12,700 in 2017 to $24,000 in 2018—it almost doubles. To understand the true impact, let’s look at three of the most common scenarios, assuming married filing jointly:" See full post her
IRS Provides Tips for Year-End Gifts to Charity Related Links
WASHINGTON — The Internal Revenue Service today reminded individuals and businesses making year-end gifts to charity that several important tax law provisions have taken effect in recent years. Some of the changes taxpayers should keep in mind include: Rules for Charitable Contributions of Clothing and Household Items Household items include furniture, furnishings, electronics, appliances and linens. Clothing and household items donated to charity generally must be in good us
IRS Announces Key 2016 Tax Provisions Adjusted for Inflation
WASHINGTON — For tax year 2016, the Internal Revenue Service today announced annual inflation adjustments for more than 50 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2015-53 provides details about these annual adjustments. The tax items for tax year 2016 of greatest interest to most taxpayers include the following dollar amounts: For tax year 2016, the 39.6 percent tax rate affects single taxpayers whose income exceeds $415,050