Tax commentary for everyday people

Paycheck Check-Up

By Renee Schweke / August 23, 2018 / 0 Comments

The IRS released a Withholding Calculator to help you perform a “paycheck check-up.” Recall at the beginning of the year, Congress passed the Tax Cuts and Jobs act, and President Trump promised more money in the pockets of Americans during tax time.  We all hope it’s true, but as a tax pro,  I can honestly say that we have yet to see what the tax season will bring.    That being said, the IRS has released a neat little [late]…

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Upcoming Event for Tax Pros

By Renee Schweke / December 31, 2017 / 0 Comments

What do tax pros do when they’re not busy preparing taxes? Learn more about taxes. With the Tax Cuts and Jobs act, there’s a lot to know, and a lot to do for clients.  That’s why Renee Schweke has organized a fantastic event for tax pros in the NYC metro area. John Sheeley, EA and Xero Accounting Software will talk about Tax Code Changes, and how to be a “Connected Advisor.” John Sheeley, EA, will review the upcoming changes the…

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Goodwill Charitable Contributions

By Renee Schweke / October 29, 2017 / 0 Comments

This talk is based on Internal Revenue Code §170(f)(8), Charitable Contributions.  A recent case in the US Tax Court is presented to show what needs to be done in order to ensure the IRS will accept deductions for Charitable Contributions on tax returns. Case Study July 10, 2017  Ohde v. Commissioner (Commissioner = IRS) Background Information In this case, Mr. and Mrs. Ohde filed their prior year tax return with a Schedule A. Schedule A is the form that is…

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Federal Judge Rules Against Parsonage Law

By Renee Schweke / October 11, 2017 / 0 Comments

This talk is based on §107 of the Internal Revenue Code, which provides that housing allowances provided to religious leaders is not counted in his or her gross income. A Federal Judge in Wisconsin has ruled that the parsonage law of the 1950’s is unconstitutional because it isn’t fair to secular employees, who could also benefit from this huge financial tax break every year.  Housing allowances paid as part of clergy salary can be subtracted from their taxable income. The…

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“Fair” Subway Fare

By Renee Schweke / September 24, 2017 / 0 Comments

By Renee Schweke, EA This talk is based on  §162 of the Internal Revenue Code, Title 26 – Rules for business travel reimbursement. Self-employed going somewhere In today’s modern work world, lots of young people are finding ways to go out on their own and establish legitimate business start-ups that they hope will launch them into the world of entrepreneurship and financial success.  Recent college graduates are smart, savvy, and not finding traditional jobs, so they bootstrap and make a…

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Sometimes Short is Sweet: Choosing the Right Tax Form Can Affect College Financial Aid

By Renee Schweke / September 17, 2017 / 0 Comments

Many tax professionals will never bother with the short 1040-A and 1040-EZ forms when filing their clients’ taxes. Unless they understand a bit of obscure college tax planning. When a family is eligible to file these little forms, big savings can happen. Call it a loophole, or call it a secret. But sometimes big things come in small packages. The use of the 1040-A and 1040-EZ forms is an often-overlooked tax planning tool. They could actually cause the parent’s and…

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