E/J Financial Accounting & Tax Services

E/J Financial Accounting & Tax Services Our company is committed to providing a complete range of professional tax and accounting services a

02/10/2021

The standard deduction for 2020 increased to $12,400 for single filers and $24,800 for married couples filing jointly.

02/10/2021

What is the IRS standard deduction for 2020?

2020 Standard Deduction Amounts

Filing Status 2020 Standard Deduction
Single; Married Filing Separately $12,400
Married Filing Jointly $24,800
Head of Household $18,650

02/10/2021

Tax Day is Thursday, April 15, 2021. You must file your 2020 tax returns by this date!

01/05/2021

Tax savings for teacher

It’s the rare teacher who doesn’t have to reach into her own pocket every now and then to purchase items needed for the classroom. While it may sometimes seem like nobody appreciates that largesse, the IRS does. It allows qualified K-12 educators to deduct up to $250 for materials. That gets subtracted from your income, so you can take advantage of it even if you don’t itemize.

Charitable gifts
Most taxpayers know they can deduct money or goods given to charitable organizations—but are you making the most of this benefit? Out-of-pocket expenses for charitable work also qualify. For example, if you make cupcakes for a charity fundraiser, you can deduct the cost of the ingredients you used to bake them. It helps to save the receipts or itemize the costs in case of an audit

12/15/2020

Author
E/J Financial Accounting & Tax Services
What is the standard deduction for 2020 for over 65?
For 2020, the additional standard deduction for married taxpayers 65 or over or blind will be $1,300 (same as for 2019). For a single taxpayer or head of household who is 65 or over or blind, the additional standard deduction for 2020 will be $1,650 (same as for 2019)

12/11/2020

Here are the main things you need to know right off the bat for the 2021 tax season:

Tax Day is Thursday, April 15, 2021. You must file your 2020 tax returns by this date!

The standard deduction for 2020 increased to $12,400 for single filers and $24,800 for married couples filing jointly.

12/01/2020

Fact: Did you know that a taxpayer's marital status on the last day of the year determines marital status for the whole year?
The IRS has eight facts regarding filing status options that a taxpayer should be aware of in order to choose the correct filing option. For help with this and other tax questions, contact our office. We here to help!

12/01/2020

Introducing...A Highly Personalized and Professional Payroll and Tax Service Specifically Designed for YOU or YOUR Business!

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7982 Wicker Avenue
Saint John, IN
46373

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Monday 9:30am - 5pm
Tuesday 9:30am - 5pm
Wednesday 9:30am - 5pm
Thursday 9:30am - 5pm
Friday 9:30am - 4pm

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