Amah Financial Services

Hope to see you at the Free Zoom event!
https://bit.ly/NCBWGCCCollege

Are you self employed and not sure how to write off your meals. The IRS allows you to deduct a certain amount of your meal expense. In order to take the full 100% meal deduction plan your business meals accordingly.

When it comes to taxes we forget about looking for tax breaks for our state income taxes. Here a list of states that allow the Renters Credit. If you are a renter and qualify for the renters credit in your state you could be saving more taxes. Be sure to understand the specifics for your state by talking to a professional or researching your states tax laws.

For those of you who are falling on hard times and collecting an unemployment check remember that the income may be taxed. If you are not having taxes withheld from your unemployment income consider requesting tax be withheld so you will not have a large tax bill come tax time. Hopefully one day all states will jump on board and not make unemployment compensation taxable.

For my clients that gamble AND actually win (lol). You may want to consider if your gambling winnings are taxable. As always talk to your tax professional to see if you qualify for these tax breaks.

The Tax Cuts and Jobs Act ("TCJA") made a lot of changes to the tax code. One of the biggest changes was increasing the standard deduction causing most Americans to no longer itemize their deductions. There are still some states that allow you to itemize your deductions even if you take the standard deduction on your Federal return. Itemizing your state return may get you a bigger state refund. As always talk to your tax specialist for any questions about itemizing your taxes.

Alabama, Arkansas, California, Hawaii, Minnesota, New York and Pennsylvania all provide a deduction for unreimbursed employee business expenses on their respective state income tax returns. If you are a W2 employee and have NOT been reimbursed for some of your work expenses consider writing them off on your taxes. As always speak with a tax professional to see if you qualify for these tax breaks.

The IRS will start accepting tax returns on January 29th. Need help getting them filed on time? Give us a call or email @ amahfinancial.com.

Good news! We do not have to worry about the hassle of receiving a 1099-K if you did not have over $20,000 in sales or 200 transactions with a third party payment processor.

Some of the most common mistakes I have seen can be avoided with the proper planning and accounting team. Taxes are too important to just wing it, find a tax professional to help you along the way.

Happy New Year! Let's all evaluate our daily actions. If they are not matching with the goals we set for ourselves let's work on pivoting so we can receive the promises God has for us.

Are you new or upcoming parents? Consider these tax breaks for your 2023 tax year planning. Consider talking to your tax professional about ways you can lower your tax liability.

Also if you need to apply for an ITIN and you are in the Cleveland Ohio area feel free to reach out to Amah Financial. www.amahfinancial.com