Newsletter

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February 2018

This Quarter’s Topics

2018 Filing Season

2017 Tax Data Questionnaire

Jim’s Schedule

Business Expenses

Health Insurance Information

New Tax Changes

 

2018 Filing Season
When you mail your tax return to the IRS this year they will begin accepting them on January 29th but will not process them until Mid-February.  The anticipated changes have delayed the IRS updating their forms and publications.  As a result our software updates were also delayed.

2017 Tax Data Questionnaire
Our 2017 booklet and tax data questionnaire are now available on our website at:
http://ssfoundation.net/pastors/the-booklet/
The new tax changes will have no impact on the 2017 filing season.  You can fill out the questionnaire and mail in your information just as you have in past years.

Jim’s Schedule
We have gotten a lot of feedback lately that leads us to believe many of you have the mistaken impression that Jim Rickard has retired.  This is not the case.  Jim will be in the office all tax season long feverishly working on tax  returns.  Outside of tax season he is still traveling and speaking.

Business Expenses
It appears that the ability to include unreimbursed business expenses as an itemized deduction on Schedule A from Form 2106 in 2018 is being eliminated.  We believe you will continue to be able to deduct those expenses from your income before paying Self-Employment tax but we are not positive about this.  It is always best to be reimbursed by your employer but now it may be the only way your business expenses are not taxed.

Health Insurance Information
The IRS will not process returns with health insurance information missing.  In order to avoid a delay in your return being processed, be sure to complete the health insurance questions on page 5 of the tax data questionnaire.

New Tax Changes
Until next tax season we cannot speak with any level of confidence as to what the 2018 changes will completely look like.  There is a lot of confusion that will need to be cleared up and much needed interpretation that will need to take place before we can be sure how things will pan out.  It also appears that there are changes that may, or may not, actually occur as people and organizations weigh in on the plan.

Mileage
The 2018 business mileage rate is 54.5¢.

Sincerely in Christ,

James W. Rickard

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Attention: Tax Law is subject to interpretation. Please be advised that the material contained on this Web site is for information only and is not intended to be a substitute for professional legal advice. The Stewardship Services Foundation endeavors to update the information on this site on a regular basis, but cannot guarantee its accuracy at all times.