We’re back to the Tidewater area and are bigger and better than ever. We’re successfully growing after taking care of you and people like you for decades. Remotely or in person, we have you covered. We are here to help you 24/7, year round, with any accounting, payroll, tax especially COVID-19 questions or concerns.
How about a walk down memory lane?
This first photo was from 2013.
My, how we’ve grown! This is from now:
For United States individual income tax, adjusted gross income (AGI) is total gross income minus specific reductions. Taxable income is adjusted gross income minus allowances for personal exemptions and itemized deductions. For most individual tax purposes, AGI is more relevant than gross income.
These deductions reduce AGI. Amounts deductible against gross income in arriving at adjusted gross income (AGI) are called “above-the-line” deductions.
- Educators Expenses – Teachers’ Classroom Expenses
- Business Expenses for Certain Employees
- Health Savings Account Deduction
- Moving Expenses
- Self-Employment Tax
- Self-Employed SEP, SIMPLE, and Qualified Plans
- Self-Employed Health Insurance
- Penalty on Early Withdrawal of Savings
- Alimony Paid
- IRA Deduction
- Student Loan Interest
- Tuition and Fees
- Domestic Production Activities
If the total of a taxpayers itemized deductions is greater than standard deduction for the applicable filing status, Schedule A should be used.
Here is a summary of deductions which are itemized on Schedule A
- Medical and Dental Expenses
- Taxes Paid
- Interest Paid
- Investment Interest Expense
- Interest – Mortgages
- Points – Mortgages
- Other Mortgage Interest
- Gifts to Charity
- Casualty and Theft Losses
- Job Expenses and Most Other Miscellaneous
- Work-Related Education Expenses
- Legal Fees
Taxpayers who make contributions to a retirement plan may reduce their tax liability and earn increased benefits when it is time to retire. RTR Accounting, Payroll & Tax Services is ready to help you with:
- Traditional IRAs
- Roth IRAs
- SIMPLE IRA Plans
- SEP Plans
- 401(k) and 403 (b) Plans
- Other Qualified Plans
- Small Business Plans
- Correcting Plan Errors