We’re baaaack!

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.

tax and accounting services for over 10 years

My, how we’ve grown! This is from now:

tax and accounting services suffolk 2020

Adjusted Gross Income (AGI)

For United States individual income tax, adjusted gross income (AGI) is total gross income minus specific reductions.[1] 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.

Source: Wikipedia

Tax Filing adjusted gross incomeThese 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

Schedule A – Itemized Deductions

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

Tax credits that may affect your return

  • Additional Child Tax Credit
  • Adoption Credit
  • Alternative Motor Vehicle
  • Child and Dependent Care Credit
  • Child Tax Credit
  • Earned Income Credit
  • Education Tax Credit – American Opportunity
  • Education Tax Credit – Lifetime Learning
  • Elderly or Disabled
  • Federal Tax Paid on Fuels
  • First-Time Home Buyer Credit
  • Foreign Tax Credit
  • General Business Tax Credits
  • Health Coverage Tax Credit
  • New Hire Retention Credit
  • Personal Energy Property
  • Residential Energy Efficient Tax Credits
  • Retirement Saver’s Credit
  • Small Employer Health Insurance Credit

IRAs and Retirement Accounts

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
  • Distributions
  • Rollovers
  • Beneficiaries
  • Small Business Plans
  • Correcting Plan Errors

Special Discount for New Clients!

We offer a special discount for new clients, especially
military members and their families.

Call us today to get started.

(757) 376-7350

Or contact us using the contact form here.

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