Excess FICA Tax Tips

"Hi, I'm Tom Choisnet and your own agent. This is an election year at the time of our shooting so I thought it would be a good idea to include a segment on political contributions. Political contributions are not deductible. However, there are some interesting things about political contributions that are worthy of this section. One of the most interesting things, of course, is campaign contributions. The campaign funds that the candidates have. They have accounting rules as to what they can spend the money on and what they can do with the funds after the campaign is over. It has always been a source of fascination to me to see how much they can accumulate there. I've seen cases where they loan their money out and other things. It's kind of interesting. Lobbying expenses are part of political contributions that are generally not deductible. In researching it closer, we see that in-house lobbying up to $2000 is deductible. They can deduct their local political lobbying, not federal and state. It's kind of crazy. It really is. Don't forget the $3 check off on your tax return. It doesn't either increase your refund or cost you any money in additional taxes. The money is for the presidential campaign. Thank you very much for watching this segment. I have some other interesting things to share with you on other parts. Thank you."