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Ohio Small Business Owner Qualifies for Ohio Small Business Deduction

Who Qualifies for the Ohio Small Business Deduction?

Many Ohio taxpayers each year fail to take advantage of the Ohio Small Business Deduction, which could save them thousands of dollars. Many are not aware of who qualifies for the Ohio Small Business Deduction. Some who are aware of it may think the…
Tax Refund

Why is My Refund Less Than Expected?

Where you depending on your tax refund only to find out the IRS reduced it drastically? Or, did the IRS not sent it all? Now, are you finding yourself asking questions like: Why is my refund less than expected? or Where’s my refund? The IRS can…
Categories: Tax Refunds
Earned income tax credit form

Earned Income Tax Credit Overview

Earned Income Tax Credit is a refundable tax credit for low and moderate income individuals and families. If the credit reduces your tax liability to zero or if your income is low enough that you are tax exempt, the Earned Income Tax Credit can still…
Couple High-Fiving After Tax Planning

Benefits of Tax Planning

Tax planning is essential to lowering your tax bill. Meeting with a tax professional and reviewing your tax status before the end of the year allows you to develop tax strategies to take advantage of tax saving measures, before it’s too late. Altho…
New Tax Form

​New Tax Forms Have Arrived!

The new postcard sized tax forms have arrived! Although smaller, they are not simpler. The IRS still needs all the information that was on the old forms. Unfortunately, the New Tax Reform did not change the amount of information taxpayers will need t…
Categories: New Tax Law
Teen Working at Coffee Shop

​Do You Need to File a Tax Return if You are Under 18?

You just started working your first job. Now, it is tax time. Do you need to file your taxes? It seems a lot of work because you did not make that much money. A surprise to many people, the IRS does not consider age as a factor regarding whether yo…
Categories: Taxable Income
Woman Painting as Hobby

​Hobby Income: Is It Taxable?

All hobby income is taxable. Simply stated, if you make money from a hobby or business, you are required to report it to the IRS. To determine how to appropriately report and classify your income, you must first determine if the IRS considers your ho…
Tax Deductions paper and handwritten calculations

​Four Tax Deductions Eliminated under the New Tax Reform

The New Tax Reform signed into law by President Trump in December 2017 simplified taxes for millions of Americans by almost doubling the standard deduction. Starting with tax year 2018, the IRS expects millions of taxpayers to stop itemizing and star…
Alternative Minimum Tax Document

3 Ways the Alternative Minimum Tax is Affected by The New Tax Reform

Alternative Minimum Tax (AMT), like its name infers, is a minimum tax applied to taxpayers. Currently, the tax code allows taxpayers to qualify for a lot of different deductions and credits. AMT ensures that high-income earners pay a minimum tax. It…
Categories: New Tax Law
Mother and Father Cheering about Child Tax Credit

4 Important Things You Need to Know about How the Child Tax Credit was Affected by the New Tax Reform

Are you one of the millions of Americans who rely on the Child Tax Credit to help offset your annual tax bill and provide you with some extra cash to get caught up on expenses, move, or plan a family vacation? The Child Tax Credit provides some extra…
Categories: New Tax Law

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