W-2 Deadline Passed and still no W-2? [What should you do?]

Employers must give their employees a Form W-2, Wage and Tax Statement, if the employee worked anytime during the prior year. The W-2 is the form that shows the amount of income you received in the prior year and how much of your income was withheld… Read More

Like-Kind Exchange Rules No Longer Require Purpose-Or-Use Test

The IRS issued new guidelines in November 2020 affecting 1031 like-kind exchanges. Commenters on the proposed changes argued that continuing to impose the purpose-or-use test would improperly limit the types of real property that would qualify for a… Read More

How to Determine the Cost Basis of Gifted Stock

Determining the cost basis of gifted stock or other needed information for tax purposes can be confusing. Oftentimes, a well-meaning family member, like grandma, will buy stock for a loved one when they are a small child and give it to them when they… Read More

What is a 1031 Tax Deferred Exchange?

A 1031 tax-deferred exchange provides a great way for investors to defer capital gains taxes by selling one investment property and using those same funds to purchase a different investment property. The 1031 tax-deferred exchange receives its name f… Read More

Filing Taxes after Divorce in Ohio

When you sign your divorce paperwork one of the last things you probably want to think about is your next tax return. However, your divorce agreement could drastically affect your tax liability. This means you may owe more or get a larger tax refund… Read More

Three Ways Professional Tax Services Can Help Your Small Business

Completing your business taxes is a year-round endeavor for small business owners. Small business tax services can help ease the burden in many situations. The first two ways professional tax services can help your small business go hand-in-hand, bec… Read More

What is Your Tax Rate and Why Does it Matter?

We have a progressive tax rate in the United States. Basically, this means you are not taxed the same rate on all your income. The tax rate progresses (increases) as your income increases. Although complicated, this makes it a fairer and more just ou… Read More

Will Coronavirus Delay Your State of Ohio Tax Refund?

The Coronavirus may delay your Ohio State tax refund. The pandemic brought many businesses to a halt, as they reassessed the best way to protect their employees and customers. The Ohio Department of Taxation is no different. In response to Coronaviru… Read More

The Home Office Deduction [a detailed review]

If you use part of your home for your business, you may qualify to deduct the expenses incurred for the business use of your home, including a home office. This deduction is for business owners regardless of whether they rent or own their home. If yo… Read More

Save on Your Taxes with a Health Savings Account (HSA) [FAQ]

Health Savings Account (HSA), a tax-advantage savings plan for medical expenses, provides a great way to save on taxes. It is possible to use pre-tax dollars for your original contributions, have gains grow tax-deferred, and make withdrawals tax-free… Read More

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