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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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