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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
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
Charitable Giving: Donation box with food.

Four Things You Should Know about How the New Tax Reform Affects Charitable Giving

Like in years past, you must take the itemized deduction to receive any credit for donations of cash or goods to your favorite charities. Eligible donations that are deductible, include money and gifts given to: churches or religious organizations; f…
Sticky Note - Tax Law Changes for 2018

​Will the New Federal Tax Law Mean Ohioans Pay Higher Income Taxes?

It depends. Most taxpayers will not see a significant net tax change. Tax rates are decreasing. The standard deduction is nearly doubling. Deductions are being capped and eliminated. The Alternative Minimum Tax exemption is increasing. The people mos…
Categories: New Tax Law
Toy House on Tax Return - Mortgage is Deductible

Is Mortgage Interest Still Deductible on Your Tax Return?

Currently, for the tax return you will file for 2017, the mortgage interest deduction remains unchanged. The New Tax Reform, signed into law by President Trump on December 22, 2017, changes the deduction significantly for people who have a home equit…
Calculator: 2018 Tax Laws

New Tax Laws in 2018

Under the new tax laws, most of the changes will affect your 2018 tax return (taxes you will file in 2019). Many of the changes affect the standard and itemized deductions, including the nearly doubling of the standard deduction and removal or reduct…
Categories: New Tax Law
Clipboard with Text: Are You Covered? (Health Care Insurance Question on 2017 Tax Return)

​Do You Have to Answer the Health Insurance Coverage Question on Your 2017 Tax Return?

The IRS is handling the health insurance coverage question on your 2017 tax return differently this year. For the tax return you will file in 2018 and 2019 for tax years 2017 and 2018 respectively, you will need to answer the health insurance coverag…
Categories: New Tax Law

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