It is that time of year again: Time to make sure you have met the required minimum distribution (RMD) from your retirement account by December 31. If you turned 70½ this year, you have until April 1 of next year to take your first RMD from your tax…
Read More
Many taxpayers are asking if they will still qualify for the home office deduction in 2018. The tax reform changes signed into law by President Trump in December 2017 made drastic changes to the tax code. It is the most comprehensive tax reform in mo…
Read More
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 f…
Read More
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…
Read More
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…
Read More
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…
Read More
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…
Read More
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…
Read More
President Trump signed into law the new tax reform on December 22, 2017. One of the biggest changes under the new reform is the up to 20% tax deduction of qualified business income for flow-through business entities subject to limitations. This deduc…
Read More
The new tax reform, signed into law by President Trump on December 22, 2017, brought sweeping changes to the current tax code. One of the biggest changes is the cap on state and local taxes (SALT) and the nearly doubling of the standard deduction tak…
Read More
