» Tax Deductions & Credits

11 Common Tax Write-Offs

Tax laws exist to accomplish two things: create revenue for the government, and motivate behavior. Everyone understands the revenue generation part, especially when they are writing a check to pay their taxes. But we often don’t think about how tax… Read More

Can I Deduct Home Office Expenses? 

For over two years now, many more people have been working from home than prior to the pandemic. And while some places of business have opened back up, there are still many people who are working remotely. Some are self-employed, some are independent… Read More

Should I Itemize or Take the Standard Deduction?

It’s one of the most common questions for individuals preparing to file their income tax: take the standard deduction or itemize? Up until a few years ago, the answer was clearer for most people. Those with a lot of deductible expenses like mortgag… Read More

Ohio Tax Break for Teachers and Parents

Prior to the pandemic, the school year was ushered in by parents stocking up on the school supplies their children would need for the year and teachers asking parents to contribute items for the classroom. Despite donations of everything from glue st… Read More

Child Tax Credit 2021 for Ohio Families

You may have heard on the news recently that federal child tax credit 2021 payments will soon be going out to Ohio families and families across the country. Learn what’s new about the child tax credit 2021, how to find out whether you qualify for t… Read More

Is there a COVID-19 Medical Expense Deduction?

Congress implemented changes to help Americans facing substantial medical costs related to the coronavirus (COVID-19). The biggest initial change was requiring testing and vaccinations for COVID-19 to be free for everyone and covered by health insura… Read More

Tax Saving Tips for Retirees

They say wisdom comes with age, but so do tax savings! Once a taxpayer turns the big 5-0, the IRS makes tax time a little sweeter, but it gets even better when they turn 65. Here are some federal and state tax saving tips that will give taxpayers man… Read More

Above-The-Line Tax Deduction for Charitable Donations in 2020

The 2020 Coronavirus Aid, Relief and Economic Security (CARES) Act includes a temporary change to tax deductions in an effort to boost charitable donations for organizations who are struggling to help people suffering from COVID-19 shutdowns. As part… 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

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