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…
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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…
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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…
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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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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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Tax time is a great time to review your retirement savings to make sure you are maximizing your IRA retirement plan contributions. The IRS gives you until April 15 (Tax Day!) to make contributions for the preceding year (current tax year). That’s r…
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An IRA is an individual retirement account, a vehicle people can use to save for retirement. Both Traditional and Roth IRAs have amazing tax benefits. Both types of IRAs help you with tax planning for retirement by giving you a vehicle to save money.…
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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…
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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…
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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…
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