» Tax Planning

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

Ohio State Income Tax Credits

Few people actually enjoy filing their income tax return, especially if they think they might have to write a check to the IRS or the state of Ohio. A professional tax preparation service can make the process of filing your taxes much less stressful.… Read More

Should I Have a Tax Professional Review My Tax Return?

In a little under a month, most of us will have filed our 2021 state and federal income tax returns. Perhaps you are the kind of person who likes to prepare and file your taxes to get it over with (and maybe get a refund sooner). Or maybe, like many… Read More

Tax Deadlines for Filing 2021 Taxes in 2022

Everyone “knows” tax day is April 15 (and this year, as you’ll see below, it’s not). But the truth is, that’s not the only tax deadline that’s important to circle on the calendar when you’re thinking about your taxes. And if you’re no… Read More

Best Practices to Avoid Committing Tax Fraud

You probably consider yourself a good citizen and an honest person. You would never steal or intentionally cheat anyone, and, of course, you file and pay your taxes on time every year. You certainly don’t think of yourself as the type of person who… Read More

Filing Your Taxes: Is It Better to File Jointly or Separately?

For most married couples, you have two options on how to file your taxes: jointly or separately. For a few married people, filing as head of household can be the best option. If you file your taxes jointly, you report all your income and deductions o… Read More

Selling the Family Home? Tax Rules on the Sale and Transfer of Assets

Selling the family home and wondering how the sale is going to affect your taxes? The good news is for most homeowners, when it comes time to sell, the profit is now tax-free. To qualify for the tax-free exclusion of profit from the sale of your home… Read More

Are Life Insurance Payouts Taxable?

When thinking about your estate and beneficiaries, it can be easy to overlook taxes. But, for the people that do have life insurance and think about these things, one of the most common questions is: Are life insurance payouts taxable? First, congrat… Read More

Like-Kind Exchange Rules No Longer Require Purpose-Or-Use Test

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… 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