» Tax Deductions & Credits
Save on Your Taxes with a Health Savings Account (HSA) [FAQ]
May 8th, 2020
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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Are You Maximizing Your IRA Retirement Plan Contributions?
February 14th, 2020
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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Tax Benefits of a Traditional IRA vs ROTH IRA
January 20th, 2020
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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Required Minimum Distribution (RMD) for Retirement Income - Understanding the RMD and How to Get the Largest Tax Benefit from Your Distribution
December 16th, 2019
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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Home Office Deduction 2018
January 23rd, 2019
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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Who Qualifies for the Ohio Small Business Deduction?
December 12th, 2018
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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Earned Income Tax Credit Overview
November 28th, 2018
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…
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Benefits of Tax Planning
November 15th, 2018
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…
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Four Tax Deductions Eliminated under the New Tax Reform
August 21st, 2018
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…
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Four Things You Should Know about How the New Tax Reform Affects Charitable Giving
June 28th, 2018
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…
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