Tax Deductions & Credits Blog Archives – Page 3 of 3

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… Read More

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… Read More

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… Read More

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… Read More

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… Read More

Is Mortgage Interest Still Deductible on Your Tax Return?

May 17th, 2018

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

How Do I Qualify for the New Business Income Deduction?

April 27th, 2018

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

Will You Be Able to Continue to Deduct Ohio Income Taxes from Your Federal Taxes?

March 5th, 2018

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

How Will the New Tax Law Affect Your 2017 Taxes?

February 14th, 2018

President Trump signed the new tax reform bill into law on December 22, 2017. The biggest rewrite of the tax code in almost thirty years has left taxpayers confused about how it affects the taxes they will file for 2017. Most of the changes will take… Read More

Should I Itemize or Take the Standard Deduction?

February 5th, 2018

With the new tax reform signed into law this past December, many people are asking themselves if they should itemize or take the standard deduction. Good news! Although tax reform was passed this past year, the new law primarily affects 2018 taxes (f… Read More

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