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Quarterly Estimated Tax Payments – Reminder

January 15, 2020

Quarterly Estimated Tax Payments – Reminder If you are making quarterly estimated tax payments to the IRS, the due date for the September 1 – December 31 quarter of the previous year is January 15, 2020. For payments made using IRS Direct Pay, you can make payments until 8PM EST, and for payments using a more »

Smart Tax Planning for Those with Irregular Income – Did You Know?

January 4, 2020

Smart Tax Planning for Those with Irregular Income – Did You Know? If your income varies from year to year – for instance, if you change jobs often or get a significant part of your income from the gig economy – tax planning can get complicated. Certain activities that increase your tax bill during higher-income more »

New Tax Laws Passed

December 30, 2019

New Tax Laws Passed Extenders, disaster relief and more On Friday, the President signed into law the Further Consolidated Appropriations Act, 2020. This Act not only prevented a government shutdown, but also passed many tax provisions. Extenders The Act passed the following: Retroactive reinstatement for the mortgage insurance premium (PMI) deduction and is extended through more »

Retirement Plan Contribution Limits Increase in 2020 – Did You Know?

December 14, 2019

Retirement Plan Contribution Limits Increase in 2020 – Did You Know? IRS limits for individual contributions to employer-sponsored retirement plans are increasing in 2020. If you are an employee who participates in 401(k), 403(b), the Thrift Savings Plan for civil and uniformed service members, or most types of 457 plans, you may contribute up to more »

Standard Mileage vs. Actual Vehicle Expense Deduction – Did You Know?

December 6, 2019

Standard Mileage vs. Actual Vehicle Expense Deduction – Did You Know? If you use your car, van or truck for business purposes, you can claim a vehicle expense deduction on your tax return. You may either use the standard mileage rate or report the actual expenses associated with business use of the vehicle. Actual expenses more »

What services are / not subject to the sales tax in OHIO

December 2, 2019

What services are subject to the sales tax in OHIO? Rental of hotel rooms or similar sleeping accommodations for less than 30 days by establishments with five or more sleeping rooms.  Like AirBNB subject to 5.75% increasing to 6.75% January 2020 Provision of landscaping or lawn care service, if annual sales of this service equal more »

IRS Announces New Per Diem Rates – Did You Know?

November 30, 2019

IRS Announces New Per Diem Rates – Did You Know? The IRS recently raised the per diem rates for employee travel expenses, effective October 1, 2019. Within the Continental U.S., the new basic daily rates are $297 for high-cost regions (of which $71 is allotted for meals), and $200 for low-cost areas (with $60 for more »

Renewing ITINs – Did You Know?

November 24, 2019

Renewing ITINs – Did You Know? Individual Taxpayer Identification Numbers are used for taxpayers who are required for U.S. tax purposes to have a U.S. taxpayer identification number but do not qualify to get a social security number. If you use an ITIN, you should check if it expires this year. If it does, information more »