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I Received a Huge Tax Refund…
Why this might not be a good thing to brag about

Happy shopping woman with a lot of money - isolated over white_email.jpgBy: The Zinner & Co. Tax Team

For many taxpayers, the dread of gathering information, preparing a tax return, and filing it is tedious and time consuming. However, just as the sun shines brightest after a rain, cheers and smiles replace the angst of prep when the tax refund check makes its way to the bank account. 

“I’m going to … take a trip, buy a TV, go shopping…” After all, a common thought when receiving the refund is “it’s my money AND it is a refund! I should live a little.”

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Pay Me Now. Pay Me Later: Should you pay quarterly estimates or utilize tax withholdings? 

By: Matt Szydlowski, CPA
Tax Supervisor

Many clients ask if it is more advantageous to pay quarterly tax estimates or utilize their tax withholding. I wish there were a simple, cookie-cutter answer. However, as no two taxpayers are alike, the same goes for the manner in which one can pay one’s taxes. 

Both methods of paying income tax have their pros and cons.  The best selection depends on your personal preference and, more so, financial situation.  A majority of self-employed individuals must utilize quarterly payments.  However, if you have an income source such as retirement distributions, social security or employee wages, you have the option of withholding tax from those income streams in lieu of paying quarterly. 

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Q: We have a bunch of old un-cleared checks on our bank reconciliation. What should we do? 

-Ted E., Middle-market business owner, Solon, OH.

A: Laura Haines, CPA, Accounting and Tax Services Manager says:
Ted, thank you for writing. Yours is a great question and one that many business owners should consider.  The quick answer some would suggest is to…

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Zinner-EBook-MAY17-Cover.pngInternal Controls: A Comprehensive Checklist for Businesses and Not-for-Profit Organizations

Does your business or organization have strong internal control policies, processes and procedures? Do you or those holding a fiscal responsibility know what action steps should be taken daily, weekly, monthly, and quarterly to reduce risk of fraud, theft, or errors of non-compliance?

Audit and Assurance Manager Chris Valponi, CPA, compiled a simple and easy-to-follow checklist that will help your entity idenitfy areas that may need attention to further mitigate risk.

Download the free Ebook to learn more.

  


 

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Charity Treats, founded in early 2016, is an in-house fundraising initiative that firm employees take part in each week through “Jeans Fridays.” The program is a way for employees to learn about our area organizations and the great work they do for the people in our communities. Charities are selected based upon recommendation from employees through their personal affiliation.

 

Cleveland CPAs Charity Treats_2.jpgVivian Chen, our 2017 tax intern from Case Western Reserve University, (pictured with Cory Griffin, GHSRV director of operations) spearheaded our April Charity Treats initiative that benefitted Geauga Humane Society’s Rescue Village. Vivian, along with interns Chelsea An (CWRU), Hannah Thomas (Lake Erie College), Alec Palmer (Baldwin Wallace University, and Gabe Kemble (Hiram College) also made and sold baked goods for Zinner staff, adding to the ‘jean’s Friday’ fundraising donation.

 


Cleveland CPAs Eric James.jpgStaff Accountant Eric James recently served as one of four guest panelists for ASPIRE, Cuyahoga Community College’s annual accounting career event. Created by the Ohio Society of CPAs, ASPIRE is designed specifically for students attending community colleges and two-year institutions who are interested in careers in accounting and ready to springboard to the next level of their education. Eric spoke about his journey to obtaining his CPA license, developing his career in individual and corporate taxation and creating strategies to help clients reduce their tax obligation.


Epilepsy Assn Susan Licate 2017.jpgCommunications and Development Director Susan Licate, (pictured R, with Cleveland Clinic Development Officer Tiffany Vesperman) served as a committee member for the 2nd Annual Rockin the Keys for a Cause to benefit the Epilepsy Association. The dueling piano and silent auction event raised over $24,000 that will support services and programs for those affected by epilepsy and seizure disorders. The firm is a longtime supporter of the Association and Partner Sue Krantz serves as a board member.


Partner Gabe Adler served as a panel judge for Cleveland State University's recent Real Estate Development Finance Case Study competition. Judges evaluated and assessed the entries, with five case studies from eighteen graduate students selected as cash prizewinners. The event was co-sponsored by NAIOP Northern Ohio of which Adler is Treasurer.

 

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