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DeAnna Alger, CPA

DeAnna Alger, CPA, is an Accounting Tax Services Senior specializing in federal, state and local tax matters affecting individuals and businesses. She is a member of the Ohio Society of CPAs and the American Institute of CPAs. When she’s not crunching numbers and reading about the latest tax provisions, DeAnna enjoys spending family time with her husband and her young son.
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Recent Posts

All in (or out of) the Family:  Who will inherit the family business?

Posted by DeAnna Alger, CPA on Dec 14, 2017 7:42:00 PM

As a business owner, one often invests much time and energy into the day-to-day operations.  As a result, many owners are likely to sidestep or forget to take the time to establish a long-term plan for the business and simply presume their child will hold the same passion for the business and knowledge in the industry as they have. But, what happens if the child or children have no desire to inherit the business? 

First, having a succession plan in place for the business is just as important as having a will for ones personal assets.  Without a succession plan, the company’s future, assets, and legacy are potentially at risk, regardless of who handles the business when an owner retires. 

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Topics: business succession, deanna alger

When Sallie Mae is on Your Personal Payroll

Posted by DeAnna Alger, CPA on May 25, 2017 4:34:26 PM

Now that income tax filing season is behind us, it is not too early to plan and prepare for 2018. For many taxpayers, the idea of an income tax refund of any amount is welcome, anticipated, and often needed.

Few people think that they have “too much” money, and as taxpayers continue to receive their IRS income tax refund, folks begin to consider paying off credit cards or making a large purchase. Sadly, however, when Sallie Mae is on one’s personal payroll, that shopping spree or big screen TV may be just a virtual reality.  Sallie Mae is the nation's saving, planning, and paying for college company. Their mission is to help American students and families make the dream of higher education a reality through borrowing.

According to a recent article in Time Magazine, about 8 million (education loan) borrowers have given up paying on more than $137 billion in education debts. 

What does this mean? If a taxpayer has defaulted on their federal student loans, their refund may not be issued and instead, applied to what is called a tax refund offset.

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Topics: deanna alger, Financial Planning - College

Using a Buy-Sell Agreement to Establish Estate Tax Value

Posted by DeAnna Alger, CPA on Sep 13, 2016 2:56:59 PM

Many closely-held business owners devote the majority of their lives to developing a successful business. 

Therefore, as part of their estate planning strategy, small business owners want to ensure that the worth of their business is properly valued, especially if the business must be sold in order to pay estate taxes.  If drafted properly, a buy-sell agreement is an effective tool that can be used to set the value of a closely-held business interest. 

Read more from Deanna Alger, CPA

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Topics: business valuation, deanna alger, Estates, Gifts & Trusts

Child Heading Off to College Soon? 3 Important Lessons About 529 Plan Withdrawals

Posted by DeAnna Alger, CPA on Jun 24, 2016 3:00:00 PM

Many of my clients have a child heading off to college in a month or two and have asked about 529 Plan withdrawals to help cover upcoming education expenses. 

Contrary to what some may think, not all withdrawals are tax-free.  Therefore, it is important to understand the basics of 529 plan distributions to avoid paying unwanted federal income tax. While it can be confusing, much like venturing into a college classroom, we’ve broken it down into three simple lessons.   

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Topics: education, 529 plan, income, income tax, withdrawls, college, tuition

Fraud: Four Common Factors Facing Nonprofit Organizations

Posted by DeAnna Alger, CPA on Apr 25, 2016 4:40:54 PM

 

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Topics: fraud, non-profit reporting, Chris Valponi

The ACA and Employers: How Seasonal Workers Affect Your 'Applicable Large Employer' Status

Posted by DeAnna Alger, CPA on Feb 16, 2016 4:30:00 PM
 
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Topics: Affordable Care Act, deanna alger

Quick Facts About the Tax Treatment of Contingent Attorney Fees

Posted by DeAnna Alger, CPA on Jan 28, 2016 2:28:27 PM
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Topics: deanna alger, Taxes - Planning, Rules and Returns

Affordable Care Act (ACA) Reporting Requirements: What You Need to Know Now

Posted by DeAnna Alger, CPA on Jan 22, 2016 9:40:13 AM

Now that we have a year of the ACA under our belts, and employers are now beginning to deal with complying with the Employer Mandate, this is a good time to review the reporting requirements that are being borne by individuals and employers.  While individuals have had a year to get used to their compliance requirements, employers are now entering unfamiliar territory. 

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Less Money in Your Pocket? Learn How the Expired Federal Tax Provisions Could Affect You

Posted by DeAnna Alger, CPA on Oct 8, 2015 1:04:00 PM

As we head into the last quarter of 2015, it's time to take a look at what is happening on the federal level that may impact the deductions and credits for you or your business. 

Below is a list of some of the most significant tax provisions affecting individuals and businesses that expired on 12/31/14.  It is quite possible that Congress will extend some, or all, of these through the end of 2015.  However, as of the current date this has not yet been done.  We may not know conclusively about the fate of these provisions until much later in the year.

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Topics: Taxes - Planning, Rules and Returns

No Business Deduction for Legal Medical Marijuana Dispensary

Posted by DeAnna Alger, CPA on Sep 30, 2015 3:37:47 PM

With each passing year, additional states are considering legalizing the sale of marijuana for medical and/or recreational purposes.  Ohio is among those states considering legalization, with the issue up for vote on the upcoming November ballot. 

While state law is becoming more and more accepting of the idea, the act is still prohibited under federal law.  As one can imagine, this can create some interesting tax issues. 

Related read: How to Deduct Expenses Related to Personal Property

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Topics: Taxes - Planning, Rules and Returns

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