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Ask the Expert: Should I Take the Educational Tax Breaks or My Child?

Posted by Zinner & Co. Tax Team on Mar 22, 2019 6:12:00 AM

Should I Take the Educational Tax Breaks or My Child?

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Topics: education, deductions, income tax

5 Reasons You Shouldn’t Do Your Own Taxes This Year

Posted by Zinner & Co. Tax Team on Mar 19, 2019 8:16:00 AM

Every year, a group of adventurous souls decides: This is the year I’m going to prepare my own tax return! While we certainly applaud an individual’s right to establish self-reliance and try to save money on preparation fees, it’s rarely a good idea.

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Topics: tax services, deductions, income tax, IRS

Ask the Expert: Should I Take the Educational Tax Breaks or My Child?

Posted by Zinner & Co. Tax Team on Mar 13, 2019 7:52:02 AM

Who should take the educational tax breaks, me or my child?

That’s a great question! The answer is: It depends.

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Topics: education, deductions, income tax

4 Things You Should and Should NOT Do If You’ve Received an Audit Notice from the IRS

Posted by Zinner & Co. Tax Team on Mar 5, 2019 7:38:00 AM

You check your mail and you see the return address, IRS. Your first thought? Well, that can’t be good. You open up the letter and you read that you’re being audited. Look on the bright side – less than 1% of returns get audited each year, you’re just one of the lucky ones! All jocularity aside, there’s nothing to panic about.

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Topics: audits, income tax, IRS

If You Owe, You Won’t be Allowed to Go

Posted by Zinner & Co. Tax Team on Mar 4, 2019 12:05:00 PM

The IRS recently issued a warning to taxpayers who are seriously delinquent on their tax debt - you may be unable to attain a new passport or renew your existing one.

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Topics: income tax, IRS

Ohio Bureau of Workers’ Compensation Slashes Rates

Posted by Zinner & Co. Tax Team on Feb 25, 2019 1:35:16 PM

The Ohio Bureau of Workers’ Compensation (BWC) Board of Directors has announced they have approved a 20% cut in premiums for private employers. The cut was proposed by BWC’s Director and CEO.

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Topics: Bureau of Worker's Compensation, Ohio business owners

IRS Issues Safe Harbor for First Year Depreciation of Passenger Cars

Posted by Zinner & Co. Tax Team on Feb 18, 2019 8:16:19 AM

The Treasury Department and the IRS have issued guidance that provides a safe harbor for calculating depreciation deductions from passenger vehicles that qualify for the 100% additional first year depreciation deduction.

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Topics: Taxes - Corporate & Business, income tax, Tax Cuts and Jobs Act of 2017

The IRS Plays Catch-Up

Posted by Zinner & Co. Tax Team on Feb 13, 2019 7:30:00 AM

First, a joke about catch up…

“Three tomatoes are walking down the street…papa tomato, mama tomato and baby tomato. Baby tomato starts lagging behind and papa tomato gets really angry, goes back and squishes him and yells… CATCH UP!!!!”

That joke isn’t going to get a lot of laughs at the IRS (alright, I admit it won’t get laughs anywhere else either) as they try to get caught up after the longest government shutdown in U.S. history. The shutdown, which lasted 35 days and affected the majority of the IRS’s workforce, has had a profound impact on an agency that had already been running very lean.

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Topics: income tax, IRS, Shutdown

IRS Establishes Safe Harbor for Real Estate Rental Businesses

Posted by Zinner & Co. Tax Team on Feb 11, 2019 7:40:17 AM

The IRS recently provided guidance to real estate investors regarding the Qualified Business Income (QBI) deduction under the Tax Cuts and Jobs Act (TCJA.) One of the weaknesses of the QBI provision of the TCJA was a lack of clarity in section 199A, which allows some taxpayers with pass-through businesses (e.g. LLCs and S-Corps,) to deduct 20% of their qualifying income.

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Topics: real estate, Tax Cuts and Jobs Act of 2017, Qualified Business Income

Ohio BWC Recommends 20% Reduction in Rates

Posted by Zinner & Co. Tax Team on Feb 4, 2019 8:12:04 AM

The Ohio Bureau of Workers' Compensation (BWC) has proposed a 20% reduction in the average premium rate charged to private employers.

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Topics: Bureau of Worker's Compensation, Ohio business owners, Insurance

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