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Posts By: Zinner & Co. Tax Team
Governor Signs Tax Break for Teachers, Attorneys and Lobbyists into Law

Governor Signs Tax Break for Teachers, Attorneys and Lobbyists into Law

by | 10 Dec | , , ,

Governor Mike DeWine has signed a bill into law that will allow Attorneys and Lobbyists to take the Business Income Deduction (BID) deduction.The law was backed by the Ohio Society of CPAs, and was viewed as a fix to a part of the biennial budget that was thought to be unfair in its treatment of two specific professions. OhiostateSealofOhio

As we wrote about when the bill first passed the General Assembly of the House in October, the law, in part, allows lawyers and lobbyists to take the same deductions as other types of pass-through entities. The law also contains two other provisions of note:

read more…
IRS Announces Inflation-Adjusted Standard Deduction Amounts for 2020

IRS Announces Inflation-Adjusted Standard Deduction Amounts for 2020

by | 10 Dec | , , ,

The IRS issued its annual inflation adjustments for key tax items for the tax year 2020. Among them are new amounts for standard deductions.irs-sign-for-newsletters

For the tax year 2020, the standard deduction for a married couple filing jointly will be raised from $24,400 to 24,800. For single taxpayers and married couples filing separately, the standard deduction will be raised from $12,200 to 12,400. For heads of households, the standard deduction will be $18, 650.

Margin tax rates will change as follows:

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Ask The Expert: Someone told me I could be impacted by depreciation recapture even though I didn’t claim depreciation – is this true?

Ask The Expert: Someone told me I could be impacted by depreciation recapture even though I didn’t claim depreciation – is this true?

by | 8 Oct | , ,

 

Ask the Expert: I sold my income property. Someone told me I could be impacted by depreciation recapture even though I didn’t claim depreciation – is this true?The short answer is, yes.real estate decreciation recapture

Certain types of assets can be depreciated and are subject to depreciation recapture; among these are investment rental properties. read more…

Ohio Initiates New Registration Process for New Pass-Through Entities

Ohio Initiates New Registration Process for New Pass-Through Entities

by | 9 Aug | , , ,

The Ohio Department of Taxation announced they have begun a new process for Ohio Department of Taxationregistering new pass-through entities (PTE.) In the past, the department’s old computer system registered and created accounts for new PTEs upon the filing of their first return. One challenge with this process was that many PTEs made estimated payments prior to filing their first return. read more…

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Since 1938, Zinner has counseled individuals and businesses from start-up to succession. At Zinner, we strive to ensure we understand your business and recognize threats that could impact your financial situation.

Recent Blog Posts

Are my sales tax payments on major purchases still tax deductible?

December 23, 2024 at 1:50 PM

For many individuals, September means it is time to look for a new car since the upcoming year’s automobile models are introduced. For anyone who is considering purchasing a new car for personal use, there may be a federal income tax benefit available for your new...

States Fail to Overturn SALT Deduction Caps

December 23, 2024 at 1:45 PM

  In a blow to several high-tax states, a federal judge has upheld a key provision of the Tax Cuts and Jobs Act (TCJA), the State and Local Tax (SALT) deduction cap. Under the TCJA, congress placed a cap on the amount taxpayers could claim on their Schedule A for...

8 Tax Issues to Consider When Your Spouse Dies

December 23, 2024 at 1:42 PM

It goes without saying that the death of one's spouse is typically an extremely difficult emotional trauma.  When one loses a spouse, the last thing on the surviving spouse’s mind is the tax issues to be addressed.   Nonetheless, the passing of one’s spouse...

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