The IRS recently announced 2014 inflation adjustments for several key tax provisions including the following:
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Posts By: Zinner & Co.
Windfalls: Be Prepared
Posted by: Michael Hermes, Tax Senior
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We’re Growing! Join our team as a Tax Supervisor
Due to a number of recent promotions and to accommodate our growing workload, the firm is searching for an outstanding professional to join our tax staff as a Tax Supervisor.
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New Legislation Includes Tax-Free IRA Distributions
As anticipated, Congress has written new legislation extending certain tax provisions. “Protecting Americans From Tax Hikes Act of 2015” is expected to be signed by President Obama within the next several days.
One important provision has permanently extended the rule which allows tax-free IRA distributions (up to $100,000) to charitable organizations, and will be retroactive to January 1, 2015. This rule allows owners of IRAs who are at least 70 1/2 years of age to direct up to $100,000 of their IRA distributions to charity. 
The funds that are given to charity are counted toward the IRA owner’s annual required minimum distribution, or RMD. Since these funds are going directly to charity, the distribution is not included in one’s Adjusted Gross Income (A.G.I.), which helps in potentially reducing state income taxes, and may also allow certain other tax breaks to occur, due to a lower A.G.I. (i.e., medical expenses and miscellaneous itemized deductions).
Legislation affecting tax law can be confusing. The Zinner tax department is up-to-date with the latest provisions affecting individuals and businesses and is ready to help ensure your financial strategy remains favorable, If you have any questions or concerns about taxes or your IRA, please contact me at gsigman@zinnerco.com or 216-831-0733. I’m ready to start the conversation and help you guide your retirement plan.
Eight Essential Facts about Claiming the First-Time Homebuyer Credit
If you purchased a home in 2010, you may be eligible to claim the First-Time Homebuyer Credit, whether you are a first-time homebuyer or a long-time resident purchasing a new home. The purchaser must have been at least 18 years old on the date of purchase; for a married couple, only one spouse must meet this age requirement. A dependent is not eligible to claim the credit.
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Summer Day Camp Expenses May Qualify for a Tax Credit
Along with the lazy, hazy days of summer come some extra expenses, including summer day camp. But, the IRS has some good news for parents: those added expenses may help you qualify for a tax credit.
Many parents who work or are looking for work must arrange for care of their children under 13 years of age during the school vacation.
Here are five facts the IRS wants you to know about a tax credit available for child care expenses. The Child and Dependent Care Credit is available for expenses incurred during the summer and throughout the rest of the year.
InvestOhio Program Brings Tax Incentives to Investors in Small Business
Posted by: Brett W. Neate, CPA, MT
read more…Changes forthcoming to the Ohio Bureau of Workers’ Compensation
Posted by: Gary M. Sigman, CPA, MTax, PFS
read more…Tax Strategies for College Students of Higher Income Taxpayers
Posted by: Michael Hermes, Tax Senior
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10 Simple Things You Can Do Right Now to Reduce Your Taxes
For many, the sting of holiday spending will present itself in the coming weeks by way of credit card bills and department store charges. Spending aside, the few remaining days of the year also present an opportunity to reduce your taxes, whether you are an individual taxpayer or a business owner.
Our tax team has compiled their top ten action steps to ease the burden and possibly lessen the blow of taxes owed come April 15.
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.
Lessons from this Tax Season
Well…it’s over. This year’s individual tax return filing deadline has come and gone. As the dust settles and we take stock of this year’s tax season, a few trends have appeared. The 2018 tax season saw the greatest change to the tax code in over 30 years....
Quick Tips to Help You Clean up Your Email Inbox
There are few tools more used in today’s business environment than email. For some, email is an indispensable part of their life; to others email is a menace where good ideas and important information goes to die. A recent interaction with a client went something like...
7 Pitfalls to Avoid in Succession Planning
At Zinner, we regard ourselves as fortunate to have worked with several of the best multi-generational businesses in Northeast Ohio. It’s always rewarding to see a highly successful business passed into the hands of a willing and able successor who continues to...
10 Things to Look for in a Not-for-Profit Audit Firm
Selecting a firm to conduct your not-for-profit’s audit services can feel like a daunting task. There are hundreds of firms online and most (if not all) claim to perform not-for-profit audit services.. How can you know which audit firm is the right for your...
Employee Buyouts and Succession Planning
An employee buyout might provide a sensible alternative to satisfying a small business owner’s plan for selling their business. In the event a family member or an outside, third party has little interest in purchasing the interest, an employee buyout...
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