Posted by: Michael Hermes, Tax Senior
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Posts By: Zinner & Co.
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.
Changes to Filing Due Dates for Business Income Tax Returns
The Highway Act is making changes to our familiar due dates for business income tax returns. To recap current due dates, form 1120 (U.S. Corporation Income Tax Return) is initially due two and a half months after the close of the corporation’s tax year and can be extended for a six month period.
Calendar year corporations are, therefore, initially due on March 15th following the end of the calendar year and can be extended through September 15th. Form 1065 (U.S. Return of Partnership Income) is initially due three and a half months after the close of the calendar year with an option for a five month extension. Calendar year partnerships are initially due April 15th with an extension making the due date October 15th.
Read more by Barb Theofilos: When Are Severance Payments Made to FICA?
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.
Surviving Spouse Election to be Treated as Employee
Potential Income and Estate Tax Savings The death of a husband or wife can be an overwhelming time for the surviving spouse, especially when it comes to financial decisions. When a spouse dies, many surviving spouses elect to transfer retirement assets to their own...
How to Avoid IRS Scams During Tax Season
Tax season can be stressful, but it becomes even more challenging when scammers try to take advantage of unsuspecting people. Each year, tax-related scams cost individuals thousands of dollars, and no one wants to become a victim. With the rise of phishing attempts,...
Zinner & Co. Names Laura Haines Partner
Snyder and Hilditch also promoted Zinner & Co. is proud to announce that Laura Haines, CPA, has been named a partner. Prior to her promotion, she was the firm’s Accounting Tax Services Senior Manager. “I am excited for this opportunity,” said Haines. “It will be...
Ohio Homebuyer Plus Program
Many Ohioans have faced obstacles to home ownership due to rising prices and high mortgage rates. As such, the Ohio Homebuyer Plus Program is designed to assist Ohioans on their homebuying journey. Ohio is the only state to have such a program, it creates specialized...
Appeals Court grants temporary stay to BOI Reporting
On Dec. 23, the U.S. Court of Appeals, Fifth Circuit granted a temporary stay of the nationwide injunction which we previously communicated with you about related to the Corporate Transparency Act (CTA). This stay has reinstated the enforcement of the CTA, and...
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