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Updated Withholding Calculator, Form W-4 Released; Calculator Helps Taxpayers Review Withholding Following New Tax Law

Updated Withholding Calculator, Form W-4 Released; Calculator Helps Taxpayers Review Withholding Following New Tax Law

by | 28 Mar | , , ,

WASHINGTON –The Internal Revenue Service recently released (2/28/18 irs.gov) an updated Withholding Calculator on IRS.gov and a new version of Form W-4 to help taxpayers check their 2018 tax withholding following passage of the Tax Cuts and Jobs Act in December. estate-tax-portability.png

The IRS urges taxpayers to use these tools to make sure they have the right amount of tax taken out of their paychecks.

“Following the major changes in the tax law, the IRS encourages employees to check their paychecks to help ensure they’re having the right amount of tax withheld for their personal situation,” said Acting IRS Commissioner David Kautter. read more…

Tis the Season of Saving: 5 things you can do now to help reduce your taxes

Tis the Season of Saving: 5 things you can do now to help reduce your taxes

by | 28 Nov | , , ,

In the quest for gifts and seasonal savings together with the promise of continued prosperity, many taxpayers overlook some of the simple year-end moves they can do that will help to reduce their taxes and improve the bottom line.   There are many action steps you can perform today in order to save taxes for the next tax period.  Below, find a shining display of our top five tips to save future tax dollars. Cleveland CPAs help you save on your tax return.jpeg

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Ohio to Offer Tax Amnesty Jan. 1-Feb. 15, 2018

Ohio to Offer Tax Amnesty Jan. 1-Feb. 15, 2018

by | 21 Nov | ,

Ohio taxpayers with outstanding bills will have a window to pay up without penalty.

The Ohio Department of Taxation is offering amnesty from Jan. 1 to Feb. 15, 2018 to individual and business taxpayers.

Tax commissioner speaks at Columbus Accounting Show

ODT has launched a statewide campaign to raise awareness of the amnesty. Ohio Tax Commissioner Joe Testa kicked off the effort Nov. 10 by discussing the issue with attendees at OSCPA’s Columbus Accounting Show.

The Department of Taxation will offer amnesty on the following:

    • Individual taxes
    • School district income taxes
    • Employer withholding taxes
    • Employer withholding for school district income taxes
    • Pass-through entity taxes sales tax
    • Use taxes
    • Commercial activity
    • Financial institutions
    • Cigarette and other tobacco products
    • Alcoholic beverage

Amnesty is available only for taxes that were due and payable as of May 1, 2017, and still remain underreported or unreported. Those who fully pay qualifying tax delinquencies will owe no penalties and only half the interest normally charged. The program does not apply to any tax for which a notice of assessment or audit has been issued, for which a bill has been issued, that relates to a still-open tax period, or for which an audit has been conducted or is pending.

Taxpayers can learn more and determine eligibility at www.OhioTaxAmnesty.gov; or by calling 800-304-3211.

This article appears courtesy of the Ohio Society of CPAs Community News published Nov. 16, 2017. 

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I Just Received a Huge Tax Refund! Why this may not be a good thing to brag about…

I Just Received a Huge Tax Refund! Why this may not be a good thing to brag about…

by | 29 Jun | , ,

I pay all the taxes owed, and not a penny more” – Mitt Romney

business millionaire over white - dollars coming down.jpeg

For many taxpayers, the dread of gathering information, preparing a tax return, and filing it is tedious and time consuming. However, just as the sun shines brightest after a rain, cheers and smiles replace the angst of prep when the tax refund check makes its way to the bank account. 

“I’m going to … take a trip, buy a TV, go shopping…” After all, a common thought when receiving the refund is “it’s my money AND it is a refund! I should live a little.”

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Pay Me Now, Pay Me Later: Should you pay quarterly estimates or utilize tax withholdings?

Pay Me Now, Pay Me Later: Should you pay quarterly estimates or utilize tax withholdings?

by | 30 May | , , ,

Cleveland CPAs Zinner & Co.jpeg

Many clients ask if it is more advantageous to pay quarterly tax estimates or utilize their tax withholding. I wish there were a simple, cookie-cutter answer. However, as no two taxpayers are alike, the same goes for the manner in which one can pay one’s taxes. 

Both methods of paying income tax have their pros and cons.  The best selection depends on your personal preference and, more so, financial situation.  A majority of self-employed individuals must utilize quarterly payments.  However, if you have an income source such as retirement distributions, social security or employee wages, you have the option of withholding tax from those income streams in lieu of paying quarterly.  read more…

Why You Will Not Receive a Tax Refund Before February 15

Why You Will Not Receive a Tax Refund Before February 15

by | 23 Jan | , , ,

On December 18, 2015, President Obama signed legislation called “Protecting Americans from Tax Hikes” Act of 2015, or the PATH Act for short.  Waiting by mailbox.jpg

The PATH Act contained many extensions and changes to existing tax laws.  The Act also included a provision which will delay refunds for certain taxpayers.  The IRS is now required to not issue a refund to anyone claiming the Earned Income Tax Credit or the Additional Child Tax Credit until February 15.  Both of these refunds are considered “refundable credits,” which are essentially treated as additional tax payments, and can reduce one’s tax liability below zero.  More, the PATH Act was enacted to give the IRS more time to review refund claims, in an effort to reduce fraud and catch refunds that may be improperly issued.

Do you have questions about the PATH Act, your refund, or income tax preparation? Let’s talk! Contact me at btheofilos@zinnerco.com or any of the professionals here at 216.831.0733. We’re ready to start the conversation and end the confusion. 

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

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

by | 24 Jun | , , , , , ,

graduate.jpgMany 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.   

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.

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