With the start of the 2024-2025 school year seemingly right around the corner, the Ohio Department of Taxation announced an expansion of the state’s annual sales tax holiday.
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Sale of Home and Capital Gains Tax
Are you thinking about selling your home but worried about the additional tax it could generate?
It is possible that you could be one of the many who can sell your home while avoiding the capital gains tax. read more…
IRS announces penalty relief for certain 2019 and 2020 returns
$1.2 billion in penalties will be refunded to 1.6 million taxpayers
In late August, the Internal Revenue Service announced on its website that it had issued Notice 2022-36, which will provide penalty relief to most taxpayers who filed certain 2019 or 2020 tax returns late.
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The Biden Administration’s Proposed Tax Law Changes
In early June, the U.S. Treasury Department released its general explanations of proposed changes to the U.S. tax code.
Please note, the following items have only been proposed. In order to become law, they must pass through both the U.S. House of Representatives and the U.S. Senate.
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IRS Sends Out Letters Regarding Monthly Child Tax Credit Payments
In early June, the Internal Revenue Service started sending letters to families about how they may be able to qualify for monthly Child Tax Credit payments.
The letters are going out to families who may be eligible based on information they included in either their 2019 or 2020 tax return or who used the Non-Filers tool on IRS.gov last year to register for an Economic Impact Payment.
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New 1099-NEC Form For Nonemployee Compensation
The PATH Act accelerated the due date for filing Form 1099 that includes nonemployee compensation (NEC) from February 28 to January 31 and eliminated the automatic 30-day extension for forms that include NEC. Starting with tax year 2020, taxpayers should use Form 1099-NEC to report nonemployee compensation.
Form 1099-NEC replaces the use of box 7 on Form 1099-MISC from previous years. Other uses of 1099-MISC have not changed and will continue to be used for common payments such as rent and payments to an attorney.
Plan for Tax Season
Many individuals may think the time to plan for tax season occurs during the tax season, which occurs after their tax year has ended.
Unfortunately, this is often too late to make any adjustments, which may have benefited the taxpayer.
Similarly, businesses can also fall into this line of thinking and fail to plan for tax season during their tax year.
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5 Reasons You Should Begin Planning for Tax Season NOW
It’s the 4th quarter. The holidays are right around the corner. The last thing you may want to think about is income taxes … but there are some compelling reasons why you should be thinking ahead.
Last year’s tax season saw the biggest change to the tax code in over 30 years. At the end of the tax season, we noted that one of the lessons learned was that individuals who engage us in tax planning early, on average, fared much better than those who did not. There are some very important reasons for this: read more…
Ask the Expert: What Does ‘Like-Kind’ Mean in a 1031 Exchange?
Q: What Does ‘Like-Kind’ Mean in a 1031 Exchange?
A: As you are probably aware, a 1031 Exchange refers to a provision in the U.S. tax code, which allows real estate investors to sell or dispose of a piece of real property and purchase another piece of “like-kind” property without incurring any short-term tax consequences. But what does like-kind mean? read more…
ALERT: Be Wary of States Circumventing the $10,000 SALT deduction limitation
Current Law:
The Tax Cuts and Jobs Act of 2017 limits individual taxpayer’s state and local tax (SALT), itemized deduction to $10,000 (including real estate taxes). The previous law allowed an unlimited deduction. This change may be detrimental to many individual taxpayers who relied heavily on these deductions in the past.
State Work-Arounds:
Some states have considered “work-arounds” to combat this limitation. Select states (California, Connecticut, Illinois, New York and New Jersey, thus far) have created state read more…
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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USPS Postmark Changes
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No Tax on Overtime Pay
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