But, It’s My Money!
What you need to know before withdrawing funds from your 401k

By Silvia McClellan, CPA
Senior Accountant   

Many folks faced the new year with a fresh-start mindset, new goals, and a handful of resolutions. For some, 2017 is still at the top-of-mind with credit card balance carry-overs and a loan or two. For others, the new year brings ideas of travel, home renovations, or major purchases. 

Regardless of the intent, oftentimes folks think they can simply borrow or withdraw from their 401(k) to pay for these things when their bank account is not liquid.  After all, the money is theirs and just “sitting” untouched. 
So why not tap into the account – life is short, right?

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The Rules Have Changed for Attending the Game (and other entertainment events)

By Gary Sigman, CPA, M.Tax, PFS, AEP®
Senior Tax Manager

The recent enactment of the Tax Cuts and Jobs Act (TCJA) brought many changes to how individuals and businesses are affected by our tax system.  

Among the deductions affected was the deduction for meals and entertainment incurred in the course of operating a business.  Prior to the enactment of the TCJA, which took effect for many provisions on January 1, the allowable deduction for meals and entertainment expenses was... 

Working in the Gig Economy:
Understanding the potential tax consequences

By The Zinner & Co. Tax Department

If you use one of the many online platforms available to rent a spare bedroom, provide car rides, or to connect and provide a number of other goods or services, you’re involved in what is sometimes called the sharing or gig economy.

An emerging area of activity in the past few years, the sharing economy has changed how people commute, travel, rent vacation accommodations and perform many other activities. Also referred to as the on-demand, gig or access economy, the sharing economy allows individuals and groups to utilize... 

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The New Tax Reform: How will it affect you and your business?

Download our FREE Ebook!

As a business owner, CEO, COO, company president, or chairman, you certainly know the new law may affect your business and personal taxes.

The contents of this Ebook have been compiled by the Zinner & Co. tax team, including tax partners Howard Kass and Brett Neate and include an easy-to-understand format outlining some of the elements of the new legislation and a comparison of the prior legislation.

Click to download your free copy

Zinner FastFact:

The average total cost at private, nonprofit four-year institutions reached $46,950 in the 2017-2018 school year,
up from $45,370 a year ago. Those are the published charges for tuition, fees, room, and board. For in-state students living on campus at public universities, comparable average costs this year are $20,770.
Source: The College Board

If you are preparing to or already have Sallie Mae on your personal payroll, give us a call. We help clients navigate through the planning stages to ensure a solid financial framework. In the meantime, Tax Supervisor DeAnna Alger, CPA has published several articles about college funding. Check out this related read by DeAnna.

Upcoming Due Dates

February 28
All businesses. File paper versions of most annual information statements (Forms 1098, 1099, and others) for certain payments you made in 2017 (due date is April 2 if you are filing electronically).

March 15
Partnerships. File a 2017 calendar-year return (Form 1065). Provide each partner with a copy of Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, and so on, or a substitute Schedule K-1. If you want an automatic six-month extension of time to file the return and provide Schedule K-1 or a substitute Schedule K-1, file Form 7004 and then file Form 1065 by September 17.

S corporations. File a 2017 calendar-year income tax return (Form 1120S) and pay any tax due.
Provide each shareholder with a copy of Schedule K-1 (Form 1120S), Shareholder's Share of Income, Deductions, Credits, and so on or a substitute Schedule K-1. If you want an automatic six-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe.

S corporation election. File Form 2553, “Election by a Small Business Corporation,” to choose to be treated as an S corporation beginning with calendar year 2018. If Form 2553 is filed late, S corporation treatment will begin with calendar year 2019.

Employers. For Social Security, Medicare, withheld income tax, and nonpayroll withholding, deposit the tax for payments in February if the monthly rule applies.

Together We're Greater!

The Zinner staff participated in a variety of in-house events during their recent 2018 United Way campaign. From lunchtime trivia to jean's day Friday's to the return of "Not Your Typical Spelling Bee," staff donated in a pay-to-play manner with all proceeds supporting the United Way of Greater Cleveland. United Way Fundraising Associate Jessica Newell (pictured R) and Cleveland Rape Crisis Center Outreach Specialist Marci J. Lieber, LSW (pictured L) helped Partner Sue Krantz (pictured M) and the Zinner team kick off its campaign with a presentation that helped everyone better understand the issues facing our community. Sue serves as chairperson for United Way’s Basic Needs Impact Committee. “There are so many wonderful local programs that tackle and improve the basic needs, health, education and financial stability of those in our community who need it the most. By supporting United Way, we are improving lives in greater Cleveland and helping to create long-term change.  Together, we can help give our kids a good education, provide people with the most basic necessities of food, shelter, and transportation, help train people for good paying jobs to help them out of poverty, and tackle the problems of violence, poor health, and substance abuse.”  The United Way appreciates donations of any amount at any time.
Click here to donate or learn more. 

Tackle the Tower

More than 1,000 people took part in the 16th annual Tackle the Tower Stair Climb event held earlier this month at the historic Terminal Tower. Funds raised from the the event benefitted the Ronald McDonald House of Cleveland.

Team Zinner was represented by Marketing Director Susan Licate who ascended the 42 floors, or 802 steps to be exact, in just over 9 minutes, earning a 6th place spot in her age group and 193rd overall.

“It’s quite humbling as you begin the ascent to know that you are doing something seemingly simple for the good of others. It is not until you begin to feel your legs fatigue and your lungs gasping for air that you realize the magnitude of the purpose of the event; knowing there are countless families spending their Saturday hospitalized and fighting to not only traverse a flight of stairs, but also to gain better overall health. That’s when you realize the significance doing “one small thing” can truly make a difference."

In addition to timed age groups, the event also included an elite category (under 6 minutes), mascot race, kids climb, and firefighters challenge. All climbs culminated with spectacular views from the top of the observation deck of Tower City.