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Each year, some taxpayers find themselves scrambling to find their income tax return paperwork, a year's worth of receipts, and ultimately becomes stressed in the attempt to file their tax return by April 18. Others know and understand that simply filing a tax extension can earn them time, reduce their stress, and possibly, incur a lower tax bill.

Do you remember when you were in school and the teacher would give each student a worksheet to “spot the difference” between two side-by-side detailed scenes?  You would look carefully at each of the two images, trying to spot subtle details, such as an extra button on a shirt or a missing shoe on a person. Maybe it was the number of petals on a daisy or a cone of ice cream missing the cherry on top. The directions would indicate there would be six differences, but try as hard as you did, (and even when you asked a classmate for help) you could still only find four or five differences, and were convinced there was never a sixth.

If you are an employer planning to add to your workforce, you need to know about the recent change regarding Form I-9, the Employment Eligibility Verification form. Form I-9 is compulsory for all employers to confirm every newly hired employee’s identity and that they are authorized to work in the United States.

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

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. 

For some, a simple flip through the day’s mail can soon turn into a panic-producing event. Bad news, bill collectors, or worse, a tax notice from the IRS, state department of taxation, or the local tax agency.  

The benefits of trusts in managing one’s financial affairs, both during one’s life and after one’s death, are well documented and quite significant.  Among the trade-offs for their benefit are the complexity of their tax structure and the highly compressed tax brackets that apply to them.  In addition, it is important to note that estates are subject to most of the same tax treatment as trusts.

The new 2017 Federal Application for Student Aid (FAFSA) is now available and for many applicants, especially those renewing their FAFSA, the improved process and streamlined criteria is a welcome change.  

The Internal Revenue Service has issued the 2017 optional standard mileage rates to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.