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. 

If you make a donation to a charity this year, you may be able to take a deduction for it on your tax return. Here are the top ten things the IRS wants every taxpayer to know before deducting charitable donations:

For many small business owners, the fourth quarter signifies a final flurry of activity. Whether that is projecting inventory against sales or contemplating major purchases against anticipated revenue, for those who use QuickBooks software, it may seem as if the program takes care of the business loose ends on their behalf.  As a result, business owners view the end-of-year task list as one less thing  to think about in the middle of the night.

Did you receive an Ohio Individual Income Tax Failure to File notice (ITDQ0009) from the Ohio Department of Taxation (ODT) advising you that they did not receive an Ohio Individual Income tax return? 

Traditionally, taxpayers have been able to deduct mortgage interest paid on mortgages of up to $1 million and Home Equity Lines of Credit of up to $100,000, for a total of $1.1 million in debt upon which mortgage interest paid can potentially be deductible.

These rules apply to both single and married filing joint taxpayers. Taxpayers married filing separate will see the qualifying debt limits reduced by half ($500,000 mortgage and $50,000 Home Equity Line of Credit).

There have been several situations in which taxpayers have struggled to find common ground with the IRS, including

With the 2017 tax year coming to a close, many individuals and business owners are asking what they can do to reduce their tax obligation, discover tax credit opportunities, or set themselves in a  more favorable tax position.

As a result of the State of Ohio paying off its unemployment compensation debt to the federal government, Ohio employers will reap the benefit of lower Federal Unemployment Tax they pay this coming January.  According to the Ohio Department of Job and Family Services, the state paid the remaining balance of nearly $218 million to satisfy its obligation to the federal government earlier this year.

(Bloomberg) An Obama administration policy that would have given more white-collar workers overtime starting Dec. 1 was blocked nationwide by a federal judge in Texas. The decision Tuesday is a victory for 21 states and dozens of business groups that sued, complaining the new rule would increase government costs in their states by $115 million next year alone and would put private employers on the hook for millions of dollars more, possibly leading to layoffs.

If you’re a small business owner, time is running out to take advantage of some income tax reduction strategies before the end of the year.  As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year.  Factors that compound the planning challenge this year include overall economic uncertainty and Congress's customary failure to act on important tax breaks that will expire at the end of 2016.