What caught our eye today? This article by Emily Valla, special to the Idaho Statesman.
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Why Your Bag of Used Clothing Isn’t Worth $1,000: The 2016 Noncash Charitable Contribution Fair Market Value Guide
Like many taxpayers, you may have recently (or routinely) donated a few bags of clothing and household items to a 501(c)(3) charitable organization.
The $125 designer jeans, a box of barely-used stuffed animals, and eclectic wall art were sought-after purchases that found their way to your home through your hard-earned dollars. Certainly, your goods were priceless treasures to you and you presumed the same for the lucky charity to which you would donate them.
Why You Will Not Receive a Tax Refund Before February 15
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.
Tax Return Planning Guide: Download Your Free Ebook
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It’s that time of year again when most are thinking about filling out their tax return. Many are sifting through shoeboxes full of receipts, others, wondering if they have a receipt. |
Employee or Independent Contractor? Uber Case Sets Precedent
6 Things to Keep in Mind if You Receive a Notice from the IRS
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.
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IRS Lowers Mileage Rates for 2017
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. 
5 Things Every Small Business Owner Should Do Before Dec. 31.
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.
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By Robert O’Neil, CPA
Staff Accountant
Employee vs. Independent Contractor: Why Classification Matters
Many business owners, non-profit entities or those who use independent contractors, are still unclear as to how to properly classify workers, especially in the eyes of the IRS. While it is understandable to be naïve to the nuances of business law, it will not prevent a business owner from incurring penalties for worker misclassification. Penalties, along with interest, can be steep as they include unpaid payroll and unemployment taxes, overtime, minimum wages, employee expenses and other employee payments. 
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.
Mandatory Filing Now Required for U.S. Owners of Foreign Entities
The Department of Commerce has introduced a new form that is required to be filed by U.S. owners of foreign entities. The new form BE-10 is filed through the Bureau of Economic Analysis (BEA). The BE-10 is an annual survey which, up until recently,...
The Supreme Court Ruling on ACA Subsidies: What does this mean?
With the ACA subsidy access remaining available in all states, does this affect you or your business? On June 25th The United States Supreme Court issued their ruling on the King vs. Burwell case, upholding the government subsidies as provided in the...
Do Your Bank Accounts Qualify for FDIC Coverage?
In our society, people tend to take the safety of their bank accounts pretty much for granted. If you think back to the most recent banking crisis in 2008 and 2009, however, there was a significant amount of bank consolidation that could have potentially...
Can You Boost Your Retirement Savings by Going Solo?
From the moment we begin working, the importance of saving for our retirement is drilled into our heads. The benefit of doing so can’t be overstated and, perhaps, takes on even greater significance when we go into business for ourselves. In fact, when one...
The Best Love Letter You Could Ever Write
Thinking about and actually forming an estate plan is not an easy task. Most people will admit putting off the process because they do not want to think about death. But, if you look at estate planning as an action of love, you may begin to see it from another...
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