Zinner & Co. Blog and Newsroom

IRS Clarifies 90-Day Payment Relief

Posted by Zinner & Co. Tax Team on Mar 18, 2020 5:21:06 PM

On March 18, the Internal Revenue Service provided clarification to special payment relief for individuals and businesses in response to the COVID-19 Outbreak.

For individual returns, income tax payment deadlines with a due date of April 15, 2020, are automatically extended until July 15, 2020, for up to $1 million of their 2019 tax due.

This payment relief applies to all individual returns, including self-employed individuals, and all entities other than C-Corporations, such as trusts or estates. The IRS will automatically provide this relief to taxpayers. Taxpayers do not need to file any additional forms or call the IRS to qualify for this relief.

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Topics: tax services, Taxes - Corporate & Business, Taxes - Planning, Rules and Returns, Taxes - Individual, tax, taxes, income tax, Zinner & Co., Coronavirus, Treasury Department, COVID-19, Deferring Tax Payments

The Benefits of Filing a Tax Extension

Posted by Brett W. Neate, CPA, MTax on Feb 6, 2020 8:43:00 AM

One of the most common tax-related misconceptions is that filing a tax extension increases your risk of a tax audit. 

This longstanding myth is simply not true, as filing a tax extension can statistically decrease the risk of an audit.

In addition to statistically decreasing the risk of an audit, there is also one other benefit to extending a tax return.

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Topics: tax services, Taxes - Corporate & Business, Taxes - Planning, Rules and Returns, Taxes - Individual, tax, taxes, income tax

Plan for Tax Season

Posted by Brett W. Neate, CPA, MTax on Jan 30, 2020 9:13:00 AM

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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Topics: tax services, Taxes - Corporate & Business, Taxes - Planning, Rules and Returns, Taxes - Individual, tax, taxes, income tax, tax avoidance

IRS Announces New Contribution Limits for FSAs

Posted by Zinner & Co. Tax Department on Nov 20, 2019 10:00:00 AM

The IRS has announced that the contribution limits for Flexible Spending Accounts (FSA) contribution limits have been increased to $2750 for the plan year beginning 2020.

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Topics: medical, FSA, income tax

IRS Announces Inflation-Adjusted Standard Deduction Amounts for 2020

Posted by Zinner & Co. Tax Team on Nov 19, 2019 5:09:00 AM

The IRS issued its annual inflation adjustments for key tax items for the tax year 2020. Among them are new amounts for standard deductions.

For the tax year 2020, the standard deduction for a married couple filing jointly will be raised from $24,400 to 24,800. For single taxpayers and married couples filing separately, the standard deduction will be raised from $12,200 to 12,400. For heads of households, the standard deduction will be $18, 650.

Margin tax rates will change as follows:

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Topics: Taxes - Individual, deductions, income tax, IRS

Ask the Expert: What Does ‘Like-Kind’ Mean in a 1031 Exchange?

Posted by Zinner & Co. Real Estate Team on Nov 12, 2019 5:06:00 AM

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?

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Topics: real estate, income tax, tax avoidance, personal finance, 1031 Exchange

Governor Signs Tax Break for Teachers, Attorneys and Lobbyists into Law

Posted by Zinner & Co. Tax Team on Nov 11, 2019 10:47:05 AM

Governor Mike DeWine has signed a bill into law that will allow Attorneys and Lobbyists to take the Business Income Deduction (BID) deduction.The law was backed by the Ohio Society of CPAs, and was viewed as a fix to a part of the biennial budget that was thought to be unfair in its treatment of two specific professions.

As we wrote about when the bill first passed the General Assembly of the House in October, the law, in part, allows lawyers and lobbyists to take the same deductions as other types of pass-through entities. The law also contains two other provisions of note:

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Topics: Ohio business owners, income tax, business income deduction, ohio

5 Reasons You Should Begin Planning for Tax Season NOW

Posted by Zinner & Co. Tax Team on Nov 7, 2019 5:00:00 AM

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:

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Topics: tax services, Taxes - Corporate & Business, Taxes - Individual, income tax, tax avoidance

Ohio House Passes Bill Reducing Taxes for Lawyers, Lobbyists & Teachers

Posted by Zinner & Co. Tax Team on Oct 15, 2019 5:45:00 AM

The Ohio General Assembly unanimously passed a bill that reverses a previous tax measure, passed in July, that required lawyers and lobbyists to pay tax on the first $250,000 of income they earned.

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Topics: Ohio business owners, income tax, SALT, business income deduction

Ask The Expert: Someone told me I could be impacted by depreciation recapture even though I didn’t claim depreciation – is this true?

Posted by Zinner & Co. Tax Team on Oct 3, 2019 6:00:00 AM

 

Ask the Expert: I sold my income property. Someone told me I could be impacted by depreciation recapture even though I didn’t claim depreciation – is this true?The short answer is, yes.

Certain types of assets can be depreciated and are subject to depreciation recapture; among these are investment rental properties.

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Topics: real estate, income tax, depreciation

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