The Ohio House and Senate passed two different - and conflicting - budget bills prior to the June 30th deadline. A major point of contention between the bills was the treatment of Ohio’s Business Income Deduction (BID).
Changes to Ohio’s Business Income Deduction Still Undecided
Zinner & Co. Tax Department income tax , business income deductionOhio's state constitution requires that the state's biennial budget be approved by June 30. That deadline has come and gone and Ohio's Legislature has not yet passed a budget. The house and senate both approved a measure that extends state funding at current levels for 17 days while lawmakers try to compromise on the 3,000+-page budget bill.
Lessons from this Tax Season
Zinner & Co. Tax Team deductions , taxes , income tax , IRS , Tax Cuts and Jobs Act of 2017Well…it’s over. This year’s individual tax return filing deadline has come and gone. As the dust settles and we take stock of this year’s tax season, a few trends have appeared.
IRS Offers Relief for Underpayment and Under-Withholding Penalties for More Taxpayers
Zinner & Co. Tax Team tax services , taxes , income tax , IRS , Tax Cuts and Jobs Act of 2017On Friday, March 22, 2019, the Treasury and IRS announced they have lowered the withholding underpayment penalty threshold to 80%. This means that taxpayers who were 80% or less under-withheld on their income tax withholding or quarterly tax payments may qualify for relief.
Ask the Expert: Should I Take the Educational Tax Breaks or My Child?
Zinner & Co. Tax Team education , tax services , deductions , income taxShould I Take the Educational Tax Breaks or My Child?
5 Reasons You Shouldn’t Do Your Own Taxes This Year
Zinner & Co. Tax Team tax services , deductions , income tax , IRSEvery year, a group of adventurous souls decides: This is the year I’m going to prepare my own tax return! While we certainly applaud an individual’s right to establish self-reliance and try to save money on preparation fees, it’s rarely a good idea.
Ask the Expert: Should I Take the Educational Tax Breaks or My Child?
Zinner & Co. Tax Team education , deductions , income taxWho should take the educational tax breaks, me or my child?
That’s a great question! The answer is: It depends.
Ask the Expert: Are 2018 Income Taxes Easier to Prepare Under the Tax Cuts and Jobs Act?
Richard Huszai, CPA income tax , Ask the Expert , Tax Cuts and Jobs Act of 2017Are 2018 Income Taxes Easier to Prepare Under the Tax Cuts and Jobs Act?
Like any good consultant, my answer is: It depends.
4 Things You Should and Should NOT Do If You’ve Received an Audit Notice from the IRS
Zinner & Co. Tax Team audits , income tax , IRSYou check your mail and you see the return address, IRS. Your first thought? Well, that can’t be good. You open up the letter and you read that you’re being audited. Look on the bright side – less than 1% of returns get audited each year, you’re just one of the lucky ones! All jocularity aside, there’s nothing to panic about.
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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.
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