Zinner & Co. Blog and Newsroom

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

Extensions are not an Invitation for an Audit

Posted by Zinner & Co. Tax Team on Jan 24, 2020 12:52:05 PM

Due to many changes in the tax law under numerous tax acts that have been implemented over the past decade, including delay in the issuance of tax forms needed to complete individual income tax returns, the compression of the tax preparation and filing season has become even more severe. 

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

Is This Expense Deductible In 2019?

Posted by Zinner & Co. Tax Team on Jan 20, 2020 8:56:32 AM

The tax code is long and complicated and oftentimes, taxpayers do not know what deductions or credits are available, which means they cannot take advantage of possible savings.

With so many changes under the 2017 Tax Cuts and Jobs Act and the 2019 SECURE Act now in place, changes have been made regarding the deductibility of expenses that both business and individual taxpayers may not be aware of.

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Topics: Taxes - Corporate & Business, Taxes - Planning, Rules and Returns, Taxes - Individual, Tax Cuts and Jobs Act of 2017

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

Ask the Expert: I recently moved. I set up mail forwarding with the U.S. Postal Service, is there anything else I need to do?

Posted by Zinner & Co. on Jun 27, 2019 6:40:00 AM

Ask the Expert: I recently moved. I set up mail forwarding with the U.S. Postal Service, is there anything else I need to do?

Setting up mail forwarding is a great start, but there are a couple more steps you should take:

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Topics: Taxes - Corporate & Business, Taxes - Individual, IRS, SALT

Ask the Expert: Does my Company Qualify for a Tax Credit for Providing Family Medical Leave Act (FMLA) Leave?

Posted by Zinner & Co. Tax Team on Jun 20, 2019 6:42:00 AM

Under a new provision created by the Tax Cuts and Jobs Act (TCJA), for the tax years 2018 and 2019 you may qualify for a tax credit if you set up or amend a paid-family leave program. Under Section 45S of the Internal Revenue Code, employers that voluntarily offer qualifying employees up to 12 weeks of paid family and medical leave annually under a written policy, may claim the credit.

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Topics: Taxes - Corporate & Business, Tax Cuts and Jobs Act of 2017, FMLA

Ohio Bureau of Workers’ Compensation Proposes $1.5B Rebate for Ohio Employers

Posted by Zinner & Co. Tax Team on May 21, 2019 12:18:38 PM

The Bureau of Workers’ Compensation (BWC) has announced a proposal to provide Ohio employers with a $1.5B rebate.  This rebate comes as the result of stronger than expected returns on investments.

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Topics: Bureau of Worker's Compensation, Ohio business owners, Taxes - Corporate & Business

IRS Issues Safe Harbor for First Year Depreciation of Passenger Cars

Posted by Zinner & Co. Tax Team on Feb 18, 2019 8:16:19 AM

The Treasury Department and the IRS have issued guidance that provides a safe harbor for calculating depreciation deductions from passenger vehicles that qualify for the 100% additional first year depreciation deduction.

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Topics: Taxes - Corporate & Business, income tax, Tax Cuts and Jobs Act of 2017

What Will the Government Shutdown Mean to Your Tax Return?

Posted by Zinner & Co. Tax Team on Jan 8, 2019 1:20:22 PM

Unless you’ve been hiding under a rock, you’ve probably heard about the battle between the President and Congress over funding for a southern border wall. The government “shutdown” created by the impasse has created a lot of uncertainty about many government-provided services.

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Topics: Taxes - Corporate & Business, Taxes - Individual, taxes, IRS, Shutdown

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