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Published January 24 2017, 12:59pm EST
AccountingToday.com 

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.

As we welcome 2017 and with the 2016 tax year at a close, many individuals and business owners are still asking what they can do to reduce their tax obligation, discover tax credit opportunities, or put themselves in a more favorable tax position. While some of the actions items should have been wrapped up by the end of 2016, there are still many things you can do from now and continuing throughout the rest of the year. 

Our free Ebook, 2016 Year End Planning Guide will provide you with options, suggestions, and solutions that may benefit you this filing season.

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. 

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.  

The benefits of trusts in managing one’s financial affairs, both during one’s life and after one’s death, are well documented and quite significant.  Among the trade-offs for their benefit are the complexity of their tax structure and the highly compressed tax brackets that apply to them.  In addition, it is important to note that estates are subject to most of the same tax treatment as trusts.

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:

 

From the Ohio Society of CPAs

Written on Dec 08, 2016 - OSCPA staff report

 Protect Your Ability to Exclude the Gain on the Sale of Your Home

So through some miracle, you ended up with enough healthy players at the end of your season to triumph in your fantasy football championship.  Although you may still be riding that high, like yours truly, it’s good to know how this may or may not affect your tax return for this year.  With fantasy football becoming ever more popular year after year, it’s becoming a larger target to the IRS.