Social media is a great way to connect with family and friends, but it’s also a great way to get tax information. Check out the following IRS social media tools that can help you keep up-to-date with your taxes. You can also use them to get the latest news on tax changes, initiatives, products and services. […]
Continue readingDo you have clients who should be more proactive in growing their retirement accounts? A 401(k) retirement plan with a safe harbor provision can help employers maximize the salary deferrals of highly compensated employees, providing a convenient way for them to: Defer up to $17,500 with pre-tax payroll deductions (and an additional $5,500 if they […]
Continue readingAre you, your spouse or dependent heading off to college? If so, some of the costs you pay for higher education can save you money at tax time. Following are several important facts you should know about education tax credits: American Opportunity Tax Credit The AOTC can be up to $2,500 annually for an eligible […]
Continue readingDo you plan to donate your services to charity this summer? Will you travel as part of the service? If so, some travel expenses may help lower your taxes when you file your tax return next year. Following are four tax tips you should know if you travel while giving your services to charity. You […]
Continue readingEach year the IRS mails millions of notices, this is what you should do if you receive a notice from the IRS: Don’t ignore it. You can respond to most IRS notices quickly and easily, and it’s important to reply promptly. IRS notices usually deal with a specific issue about your tax return or account. […]
Continue readingOn June 23, 2014, The Ohio Department of Taxation issued new employer withholding tables to be used for payrolls that end on or after July 1, 2014. The new tables take into consideration the income tax rate reductions that went into effect when House Bill 483 was recently signed into law. The 1% reduction previously scheduled […]
Continue readingStarting in 2013, some taxpayers may be subject to the Net Investment Income Tax. You may owe this tax if you have income from investments and your income for the year is more than certain limits. Here are four things from the IRS that you should know about this tax: 1. Net Investment Income Tax. The […]
Continue readingMany parents pay for childcare or day camps in the summer while they work. If this applies to you, your costs may qualify for a federal tax credit that can lower your taxes. Following are 10 facts you should know about the Child and Dependent Care Credit: 1. Your expenses must be for the care […]
Continue readingIf you do not have taxes withheld from your pay, or you don’t have enough tax withheld, then you may need to make estimated tax payments. If you are self-employed, you normally have to pay your taxes this way. Following are six tips you should know about estimated taxes: 1. You should pay estimated taxes […]
Continue readingApril 15 is the tax day deadline for most people. If you are due a refund there is no penalty if you file a late tax return. But if you owe taxes and you fail to file and pay on time, you will usually owe interest and penalties on the taxes you pay late. […]
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