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Changes to Ohio Minimum Wage

The Ohio Minimum Wage increases to $8.30 as of 1/1/18. For Tipped Employees it is $4.15 per hour plus tips. The Ohio Minimum Wage is higher than the Federal Wage. Employees under age 16 must be paid no less than Federal Minimum Wage of $7.25.  

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Is This Rental Income?

With sites such as VRBO, Home Away and Airbnb, there has been a rise in the number of residential and vacation rental homes.  If you are considering renting out a vacation home or personal residence, you should be aware of the tax implications.   First determine if the dwelling unit is used as a residence.  […]

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Updated amounts for retirement for 2017

Here are the 2017 allowable amounts for some popular retirement savings accounts: Employer Plan Deferral Limits (401ks, 403(b) and most government plans): No change. $18,000 and a $6,000 catch-up for those 50 and older. IRAs (both Traditional and Roth):  $5,500 with a $1,000 catch-up.   This has been the same for 5 years. Allowable contributions […]

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Open Enrollment for Healthcare

Enrollment for healthcare for the 2018 year is between November 1 and December 15, 2017.  Go to HealthCare.gov to enroll or to specify if you want to Keep or Change your plan if you are already enrolled. You may be eligible for a Premium Tax Credit which means you don’t have to pay your entire […]

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Happy Veterans Day

Thank you to all the men and women who have served or are currently serving in our armed forces.  We are grateful for your commitment to protect and defend our nation. For information on five Social Security Benefits every veteran should know about, please see the Social Security Matters article. To learn of resources the […]

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Year-End Tax Tips

Now that 2017 is coming to an end, here are some things to consider: If you qualify to have a Health Savings Account you need to OPEN it by the end of the tax year. Make charitable contributions and have the necessary proof. If you bunch your itemized deductions every other year: Make sure you […]

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Are You Thinking You Need to Amend Your Return?

Mistakes happen and tax returns are no exception. Filing an amended tax return corrects information that changes tax calculations. This includes making changes to filing status and dependents, or correcting income credits or deductions. Don’t file an amended return to fix math errors because the IRS will correct those. The IRS offers tips on how […]

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Applying for College Financial Aid FAFSA

You can fill out your FAFSA for the 2018-2019 school year at this time.  File asap to get the most grant,  scholarship and work study money as possible. Fill it out HERE on the FAFSA website. First thing…if you don’t already have one from a prior year then you AND your child each need a FSA […]

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Worried About Owing the IRS?

  If so, consider updating the amount your employer withholds for federal income tax. The IRS is encouraging taxpayers to consider checking the amount of federal income tax that is being withheld to help avoid or reduce the amount of tax due at filing or reduce the amount over-withheld over the course of the year. […]

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Planning to work after you start receiving Social Security?

You are able to work after starting to receive social security benefits. However, if you have not reached the full retirement age when you start receiving social security, there is a limit on the amount you can earn without affecting your social security benefits.   If you are under full retirement age for the entire year, […]

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