Posts on Jan 1970

EITC-The louder the house the higher the credit?

The Earned Income Tax Credit…… So, it depends…..got kids? If not, you may still qualify for a small amount. But the large dollars go to those with kids…..you get one amount for having one child and another, larger amount, for having 3 or more kids.  10 kids doesn’t get you anymore EITC than 3 kids, it just […]

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Tax Extenders ….a car to match your outfits!

So Congress still hasn’t approved the normal group of tax extenders….items they end up approving every year…at the end of the year… and making retroactive to the beginning of the year.  Reason for this?  They like to tack on extra stuff to get them passed with the package of extenders…..  eye roll.  Also, when they show […]

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Health Insurance-Better have it or else

Heard of Obamacare?  How about the penalty for not having Health Insurance all year?  Well, this year that penalty went up. It’s the greater of $325 per adult ($162.50 per child) or 2% of the household income that is over the tax filing requirement.  Maximum of $975 per family……YOWZA!!!!!     You can check out HealthCare.gov for […]

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Are you the Head of your Household or not?

This is often a confusing topic for people.  Some say “Well, I pay all the bills at my house so I must be Head of Household”, others “I’m married but we haven’t lived together for a long time, I must be single”.   Ummm…..no. There are actually lots of things to consider.   Head of Household also requires […]

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Filing deadline April 18th next year! Huh?

Yep!  The filing deadline is April 18, 2016 instead of April 15th.  Why would the IRS give us 3 EXTRA days to get our procrastinating selves together and get our taxes filed?  Is it because they CARE about us? Hmmmmm……    not likely.        Is it so we have more time on the 15th to celebrate […]

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Save for College AND Save on Taxes

Time flies!  We all know that.  One day you’re changing a diaper and the next you are buying a mini refrigerator for the dorm room.  Make paying for that dorm room a bit less painful. The earlier you start setting aside money for college the better.  Putting away money from day 1 of your child’s […]

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The Ohio ID Quiz

Yikes!! Did you get a letter from the State of Ohio Department of Taxation saying you are required to confirm your identification?   Confusing, right?  Is it real?   Yep, it is. Ohio is requiring many people to confirm their ID.  You will need to log in to the Ohio Department of Taxation of website. There is […]

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Going away to college?

Well, congrats!   A little change of scenery is sometimes nice.   Hopefully you won’t miss the weather here too much. Don’t forget about your State and Local tax filings.  You probably will still need to file an Ohio tax return and a local tax return if you are returning here for summers and holidays. As long […]

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IRAs/Pension- Get that money!

Did you turn age 70 ½ during 2015?  If so, HAPPY HALF BIRTHDAY!!!!!   You don’t look a day older in our opinion.   But along with being wiser (and probably better looking and more relaxed) comes yet another responsibility. For IRAs, by April 15th of the year following the year you turned 70 ½, you MUST […]

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Roth IRA – Is it for you?

You’ve heard of these.  They sound great, right?  Put “after-tax” money in now, and later, after it has grown…… to what will surely be a huge fortune….. you pay NO TAX on the distributions. Woohoo!  What could be better? Well….a few things to remember….. You can’t put money in a ROTH IRA if you file […]

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