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Do You Typically Itemize Deductions?

If you do, the IRS recommends that you review your federal withholding.  This is due to the Tax Cuts and Jobs Act passed in 2017.  This new tax law significantly increased the standard deduction.  With this change in tax law, some individuals who have previously itemized their deductions may find it beneficial to claim the standard deduction. […]

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Social Security Benefits to Increase

Due to the 2018 Cost of Living Adjustment (COLA), Social Security benefit recipients will see a 2% increase in their Social Security benefits in 2018. Other changes for 2018 are based on the increase in the national average wage index. For example, the maximum amount of earnings subject to Social Security payroll tax will increase […]

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Raffle tickets

Just an FYI that the purchase of Raffle tickets is not a deduction even though you may be buying them from a charitable organization. More on charitable contributions: Publication 526  

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Kids as dependents

Your kids qualify as dependents (as a qualifying child dependent) on your tax return when ……. They are EITHER under 19 OR they are under 24 and a full time student for some part of 5 months during the tax year OR they are permanently & totally disabled AND They live with you over 6 […]

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Where’s your refund ?

Have the following info in order to do the search….Social security number, filing status (page 1 of your Form 1040) and your exact refund amount (page 2 of your Form 1040) Federal “Where’s My Refund?”   Check about 2 weeks after filing. Federal “Where’s My Amended Return Refund?”  Need your date of birth and zip code. […]

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Long Term Care Premiums

Thinking of getting a Long Term Care policy? There is a limit to the amount that can be deducted on your tax return. For Federal return purposes the limit is based on age and ranges from $410 to $5,110 per person for 2017. This amount gets added to the rest of your Qualified Medical Costs […]

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Mileage Logs

When compiling your tax documents remember that…….yes….the IRS wants you to keep track of the mileage for business, rental, etc use. Here’s what they want (in written form) for your records.  If you get audited they may ask to see it. Which vehicle and for each Date: the address and mileage from place to place […]

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Your IRS Online account

You can look up various info on yourself on your online IRS account. Use this link Info you can see includes: -Key info from your current tax year return as originally filed -Your payoff amount, updated for the current calendar day -The balance for each tax year for which you owe -Up to 18 months […]

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Ohio Tax Amnesty Deadline – February 15, 2018

Time Is Running Out To Avoid Penalty on Paying Delinquent Ohio Income Tax Do you owe back taxes to Ohio?  If so, time is running out to take advantage of the Ohio Tax Amnesty program.  With this program, the state waives all penalties and half of the interest for those taxpayers who pay the full […]

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Are You Considering Starting A Business?

Starting a business can be exciting and daunting at the same time.  The IRS offers tips to and things to consider: Business Structure.  An early choice to make is to decide on the type of structure for the business. The most common types are sole proprietor, partnership and corporation. The type of business chosen will determine which […]

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