Tax Tips

Neglect to file some back Ohio Taxes?

From 1/1/18 to 2/15/18 Ohio is offering a temporary tax amnesty program. This is for taxes that were owed as of 5/1/17. The taxes include both personal and business taxes, income taxes, School District Income Tax and Commercial Activity Tax among others. If the actual tax is paid in full for these missing return Ohio […]

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Deadline for Healthcare Enrollment

The deadline for open enrollment for Health Insurance thru the Healthcare Marketplace is December 15th for the 2018 year. There is still a penalty if you or someone in your household doesn’t have health insurance for 2017. Nothing has changed for 2018 as of yet. You can get further info or sign up at the […]

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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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