Tax Tips

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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Is Your Scholarship or Pell Grant Taxable?

      Typically, a scholarship or Pell Grant is tax-free if you are a degree candidate and the funds are used to pay for tuition, fees and books, supplies and equipment that are REQUIRED for enrollment or attendance at a qualified institution. However, there are instances where some or all of the scholarship or […]

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Owe Back Taxes?

If so, don’t ignore the tax bill.  A delay may cost more in the end.  The penalties and interest can continue to grow. There are several ways to make payments to the IRS: On-line using Direct Pay – This web-based system allows you to make payments directly from your checking or savings account. Electronic Funds Withdrawal […]

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Consider paying 2018 items in 2017

NEW STANDARD DEDUCTION AMOUNTS MEAN YOU MAY NO LONGER HAVE ENOUGH DEDUCTIONS TO ITEMIZE IN 2018 Consider paying the following in 2017 that you would have paid in 2018: Charitable contributions Real estate taxes 4th quarter state and city estimated tax payments Large medical/dental/optical bills if they will exceed 7.5%  of your income The NEW Standard […]

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Change in Tax Deduction-ACT NOW

Big CHANGE in Deducting Taxes in 2018 If you itemize, the new limit on the deduction for taxes is a total of $10,000 for a combination of: Real estate taxes that are not related to business State and local INCOME taxes OR sales tax YOU MAY WANT TO PREPAY THE TAXES DUE IN 2018 BEFORE THE END […]

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2018 Inflation Adjusted Amounts

Here are the updated amounts for some Hot Items for 2018 Health Savings Accounts Contributions For those with an Individual High Deductible Health Plan : $3,450 For those with a Family High Deductible Health Plan: $6,900 Extra $1,000 for those age 55 and older IRA Contribution Limits $5,500 plus $1,000 if over 50  

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