Tax Tips

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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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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