by somichcpa | Sep 26, 2019 | Individual Taxes, Tax Tips
Each year, the IRS audits over 1 million tax returns. With agency resources shrinking, the IRS is more selective when choosing tax returns to audit. Knowing what the IRS is looking for can help you understand and reduce your audit risk. Here are five of the biggest...
by somichcpa | Sep 20, 2019 | Financial Planning, Individual Taxes, Retirement Planning, Tax Tips
Too often taxpayers receive tax surprises at year-end due to actions taken by mutual funds they own. What can add insult to injury is the unsuspecting taxpayer who recently purchases the shares in a mutual fund only to be taxed on their recent investment. How does...
by somichcpa | Sep 17, 2019 | Individual Taxes, Retirement Planning, Uncategorized
For the first time since 2013, the IRS is raising the contributions limits for IRAs. The maximum contribution for 401(k) accounts and IRAs is increasing by $500 for 2019. If you have not already done so, now is the time to plan for contributions into your retirement...
by somichcpa | Aug 27, 2019 | Corporate Taxes, Individual Taxes
Ohio Governor Mike DeWine recently signed two bills – House Bills 62 and 166, that enact several significant Ohio income tax changes for the upcoming tax filing season. The following income tax changes are effective for tax year 2019 (as reported on the return due...
by somichcpa | Aug 13, 2019 | Uncategorized
When you win a prize, there are really two winners: you and the taxing authorities. Should you be fortunate enough to win that trip of a lifetime to the French Riviera in your new yacht, here is what you need to know. Prizes are taxable. Almost all prizes are taxable...
by somichcpa | Jul 12, 2019 | Individual Taxes, Tax Tips
The more things change the more they stay the same. This is especially true when it comes to reviewing your tax situation. Mark your calendar to review these essential items each year to ensure you are not missing something that could cause tax trouble when you file...
by somichcpa | Jul 10, 2019 | Corporate Taxes, Tax Tips
A new deduction is available to businesses with qualified business income (QBI). While that’s great news, new deductions (especially ones with lots of rules) can bring anxiety and confusion. Never fear! Ensuring you receive a maximum deduction will come down to...
by somichcpa | Jun 28, 2019 | Uncategorized
If you have children (or grandchildren) you have an opportunity to give them a jump-start on their journey to becoming financially responsible adults. While teaching your child about money and finances is easier when you start early, it’s never too late to...
by somichcpa | Jun 24, 2019 | Retirement Planning, Tax Tips
New 2019 contribution limits create retirement saving opportunity For the first time in six years, limits for IRAs are rising. 401(k) accounts and IRAs will see an increase of $500 in contribution maximums for 2019. Check out the table below for the details: How can...
by somichcpa | Jun 21, 2019 | Corporate Taxes, Financial Planning
If you are like millions of taxpayers trying to make a living running a small business, you know it is tough out there. Here are six ideas to help your business survive and thrive. Understand your cash flow. One of the biggest causes of business failure is lack of...
