The holiday season is when many people think about how they can give back, often wanting to donate to a charity. The IRS has a tool that can help figure out if giving to a favorite cause will also give the gift of a tax deduction. Tax Exempt Organization Search allows users to search for […]
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A month after the new year begins, your business may be required to comply with rules to report amounts paid to independent contractors, vendors, and others. You may have to send 1099-MISC forms to those whom you pay non-employee compensation, as well as file copies with the IRS. This task can be time-consuming and there […]
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The Internal Revenue Service has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from these transactions or did not report the transactions properly. “Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay […]
Read the full articleThe end of summer is quickly approaching, which means its time back to school shopping. For the fifth year, the state of Ohio will be offering a tax holiday. This year the tax holiday will take place starting Friday, Aug. 2, 2019, at 12 a.m., and go through Sunday, Aug. 4, 2019, at 11:59 p.m. […]
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Tax planning should happen all year long, not just when someone is filing their tax return. A vital part of tax planning is record keeping. Well-organized records make it easier for a taxpayer to prepare their tax return. It can also help provide answers if a taxpayer’s return is selected for examination or if the […]
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