George Timoteo CPA

Posted in: Articles, Tax

Running a business from home? Get home office tax deductions

During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to claim tax deductions for home office expenses against your business income. There are two methods for claiming this tax break: the actual expenses method and […]

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Posted in: Industry Expertise, Tax

Ohio Urging Victims of Unemployment Fraud to Act Now

The Ohio Department of Taxation (ODT) released a statement warning Ohio residents, who may have been the victims of unemployment fraud because of identity theft, to report it or they could be required to pay higher taxes. This comes after the Ohio Department of Job and Family Services (ODJFS) identified over 80,000 cases of unemployment […]

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Tracy Bender CPA

Posted in: Articles, Tax

What are the tax implications of buying or selling a business?

Merger and acquisition activity in many industries slowed during 2020 due to COVID-19. But analysts expect it to improve in 2021 as the country comes out of the pandemic. If you are considering buying or selling another business, it’s important to understand the tax implications. Two ways to arrange a deal Under current tax law, […]

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David Reape CPA

Posted in: Articles, Tax

Many tax amounts affecting businesses have increased for 2021

A number of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2021. Some stayed the same due to low inflation. And the deduction for business meals has doubled for this year after a new law was enacted at the end of 2020. Here’s a rundown of those that […]

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David Reape CPA

Posted in: Articles, Tax

IRS still experiencing delays

The IRS  has millions of individual 2019 tax returns in the processing pipeline. They recently made some changes on their website, regarding the processing of these IRS delays. For refunds that could not be issued in 2020 because the tax return is being corrected, reviewed or awaiting correspondence from a taxpayer The refund will be […]

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