Tax Tips

Ohio Tax Holiday

The 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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Good tax planning includes good record keeping

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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Employers: Beware of a harsh payroll tax penalty

If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over to the IRS, a harsh penalty can be imposed. To make matters worse, the penalty can be assessed personally against a “responsible individual.” If a business makes payroll tax payments late, there are escalating penalties. And […]

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Hire your children this summer: Everyone wins

If you’re a business owner and you hire your children (or grandchildren) this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, save for college and learn how to manage money. And you may be able to: Shift your high-taxed income into tax-free or low-taxed income, Realize payroll […]

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