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    It’s Not Too Early to Determine Whether You Have Qualifying Health Care Coverage 

    The individual shared responsibility provision requires you and each member of your family to have basic health coverage – also known as minimum essential coverage – qualify for a health coverage exemption, or make an individualshared responsibility payment for months without coverage or an exemption […]

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  • saving_and_retirement

    New Procedure Helps People Making IRA and Retirement Plan Rollovers

    WASHINGTON — The Internal Revenue Service today provided a self-certification procedure designed to help  recipients of retirement plan distributions who inadvertently miss the 60-day time limit for properly rolling these amounts into another retirement plan or individual retirement arrangement (IRA). In Revenue Procedure 2016-47, posted […]

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  • Deduction

    GOOD NEWS FOR OHIO BUSINESS: Cutting Business Income Taxes-Tax Deduction

    New for taxable year 2016 and forward, the business income deduction will enable a business owner to deduct 100% of business income from the adjusted gross income they report on their Ohio personal income tax return. The deduction will be limited to $250,000 for individuals […]

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    Answers to Frequently Asked Questions for Individuals of the Same Sex Who Are Married Under State Law

    The following questions and answers provide information to individuals of the same sex who are lawfully married (same-sex spouses). These questions and answers reflect the holdings in Revenue Ruling 2013-17 in 2013-38 IRB 201. When are individuals of the same sex lawfully married for federal tax purposes? For […]

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  • man-overwhelmed-with-a-help-sign

    The Importance of Keeping Records and How to Do It

    Why should I keep records? Everyone in business must keep records. Keeping good records is very important to your business. Good records will help you do the following: Monitor the progress of your business Prepare your financial statements Identify sources of your income Keep track of […]

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  • Ohio Flag

    What You Need to Know About Employer Withholding in Ohio

    When is an employer required to withhold Ohio income tax? Every employer maintaining an office or transacting business in Ohio, that pays compensation to an employee, is required to deduct and withhold Ohio income tax from the compensation paid to the employee. When do I […]

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    Foreign Earned Income Exclusion

    FS-2016-22, June 2016 As a U.S. citizen or a resident alien of the United States, you are taxed on your worldwide income.  However, if you live and work abroad, you may qualify to exclude foreign earned income and to exclude or deduct certain foreign housing […]

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  • Scam Alert

    IRS Warns of Back-to-School Scams; Encourages Students, Parents, Schools to Stay Alert

    IR-2016-107, Aug. 18, 2016   WASHINGTON — The Internal Revenue Service today warned taxpayers against telephone scammers targeting students and parents during the back-to-school season and demanding payments for non-existent taxes, such as the “Federal Student Tax.” People should be on the lookout for IRS […]

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