Newest Information / Specials

Welcome to the Resource Center. Visit this area to find out what is new in taxes or gain insight in financial management.

Topics will be continually added to this area based upon your needs. If there is a topic you would like to see added, please send an email by clicking below. Your feedback is important.

** If you are a New Client, mention this website and receive $10 OFF your tax preparation or first invoice.

Existing clients, we are offering our "Returning Client Discount" - a percentage off of your tax preparation invoice (up to 5% OFF).

If you need additional time to gather your tax information, we can assist with a TAX EXTENSION to extend out the time to file your return.  An EXTENSION is a way to push out your deadline for filing your tax return to October 15th for Individual Income Tax (if a balance due there will be interest and late payment penalty assessed from the various taxing authorities for tax paid after the original deadline).  The cost of filing an EXTENSION for you is $30 to cover the Federal, State, School District, and City filings. 

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TAX LAW CHANGES FROM BIG BEAUTIFUL BILL - 2025!

Energy Tax Credits: Credit covers replacement of Windows, Doors, Furnace, Air Conditioner, and other items for the home and Electric Vehicles are all expiring December 31^st, 2025.  The Tax Return for 2025 is the last chance to use this credit against federal taxes.  Remember to provide your receipt for this tax credit.  No longer expanded to Tax Year 2032 as originally passed.

SALT Cap increases: For those that Itemize the section for State & Local Taxes and Real Estate Taxes increases from $10,000 to $40,000 for those with income under $500,000 for Tax Years 2025 thru 2029.  Many of you that did not itemize before will possibly be able to use this expanded deduction; remember this is an additional tax form for preparation.

Charitable Donations: Not required to Itemize in order to take a deduction for a charitable donation in 2026.  Up to $1,000 for Single and $2,000 for Married Filing Joint

No Tax on Tips: Effective 2025 thru 2028, employees may deduct qualified tips up to an annual deduction of $25,000.  Deduction phases out for those with income over $150,000 ($300,000 Joint Filers).  If married, must file joint for deduction.  You must bring in your last paystub of the year to show the portion of eligible tips – future will have listed on the W2.

No Tax on Overtime: Effective 2025 thru 2028, employees who receive qualified overtime compensation may deduct the pay that exceeds their regular rate of pay.  Maximum annual deduction is $12,500 ($25,000 Joint Filers).  If married, must file joint for deduction.  You must bring in your last paystub of the year to show the portion of overtime – future will have listed on the W2.

No Tax on Car Loan Interest: Effective 2025 thru 2028, individuals may deduct interest paid on a loan used to purchase a qualified new vehicle (no used vehicles) (no lease); taxpayer must be the first owner of the vehicle; vehicle can not be used for a business.  Maximum annual deduction is $10,000; phases out for income over $100,000 ($200,000 Joint Filers).  The qualified vehicle must have the final assembly in the United States – using VIN and statement from the dealer.

Trump Accounts: The government pledges to create an account for any baby born between 2025 and 2028.  The government will fund the account with a one-time deposit of $1,000.  The baby must have a social security number.  Parents and others will be allowed to contribute up to $5,000 a year (after tax dollars) into the accounts until the child turn 18.  An employer may contribute up to $2,500 towards the $5,000 cap.  No one will be allowed to contribute to the accounts until July 2026.  After the child turns age 18, the Trump Account is treated like a Traditional IRA.

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TAX YEAR 2021 ONLY – CHILD TAX CREDIT CHANGES!

For the months of July 2021 through December 2021, the IRS will be sending monthly payments to eligible families with children.  These payments are advance payments towards the 2021 tax return Child Tax Credits that have increased.  The American Rescue Plan calls for the IRS to send out a check (or direct deposit) from July 2021 through December 2021 to eligible families (six payments).  These payments would account for half of the family’s 2021 child tax credit.

• Monthly payments for a child under age 6, would be $300 per month
• Monthly payments for a child age 6 and over, would be $250 per month

For Tax Year 2021, the Child Tax Credit will be $3,600 per child under age 6 and $3,000 per child age 6 to 17.  These payments are pre-payments towards this increased credit.

A Family can opt out of this pre-payment of the 2021 Child Tax Credit by going to the IRS site – there will be a portal created to opt out (similar to the stimulus portal).

** If you receive these payments, please keep track of all payments – this will be adjusted on the 2021 Individual Income Tax Return next year.  There is a Child Tax Credit Tracker on the Newsletter Tab of this website! 

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Get ready today to file your federal income tax return.
 

February 25, 2015

Fighting Identity Theft & Income Tax Fraud For Ohio Tax Payers

Did You Get an Identity Confirmation Quiz Letter? The State of Ohio is sending these letters out to individuals who have filed a State of Ohio Tax Return for Tax Year 2014. These letters started going out for the first time this year. The news reported that 1% of tax payers will receive these letters. We have received multiple calls from clients that have received them. We recommend going to the ohio.gov webste at www.
ohio.gov and clicking on
 "tax forms and information tab". The page will display the following information:

With income tax fraud and identity theft on the rise, the Ohio Department of Taxation (ODT) is committed to safeguarding taxpayer dollars by increasing security measures. The identity confirmation quiz is just one of the tools ODT is using to prevent fraudsters from receiving a refund as a result of identity theft.

If you received a letter from us, you’ll need to complete a simple quiz to confirm your identity. If you did not receive a letter, the quiz is not available to you. The quiz should take just a few minutes of your time. Once you have successfully completed the quiz ODT will continue processing your return.

For more details regarding the quiz, watch the tutorial below:

If you have trouble viewing the video on this page, click here to view the video directly on YouTube
 

We recommend going to the ohio.gov website and not use the link provided in the letter. When you go through the different tabs to find the quiz, the web address of that page should match the web address given in the letter. If the two addresses do not match, then the letter you received is a scam. If you have any questions, you can contact the office, talk to someone at the State Office, or take the quiz online at the office. Thank you.

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