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I try to add tax blog articles weekly on tax topics that may be interesting to you. Please browse. If there is a topic you would like to see here or would like to more information on, please contact me.

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December 13, 2024   |   2024
2024 Simplified Methods to Save on Federal and Ohio Taxes

Federal Tax Savings: It’s pay to play now. Spend or set aside money for tax savings: Increase 401K/IRA contributions. Additional contribution allowed if over age 50. Increase Health Savings account contributions. No employer option? Set up your own fee free account at bank or brokerage. Contributions are tax deductible. Have almost enough to itemize? Prepay … 2024 Simplified Methods to Save on Federal and Ohio Taxes

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December 13, 2024   |   2024
IRS/Federal Tax Changes

2024 IRS/Federal Law Changes: Election year= campaigning. Not a lot of tax law changes. Not an all inclusive list, general changes from tax newsletter that affect small businesses and individuals Condoms are medical supplies and are tax deductible as medical expense. Check with HSA provider to see if Health Saving Account qualified. Corporate Transparency Act—Still … IRS/Federal Tax Changes

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December 30, 2022   |   2022
Facts and Figures

From the Christmas Tax Newsletter, published December 14, 2022: FACTS & FIGURES, TBA=To be announced Tax Year 2022                       2023 Social Security COLA                                                                    5.9%                                   8.7% Part B premium- income < $85,000                                          170.10                             164.90 Early, … Facts and Figures

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December 30, 2021   |   2021
Year End Tax Savings. . . for 2021

Man & woman setting at desk with papwers. Man is covering face with hand head lowered. Woman is covering her mouth with her hand

  The year is over tomorrow and taxes were back burnered. . . (no pressure). What to do, don’t want to owe . . . As requested. . . For individuals: Pay outstanding medical bills. Keep track of total medical paid (doctor, hospital, labs, prescriptions, medical mileage, medical insurance paid out of pocket etc) for … Year End Tax Savings. . . for 2021

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December 9, 2021   |   2021
Facts & Figures 2021 Tax year & Some For Tax Year 2022

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  Build Back Back Better (“BBB”) is still being negotiated So here is something a little more concrete: The numbers and limits for 2021 tax season: FACTS & FIGURES, TBA=To be announced                                          Tax Year 2021                 2022 Social Security COLA                                                                                             1.3%                           5.9% Part B premium- income < $85,000                                                                 … Facts & Figures 2021 Tax year & Some For Tax Year 2022

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September 16, 2020   |   2020
Penalty Free Retirement Plan Withdrawals—CARE ACT 2020 Tax Year ONLY

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The other day someone affected by the COVID related business slowdown asked,  . . .”I have bills to pay, heard something on the news about the CARES Act allowing a penalty free (NOT TAX FREE)  retirement account distribution. What is the “penalty”? Do I qualify for a penalty free distribution? How to determine the taxes … Penalty Free Retirement Plan Withdrawals—CARE ACT 2020 Tax Year ONLY

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September 10, 2019   |   0
Retirement Withdraw for Home Downpayment is Tax Free? Right?

Yellow house with porch and steps with tree

Partially correct. Most retirement distributions (withdrawals) are taxable. However, the distribution might qualify for exception to the Early Distribution Penalty (no additional 10% tax) if: Taxpayer is under age 59 ½ and no other early distribution tax penalty exceptions apply Distribution is from an Individual Retirement Account (IRA) Taxpayer qualifies under the IRS rules as … Retirement Withdraw for Home Downpayment is Tax Free? Right?

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