For most people, the very thought of a tax audit is enough to cause immediate stress and anxiety. Audits can be time-consuming, carrying the chance of fines, additional taxes, and even criminal penalties. There is no need to fear, however. With proper preparation and understanding, you can significantly reduce your chances of being audited. In ..read more

Some people may feel a thrill of patriotic duty from filing and paying their taxes, but for most of us, the most satisfying part of the process is realizing that we don’t have to write a big check to the IRS—or that we may even be getting a refund. Part of achieving that goal is the strategic use of tax deductions.  Tax deductions are used to reduce the amount of taxable income you are considered to have, and, as a result, reduce the final amount of tax that you owe. If you have $100,000 of income, and $20,000 in deductions, you only have to pay tax on $80,000 of your income. Many deducti ..read more

Let’s face it: higher education is expensive—but it can open up a world of opportunities for learners. Having a more educated population also benefits communities, whether students become doctors and lawyers or plumbers and electricians. As we’ve often discussed in this space, when the government wants to motivate people to do something, it often does so by offering a tax incentive—like education credits. What are Education Credits? Education credits, like other tax credits, directly reduce the amount of income tax a taxpayer owes dollar for dollar (unlike tax deductions, which reduce the amou ..read more

Not many people actually enjoy filing their income tax returns, but for first time tax filers, the prospect of sitting down and preparing their tax return is especially stressful. That can lead to procrastination, as the deadline draws nearer and nearer, and the pressure mounts. If you’re starting to panic a little just reading this paragraph, stop and take a deep breath: we have lots of good news for you.  First, if this is your first time filing taxes, chances are that your return will be a simple one.  Second, changes to technology and the tax laws have made filing simpler than ev ..read more

A vacation rental property is not only a source of income, but often a wise investment. Real estate, especially in desirable areas, tends to appreciate in value. There are other advantages, too: vacation rentals can diversify your investment portfolio and qualify you for certain tax deductions. And, of course, there is the opportunity to use the property for personal vacations when it’s not rented out. But if you’re not careful, vacationing in your investment property could result in unfavorable tax consequences. Take the time to understand the tax rules for vacation rental properties. Vacatio ..read more

Ohio is a wonderful place to live, but Ohio winters can be a little tough to take. That’s why over 50,000 Ohioans spend more than a month each year in Florida—and many spend much longer. In fact, more snowbirds come from Ohio than any other state besides New York and Michigan. Unfortunately, many people flee Ohio’s snow only to face a storm of tax troubles when they return come spring.  How do snowbirds file taxes? Do snowbirds file two state tax returns? Do they get to prorate their taxes based on the amount of time they live in each state? Or are they considered residents of one state o ..read more

More and more businesses are “going green”—operating in a way that’s better for the environment. Going green not only benefits the planet, it can also be good for business; many people prefer to do business with environmentally-conscious companies. But helping the environment is more than just a savvy marketing choice; it can also help your company save on taxes.  Local, state, and federal tax laws have two goals: to generate revenue and create incentives for certain behavior. Since the government wants businesses to be environmentally conscious, it creates tax incentives for them to do w ..read more

Working for yourself offers so many benefits: flexibility, the opportunity to be creative, and control over your own career and future. The flip side, of course, is that you are responsible for everything—including figuring out your income taxes. Whether your freelance work is on a full-time basis or as an occasional side hustle, you may be more focused on developing the goods or services you provide, and less on the tax end of things. In fact, you may even question whether you have any obligation to pay taxes at all.  In this blog post, we’ll discuss taxes for freelancers and gig workers ..read more

Inflation has been an issue for almost all American families in the past couple of years, driving up the cost of everything from food and clothing to energy and automobiles. The country has seen prices rise at the fastest level of growth in forty years, and just about everyone is feeling the pinch.  There have always been inflation tax adjustments, but given the rapid pace of inflation, the shift in rates for 2023 has been much greater than typical, at about seven percent. What do the tax adjustments for inflation mean for taxpayers?  IRS 2023 Tax Brackets The top marginal tax rate f ..read more

Land is a finite resource. With every passing year, it seems, more and more commercial buildings and residential developments spring up in what was formerly green space. While many people lament these changes, it is difficult to blame landowners for selling their property or allowing development on it, especially when doing so is profitable. But there is an alternative for landowners that protects their wealth, preserves the land, and benefits the community and the environment: conservation easements. What is a Conservation Easement? A conservation easement is a binding agreement between a lan ..read more