A change to the Veterans Auto and Education Improvement Act of 2022 will affect military members and their spouses by giving them options to claim residency for tax purposes. Starting in tax year 2023 and going forward, service member and their civilian spouses can elect to use any of the following as their residence for state income tax purposes: The residence or domicile of the service member The residence or domicile of the spouse The permanent duty station of the servicemember As it pertains to the State of Ohio, service members and their civilian spouses can make this election with the ..read more

The vulnerability of home IoT (Internet of Things) devices is a significant concern due to several factors. While not all devices are equally vulnerable, there are common challenges and risks associated with their use. Lack of Security Standards Many IoT devices lack standardized security measures. Manufacturers may prioritize functionality and cost-cutting over robust security features. This can result in devices with weak or default passwords, insufficient encryption, and vulnerabilities that can be exploited by malicious actors. Firmware and Software Issues IoT devices often rely on embedde ..read more

In the age of digital technology, social media has become an integral part of our daily lives. While it offers some benefits, it also brings forth some dangers that adults need to consider. From privacy concerns to mental health issues, the pitfalls of social media are vast and impactful. Here are the top four issues that adults should be aware of while using social media. Privacy Invasion One of the most significant dangers everyone faces on social media is the invasion of privacy. With every like, share, and comment, users leave behind a digital footprint that can be exploited by malicious a ..read more

Unfortunately, data breaches have become all too common in today’s society. It seems that at least once a week, a company announces it was the victim of a data breach, and personal information has been compromised. For several reasons, data breach incidents hold significant importance for end users. First, breaches expose personal information, such as passwords, financial data, and personally identifiable information. This puts individuals at risk of identity theft, fraud, and other forms of cybercrime. The compromised data can be exploited by hackers to impersonate users, access their account ..read more

Firm also hires two additional employees Zinner & Co. is proud to announce two employees were recently promoted into management roles, while the firm hired two additional employees to fill important roles. Zinner & Co. Promotions Laura Haines, CPA, was promoted to Accounting Tax Service Senior Manager and DeAnna Alger, CPA, was promoted to Tax Manager. Previously, Haines worked as an Accounting Tax Service Manager. She joined Zinner & Co. in 2002 as part of the inaugural class of the Zinner & Co. internship program while pursuing her bachelor’s degree at Kent State University ..read more

While student loan forgiveness was a hotly debated topic throughout the past year, one piece of legislation was passed to help those with student loan debt get out from under it faster. Language in the SECURE 2.0 Act of 2022 has the ability to allow employers to provide some relief to their employees’ student loan debt. The legislation encourages people with student debt to not only save for retirement, but also pay down a “qualified education loan,” which is defined as higher education costs paid by the individual for themselves, spouse, or dependents. The bill allows employers the ability to ..read more

On Jan. 1, new rules targeting the origin of electric vehicle battery materials from countries considered hostile to the U.S. went into effect and limited the number of EVs eligible to receive U.S. tax credits. As part of the Inflation Reduction Act, the guidelines issued by the Treasury in December detail new battery sourcing that bars EVs from qualifying for the full tax break if critical minerals or other battery components were made by a “Foreign Entity of Concern.” The law defines an FEOC as any company owned by, controlled by, or subject to the jurisdiction of North Korea, China, Russia ..read more

Individuals who have set up 529 plans need to be aware of recent changes to the plans. Created to fund educational expenses, 529 plans are tax-advantaged education savings plans. All contributions to a 529 account grow tax-free, and withdrawals are tax-free if the money is used to pay for qualified education expenses. Ohioans can deduct up to $4,000 of contributions made to an Ohio plan per year from their Ohio taxable income for 529 plans. While these plans are set up for a beneficiary, usually a child or grandchild, they do carry some liability. The biggest risk in setting up a 529 plan is t ..read more

On Wednesday, the Internal Revenue Service announced it will increase the amount individuals can contribute to their 401(k) plans in 2024. In the upcoming year, the individual contribution level will rise to $23,000, from $22,500 in 2023. Furthermore, the IRS released technical guidance regarding all of the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2024. Increase in contribution limits The contribution limit for employees in 2024 who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift ..read more

Ohio’s annual sales tax holiday is right around the corner. This year’s weekend-long temporary tax break will begin Aug. 4 at midnight and end Aug. 6 at 11:59 p.m. Initially introduced in 2019 to provide relief for families preparing for the back-to-school season, the sales tax holiday has fortunately morphed into a highly anticipated event for many Ohio residents.  The following items will be exempt from sales and use tax during this coming holiday:  An item of clothing priced at $75 or less  An item of school supplies priced at $20 or less An item of school instructional mate ..read more