Monthly Bulletins

Do you owe self-employment (SE) tax on non-wage income that you collect only occasionally or in a one-off circumstance? Some sources of income may not be subject to the dreaded SE tax. Here’s what you should know if you earn income […]

Business-related vehicle expenses can be deducted using the mileage-rate method 58 cents per mile driven in 2019) or the actual-cost method (total out-of-pocket expenses for fuel, insurance and repairs, plus depreciation).   Purchases of new or used vehicles may be eligible for Sec. […]

For assets with a useful life of more than one year, you generally must depreciate the cost over a period of years. In most cases the Modified Accelerated Cost Recovery System (MACRS) will be preferable to the straight-line method because […]

For most small businesses, having a website is a necessity. But what’s the proper tax treatment of the costs to develop a website?   Unfortunately, the IRS hasn’t yet released any official guidance on these costs. Therefore, you must extend the […]

Through 2025, the TCJA provides the Sec. 199A deduction for sole proprietorships and owners of pass-through business entities, such as partnerships, S corporations, and LLCs that are treated as sole proprietorships, partnerships or S corporations for tax purposes. The deduction […]

Written on Nov 07, 2019- OSCPA Gov. Mike DeWine on Nov. 6 signed into law an OSCPA-supported bill that strikes the ban barring lobbyists and attorneys from using the business income tax deduction. House amendments to tax omnibus bill SB26, approved […]

There’s a tax credit for parents of kids who don’t qualify to claim the child tax credit. In order to claim the child credit, your child must meet certain requirements, including being under the age of 17. If the child […]

First-year bonus depreciation has been around for a while now. However, the Tax Cuts and Jobs Act (TCJA) set forth more-generous, but temporary, rules for 2018 through 2026. Recent IRS guidance gives you additional flexibility to fine-tune the bonus depreciation […]

The first tax-filing season under the Tax Cuts and Jobs Act (TCJA) was a time of uncertainty for many businesses as they struggled with the implications of the law’s sweeping changes for their bottom lines. With the next filing season […]

The IRS recently issued its 2020 cost-of-living adjustments. With inflation remaining largely in check, many amounts increased slightly, and some stayed at 2019 levels. As you implement 2019 year-end tax planning strategies, be sure to take these 2020 adjustments into […]

Fall is in the air and that means it’s time to turn your attention to year-end tax planning. While several clear strategies and tactics emerged during the first tax filing season under the Tax Cuts and Jobs Act (TCJA), 2019 […]

Ohio Governor Mike DeWine recently signed two bills – House Bills 62 and 166, that enact several significant Ohio income tax changes for the upcoming tax filing season. The following income tax changes are effective for tax year 2019 (as […]