Federal Tax News

Advance child tax credit (CTC) payment recipients can still opt out even if they start receiving payments. The IRS began sending out payments or depositing them in bank accounts on July 15. The IRS announced that families can use its […]

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Do You Owe the Nanny Tax?

  The COVID-19 pandemic has changed the dynamics of many households. In most cases, schools stopped or limited in-person instruction, causing many children to engage in at-home learning. Some families moved disabled adult children or seniors from long-term care centers […]

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Tax Implications of Taking 529 College Savings Plan Withdrawals

Tax-favored Section 529 college savings plans — also known as qualified tuition programs — have been around long enough that many people are now withdrawing money to pay for school. Qualified withdrawals are always federal-income-tax-free and usually state-income-tax-free, too. However, […]

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Federal Tax News

Company president is assessed a penalty. If an employer withholds taxes from employees but doesn't pay them over to the IRS, the employer may face a harsh penalty. The Trust Fund Recovery Penalty (TFRP) equals 100% of the unpaid tax […]

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Protect Your Assets As You Protect Your Loved Ones

You've worked a lifetime to build your wealth and understandably want to pass much of it to loved ones. Your estate plan, therefore, needs to protect and preserve your assets. This article explores several asset protection strategies, including trusts, liability-limiting business entities and using the gift and estate tax exemption.

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7 Valuable Deductions for Self-Employed Individuals

Did you recently launch a small business venture? Being self-employed brings new — and potentially sizeable — tax-saving opportunities that aren't available to traditional W-2 employees. Here are seven common deductions to consider as you plan for the 2021 tax year. But don't wait until the last minute: Frequently, it requires forethought to implement strategies and collect the appropriate supporting documentation.

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Hall, Kistler Plans For Move to Belden Village

Hall, Kistler & Company, a leading accounting firm in Stark County, has announced the relocation of the firm office from 220 Market St., S. Canton to 4505 Stephen Circle NW, Canton in Jackson Township, effective August 1, 2021. “Our new […]

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Vacation Home Usage Has Tax Implications

If you want your vacation home to qualify as a rental property for federal income tax purposes, you'll need to limit your personal use. But, as the COVID-19 pandemic lingers on, you may want to increase the time spent at your home-away-from-home, rather than rent it out to others. Here's a summary of the federal income tax rules for vacation homes that are classified as rental properties to help you decide what's right for your situation.

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How Virtual Currency Transactions Affect Your Tax Situation

The IRS wants to know about any virtual currency transactions. However, many taxpayers are surprised to learn that Bitcoin and other forms of virtual currency are considered "property" for tax purposes, requiring you to report taxable gain, income, or loss on every exchange of virtual currency for goods, services, U.S. dollars, or a different virtual currency. Here are the details.

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Federal Tax News

Are you thinking about buying a plug-in electric car or truck? Fortunately, a tax credit is available for qualified vehicles. The base amount of the credit is $2,500 per vehicle. The vehicle must be new and have battery capacity of […]

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