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In late 2019, the first substantial legislation related to retirement savings since 2006 became law. The Setting Every Community Up for Retirement Enhancement (SECURE) Act brings numerous changes to the retirement and estate planning landscape, and some of them should […]

The cents-per-mile rate for business driving goes down slightly. The IRS has issued the 2020 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, medical and charitable purposes. IRS Notice 2020-5 provides that the […]

Giving to charity this year? As the holidays near, many taxpayers are thinking about how they want to “give back” and donate to charities. An IRS tool lets taxpayers learn if the organizations they donate to qualify for a tax deduction. […]

Contributing to an employer-sponsored defined contribution plan, such as a 401(k), 403(b), 457, SARSEP or SIMPLE, is usually the first step in retirement planning: Contributions are typically pretax, reducing your modified adjusted gross income (MAGI), which also can help you […]

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 […]