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Ohio Tax Update for Individuals

Ohio Tax Update for Individuals

Ohio will begin accepting e-filed returns this Monday, January 27. There is some good news for Ohio taxpayers this year. A couple of highlights: · Ohioans will enjoy a 4% reduction in the income tax rates. · Low- to moderate-income residents will receive further cuts....

Gambling Winnings

Gambling Winnings

Gambling winnings must be reported to the I.R.S. as income. In most cases, the payer will issue the winner a W-2G. Prizes, however, must be reported regardless of whether the payer issues a report of winnings. In other words, the taxpayer must report ALL gambling...

Canceled Debt

Canceled Debt

A taxpayer recently settled a large credit card debt with his lender. The question he then asked is “Do I need to declare the canceled debt as “income” on my tax return. The short answer is yes, but there are exceptions. A bank or other lending institution that...

The Taxpayer Roadmap

The Taxpayer Roadmap

I earned my Masters’ Degree in Taxation in 1997. During my studies, it became quickly apparent the U.S. Tax code is entirely too complex and incomprehensible to the average person. I was reminded of this truth early this year when I came across I.R.S. publication...

Scholarships

Scholarships

Scholarships Given the I.R.S. broad definition of income, it may surprise you that most scholarship awards are not taxable. Scholarships or fellowships that are used for “qualified” tuition or related expenses fall into this category. Awards for tuition, books, fees,...

Introducing Schedule C

Introducing Schedule C

So you’ve opened your own business. Congratulations! It takes a lot of courage, organization and commitment to be your own boss. If you are a sole proprietor[2] you now need to be acquainted with I.R.S. Schedule C. Sole proprietors use Schedule C to report profit or...

Estate and Gift Tax for Beginners

Estate and Gift Tax for Beginners

Most of us are familiar with paying income or property tax; but have you heard of the gift tax? In most instances, the government does not tax a gift from one person to another. However, in some circumstances, particularly for wealthy individuals, a tax on gifts can...

Self-Employment Tax Basics for Clergy

Self-Employment Tax Basics for Clergy

Self-employment tax is the biggest tax expense for members of the clergy (pastors, bishops, missionaries, priests, ministers etc). In this article, you will learn what is self-employment tax, why you must pay it, what earnings are included in this tax, and how to...