Yep! You heard me correctly. Ohio has a new flat tax. Doesn’t affect everyone but it does affect people with Ohio Business income that is over the amount that can be deducted with that handy dandy Ohio Business Credit. What’s the Ohio Business Credit you ask? Well…..let me tell you. If you have business income […]
Well perk up!!!! Your kids will be smart and more well-rounded AND the IRS is giving you the added bonus of many possible tax incentives. Woohoo!!! Fantastic! What are these special incentives…well, here’s a few to wrap your mind around…. The American Opportunity Credit….an education credit of up to $2,500 for qualified higher education costs. […]
Did a bank discharge debt you owed for your principle residence? Section 151 of the recently passed PATH Act has extended the ability of people to exclude gross income from the exclusion of this debt if certain conditions apply. It’s been extended to include income that is reported as discharge of debt in either 2016 […]
In a giving sort of mood? Have an IRA account that’s just sitting around collecting dust? Don’t wanna cash it out and pay tax on the distribution just to turn around and give it to charity at the lesser, “after-tax” amount? At least 70 1/2 years of age? Well great news!!!! Section 112 of the […]
