If you run your own small business, you know every penny counts. Which means many small business owners operate their businesses out of their homes, rather than adding another expense to ledger. In addition to saving costs of renting office space and time spent commuting to and from another location, you can obtain a tax deduction for your home office location.
IRS Offers in Compromise Still Possible in Ohio?
Offers in CompromiseDuring this "Offer heyday" thousands of Offers were accepted and these companies were many times successful (though never as much as they claimed). However, the very success of the program produced a backlash at the IRS, and since the program allows for significant IRS discretion, the Service has made qualifying for an Offer much more difficult. For an Offer to succeed, the taxpayer much show that their financial condition is such that they will never be able to pay their liabilities in full before the 10-year Statute of Limitations on Collections is up. This requirement, along with the future income calculation, make it very unlikely an Offer will be accepted. The IRS has created an OIC Pre-qualifier Tool at: OIC Pre-qualifier Tool to help taxpayers figure out if they will qualify for an Offer in Compromise. Taxpayers should take advantage of this tool before assuming they can settle for "Pennies on the Dollar".
Ohio considers moving towards higher sales tax rate
Ohio's governor is proposing a tax cut for income tax rates in the state, and compensating increases to the sales tax, in an effort to make Ohio more competitive. The question is whether the cuts are meaningful, or if they are merely a partisan agenda masquerading as a serious policy proposal.
