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Tax Planning Archives

Freelancers May Get A Tax New Break

Tax law’s new 20 percent pass-through deduction may provide a break to the estimated 40 million gig economy workers and freelancers in the U.S. who work as sole proprietorships and partnerships. However, before everyone who fits into this category starts celebrating, there are important issues that need to be considered:

Why is the tax deadline on April 17 this year?

The past year brought many new changes regarding taxes. In winter of 2017, Congress passed the Tax Cuts and Jobs Act, which overhauls many aspects of the American tax code. Many taxpayers have had to adjust to the myriad changes in tax laws. Another change that American taxpayers have had to adjust to this year is the extended tax deadline of April 17.

The simple tax mistakes that could delay your refund

With just one more week to file annual income taxes, many Americans are rushing to prepare their returns on time. Filing taxes at the last minute is hardly ideal, it is the choice that many busy taxpayers make. What many people don’t realize is that rushing through their taxes can lead to easy-to-avoid mistakes that could end up costing you.

Beware these tax scams before filing in Ohio

The Ohio attorney general announced this week that there has been an increase in consumer reports of tax scams. There have been nearly 800 reports of tax scams reported to the Ohio Attorney General’s Help Center this year. With the tax-filing deadline only two weeks away, the Attorney General’s Office is ramping up its efforts to warn consumers of potential tax scams.

Don’t want to itemize? You can still claim these deductions

Taxpayers have the option of claiming the standard deduction or itemizing their deductions. Itemizing can mean a bigger tax refund, but it is also a very detailed process that can be a pain in the neck to complete. With the filing deadline just a month away, you are probably wondering which method is best for you.

Pointers for preparing your business taxes

As a business owner, you know just how exhausting the tax season can be. Not only are you responsible for your private, individual tax returns, you must also worry about filing taxes for your business. This is no mean feat. In fact, the National Small Business Association estimates that half of small businesses in the United States spend over 40 hours a year on their taxes.

Use these 3 strategies to reduce your 2017 taxes

The deadline for tax season is just over a month away. If you are preparing your taxes, you are probably trying to think of the best ways to cut down on the amount that you owe the IRS. You’re not the only one: According to a recent survey from the American Institute of Certified Public Accountants, 63 percent of affluent taxpayers are looking for ways to adjust their financial planning strategies.

Ohioans are scrambling to pay property taxes early. Should you?

Last week, the Trump administration passed the first major tax overhaul since the 1980s. No doubt, the tax reform law will have major implications for millions of Americans. One of the most significant aspects of the new law is how it will affect property tax deductions.

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