Did you file your federal and state tax returns prior to the unemployment benefits deduction made available under the American Rescue Plan Act? You are due a refund! Background Passed by Congress in April 2021, the American Rescue Plan Act of 2021 (ARPA) excluded up to $10,200 in unemployment compensation per taxpayer when calculating taxable income. We...
If you have student loans and regularly pay, you are familiar with the Student Loan Interest Deduction. You usually get to subtract up to $2,500 a year in interest payments on federal student loans, reducing your tax liability. Being an "above the line" deduction, meaning you don't need to itemize to qualify, is a welcome...
For those of you whose income comes primarily from a farming or fishing business, you can avoid making estimated tax payments by filing and paying your entire tax due on or before March 1. This generally applies if farming or fishing income was at least two-thirds of your total gross income in either the current...
Small businesses owners are facing extreme challenges during these uncertain times. Closing a business is a difficult decision and all the steps and paperwork involved can be daunting. Ignoring it all, or simply walking away, will cause more headaches in the long run. Tax Defense Ohio can help with all of that, contact us to...
The Tax Cuts and Jobs Act changes a few things. One of the biggest changes was increasing the standard deduction. The increase was so drastic that most taxpayers will take it rather than itemize. However, it's important to know the difference between the two deductions, how they work, and which one is better for you. Important...
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