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I try to add tax blog articles weekly on tax topics that may be interesting to you. Please browse. If there is a topic you would like to see here or would like to more information on, please contact me.
I try to add tax blog articles weekly on tax topics that may be interesting to you. Please browse. If there is a topic you would like to see here or would like to more information on, please contact me.
Beginning Jan. 1, 2026, the standard mileage rates for the use of a car, van, pickup or panel truck will be: 72.5 cents per mile driven for business use, up 2.5 cents from 2025. 20.5 cents per mile driven for medical purposes, down a half cent from 2025. 20.5 cents per mile driven for moving … 2026 Mileage Rates
So what’s all the news “hooplah” about the Premium Tax Credit? Applies if: Have Medical Insurance from Health Insurance MarketPlace (Healthcare.Gov) [NOT MEDICARE OR MEDICAID] and Household Income is less than 400% of poverty guidelines AND Purchase a Silver or higher plan with a reduced Premium or Premium Discount. The Premium Discount is the PREMIUM … Clearing up Premium Tax Credit Confusion
IRS FACTS & FIGURES, TBA=To be announced 2025 2026 Social Security COLA 2.5% … Facts and Figures–2025 Standard Deduction and Other Limits
Tips/Overtime—IRS Notice 2025-69 2 2025-2028 Tax Years Tips: Must work in industry where Tipping is routine (e. g. Hair care) AND IRS specifies industry qualifies for Tip Deduction. Hyperlink lists industries and code numbers. Tip is voluntary. Not subject to negotiation. Not “expected” or an arbitrary charge on customer bill. No additional service required for … 2025 Tips/Overtime Deduction “Cliff Notes” From Tax Newsletter with Updates
Provisions affecting most individuals: Stealing the “Tax Cookies”: Employee Business Expense permanently repealed: No deductions for Union Dues, Safety Shoes, Railroader mileage etc. Ask employer about reimbursement. Self Employed can still deduct on business schedule. Clean Electric Vehicle Credit (plug in cars/trucks). Terminated September 2025. Home Energy Credit dies December 31, 2025. For Energy Star … BBB Summarized Changes-From Christmas Tax Newsletter
State of Ohio Law has indicated that there will be a Sales Tax Holiday IF Ohio has a budget surplus (See Am. Sub. H.B. 33). Usually those days are August 1-3. For 2025, Ohio Taxation will be holding and extending the sales tax holiday from August 1-14, 2025 for purchases of almost anything … Ohio Sales Tax Holiday
Freedom and Independence. . . Technology has come so far that the supermarket register can allege shopper theft (store cameras THINK they know everything!) and Google has been Hacked. . . (Um may want to give them the info back.) In spite of this fear and drama, so many have sacrificed so that we have … Independence Day
So Glad you asked. Lowered tax rates. No tax rates on tips and overtime if properly reported (and the matching deduction is taken). The 47 page tax summary has been pared down to three pages for “inquiring minds.” Spoiler alert! Energy tax credits (Home and Vehicle) are getting the AX-expire December 31, 2025. If … What’s in the Big Beautiful Bill?
Federal Tax Savings: It’s pay to play now. Spend or set aside money for tax savings: Increase 401K/IRA contributions. Additional contribution allowed if over age 50. Increase Health Savings account contributions. No employer option? Set up your own fee free account at bank or brokerage. Contributions are tax deductible. Have almost enough to itemize? Prepay … 2024 Simplified Methods to Save on Federal and Ohio Taxes
From Annual Tax Newsletter: Not Every change but the changes that affect most Taxpayers and Small Business. . . . Ohio Tax Law Changes, Individuals Tax Rates: If taxable income is under 26,050 Ohio Income Tax Rate is $0 (yes, you read that correctly). if taxable income is 26,051 to $100,000 Ohio Income Tax Rate … 2024 Ohio Tax Changes