Oct 26, 2022 | Personal Tax, Tax Planning
The IRS recently announced cost-of-living adjustments to pension and retirement fund contributions beginning in 2023. Contribution limits for 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan will rise to $22,500 from $20,500. The...
Aug 29, 2022 | Personal Tax, Tax Planning
The Inflation Reduction Act introduces a number of significant changes to the tax credit for new electric vehicles. These changes will phase in over time. Effective immediately (after August 16, 2022), the tax credit is only available for qualifying electric vehicles...
Feb 23, 2022 | Personal Tax, Tax Planning
Individuals covered by a qualifying high-deductible health insurance are eligible for a Health Savings Account. The Health Savings Account (HSA) can be a good tool for saving for your future healthcare needs. The money you contribute to your HSA comes from pre-tax...
Dec 2, 2021 | Personal Tax, Tax Planning
The IRS recently announced updated retirement contribution limits and amounts for tax year 2022. These changes mean you may be able to increase your retirement contributions for next year. Please refer to the chart below for more details regarding this topic. If you...
Nov 10, 2021 | Personal Tax, Tax Planning
If you worked from home in 2021, it is possible that you could file a city refund claim come tax time. The State of Ohio has changed a rule that might affect employees who worked from home but lived in a different city than their office’s location. Every situation is...
Oct 4, 2021 | Corporate Tax, Personal Tax, Tax Planning, Uncategorized
In 2020 lawmakers put in place several provisions that allowed for additional tax benefits for individuals and businesses making charitable donations. As in 2020, the following tax benefits are in place: • Taxpayers who do not itemize can claim a deduction of up to...