The recently passed ACT is the most sweeping tax legislation since 1986. I will attempt to summarize some of the features that I believe may impact you and your taxes in the years ahead. The provisions that affect individuals are temporary until 2026; those affecting businesses are permanent. Individual taxable income rates will be lower […]
Archive for tax deduction – Page 4
529 COLLEGE SAVINGS PROGRAM CHANGES
If there a college student or perhaps several college students in your future an upcoming change in the Ohio program may be of interest. Anyone can benefit from contributing to this program as long as you have a beneficiary listed when setting up the account. There is no annual contribution limit for the program, however, […]
FINANCIAL WINDFALLS
During the year you may have been the recipient of unexpected funds (money!!!). Some are from a good fortune; others are from an unfortunate incident. If you have been involved in one of these situations there are tax consequences to consider. Some are short term (in the current year); others will impact you long term. […]
BUSINESS OR HOBBY? DO YOU KNOW THE DIFFERENCE?
We all enjoy hobbies OR, at least, I hope you have a an interest that you can pursue that makes your life bearable. Maybe I should use the term “makes your life interesting”. Hobbies are activities that you do for pleasure NOT for profit. Hobbies include collecting, craft making and horse breeding/racing to address a […]